Gold, Silver and Other Metal Prices Fall on Week; US Mint Bullion Sales Rise

by Bullion Prices Staff on March 3, 2012

Gold prices declined Friday and on the week, as was the case for silver and other precious metals — except palladium which recorded a very modest weekly gain. Gold futures ended down Friday by $12.40, or 0.7%, to $1,709.80 an ounce on the Comex division of the New York Mercantile Exchange. Gold traded between $1,705.40 an ounce and $1,725.40 an ounce.

For the week, gold prices fell 3.7%. Many analysts are forecasting higher gold prices next week, however, according to an article by Debbie Carlson of Kitco News.

"Gold prices could rebound again next week as the underlying fundamentals of the longer-term outlook have not changed, but market watchers said the yellow metal needs to hold important technical chart price levels to resume rising in the short-term," writes Carlson.

"In the Kitco News Gold Survey, out of 32 participants, 22 responded this week. Of those 22 participants, 14 see prices up, while six see prices down, and two are neutral. Market participants include bullion dealers, investment banks, futures traders, money managers and technical-chart analysts."

In other precious metals settlement prices on Friday:

  • May silver futures prices declined $1.14, or 3.2%, to $34.53 an ounce,
  • June palladium futures prices fell $4.20, or 0.6%, to $712.55 an ounce, and
  • April platinum futures prices ended down $9.40, or 0.6%, to $1,691.70 an ounce

As mentioned, palladium managed a slight gain. That came to 0.3%. Silver and platinum weekly losses were 2.3% and 1.4%, respectively.

United States Mint Bullion Sales on Week

Weekly bullion sales were stronger for the United States Mint this week when compared to the last one. In particular, American Eagle Gold bullion coins in the 1 oz. size stood out. They pulled in weekly sales of 13,000 versus the 1,000 from the prior week. The two-day March total of 8,500 is already 43% of the level from February. Also, the 1/10 oz. Gold Eagle was added to the sales table for the first time since January with its pick-up of 5,000 on Monday.

On the silver side of the equation, American Eagle Silver bullion coins advanced 515,000 on the week versus last week’s 415,000. Also, for the first time since January the America the Beautiful Five Ounce Bullion Coins rose — although the gain was a modest 300.

The most recent bullion figures are provided below in the daily, monthly and 2012 columns.

Sales of United States Mint 2012 Bullion Coins
  Mon Tue Wed Thurs Fri Mar 2012 Sales
1 oz American Gold Eagle 3,000 500 1,000 8,500 0 8,500 113,000
1/2 oz American Gold Eagle 0 0 0 0 0 0 49,000
1/4 oz American Gold Eagle 0 0 0 0 0 0 40,000
1/10 oz American Gold Eagle 5,000 0 0 0 0 0 90,000
1 oz American Gold Buffalo 2,000 500 0 0 0 0 20,500
5 oz America the Beautiful Silver Coins 300 0 0 0 0 0 6,000
1 oz American Eagle Silver Coins 170,000 40,000 30,000 200,000 75,000 275,000 7,872,000

 

Notes: Figures above are in coins, not ounces sold. The United States Mint last updated sales of its 5 oz. America the Beautiful Silver Bullion Coins on Monday, February 27, 2012. All other bullion sales have an "as of date" of Friday, March 2, 2012, as published on the Mint website.

In a major United States Mint news for the week, the following article is of note:

Both articles are from companion site CoinCollectingNews.org. The first one offers an analyst of weekly United States Mint numismatic coin sales and prior 7-day bullion coin sales. The second article offers information on the Monday release of the Star-Spangles Banner Commemorative coins — in gold, silver and the two-coin proof set. The article includes the opening prices for the coins and where to order them.

London Bullion Prices

London bullion prices were split Friday and lower on the week. The following table offers the most recent London Fix daily and weekly increases and/or losses.

London Fixings (PM)
  Mon Tue Wed Thurs Fri Daily
($/%)
Weekly
($/%)
Gold $1,772 $1,781 $1,770 $1,714 $1,707 -$7
-0.4%
-$70.50
-4.0%
Silver $35.09 $35.60 $37.23 $34.56 $35.21 0.65
1.9%
-0.36
-1.0%
Platinum $707 $712 $722 $703 $713 $10
1.4%
-$1
-0.1%
Palladium $1,706 $1,712 $1,726 $1,686 $1,704 $18
1.1%
-$10
-0.6%

 

Refer to this site’s home page for always updated bullion prices and news.

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