Gold, Silver Prices Dive on Week; US Mint Bullion Coins Rebound

by Bullion Prices Staff on February 23, 2013

U.S. bullion prices retreated for much of the week. Silver and platinum futures were hit hardest with respective weekly losses of 4.7% and 4.2%. Palladium notched a loss of 2.4% and gold fell 2.3%.

On Friday, gold for April delivery shed $5.80, or 0.4%, to close at $1,572.80 an ounce on the Comex division of the New York Mercantile Exchange. The settlement price was the worst since July and the yellow metal has fallen in six of seven sessions. In dollar terms this week, gold declined $36.70.

"The bulk of the participants in the weekly Kitco News gold survey look for gold to either stabilize or bounce next week since major chart support is holding so far around the roughly $1,525 area and due to perceptions that the market may be ‘oversold’ in the near term," noted Allen Sykora of Kitco News. "Of 21 participants who responded, 11 see prices up, seven see prices sideways and three look for the recent slide to resume next week."

As for other bullion prices in New York on Friday:

  • March silver prices declined 23.9 cents, or 0.8%, to $28.46 an ounce. Silver prices fell $1.39 this week.
  • Palladium was the only metal higher Friday. March futures edged up $1.70, or 0.2%, to $735.30. In dollar terms, it declined $17.85 from a week ago.
  • April platinum declined $12.60, or 0.8%, to $1,607.40 an ounce. Platinum prices declined $70.30 this week.

New York bullion prices on the day and their weekly changes follow.

New York Futures – Bullion Prices
  Mon* Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices - $29.42 $28.62 $28.70 $28.46 -$1.39
-4.7%
Gold Prices - $1,604.20 $1,578.00 $1,578.60 $1,572.80 -$36.70
-2.3%
Platinum Prices - $1,697.50 $1,647.10 $1,620.00 $1,607.40 -$70.30
-4.2%
Palladium Prices - $764.15 $736.40 $733.60 $735.30 -$17.85
-2.4%

 

*U.S. markets were closed Monday in observance of Presidents Day.

Sales United States Mint Bullion Coins

Sales rebounded for United States Mint bullion coins. A comparison of bullion sales between this week and last includes:

  • American Eagle gold bullion coins at 14,000 ounces versus last week’s 8,500 ounces.
  • American Eagle silver bullion coins at 903,000 compared to last week’s 664,000.
  • American Buffalo gold bullion coins at 6,000 ounces against the prior week’s 2,000 ounces.
  • America the Beautiful 5 oz. silver bullion coins at 6,600 coins versus the previous week’s 3,700 coins.

United States Mint bullion products with sales by day and for the year-to-date follow.

Sales of United States Mint 2012 Bullion Coins
  Mon Tue Wed Thurs Fri 2013 Sales
1 oz American Eagle Gold Bullion Coins 0 3,500 0 4,000 6,500 176,500
1/2 oz American Eagle Gold Bullion Coins 0 2,000 0 0 0 21,000
1/4 oz American Eagle Gold Bullion Coins 0 4,000 0 0 2,000 34,000
1/10 oz American Eagle Gold Bullion Coins 0 35,000 0 0 0 175,000
1 oz American Buffalo Gold Bullion Coins 0 4,500 0 1,500 0 81,500
5 oz America the Beautiful Silver Bullion Coins 0 6,600 0 0 0 38,800
1 oz American Eagle Silver Bullion Coins 0 454,500 424,500 0 24,000 10,044,500

 

In numismatic news this week, the United States Mint cut gold coin prices on Wednesday but it will raise premiums later. Also on Wednesday, the collectible five ounce Acadia silver coin sold out. It is the second of the numismatic 2012-dated five ounce silver coins to do so. Three remain for sale.

Bullion Prices in London

Like precious metals futures in New York, bullion prices in London fell sharply. Palladium dropped the least but that was due greatly to its 1.4% gain on Friday. Also on Friday, gold declined barely at 50 cents while silver and platinum each went up 0.2%. Daily bullion prices and the seven-day percent and net changes are below.

London Bullion Prices
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices $30.00 $30.00 $29.11 $28.72 $28.79 -$1.39
-4.6%
Gold Prices $1,610.75 $1,607.75 $1,588.50 $1,577.00 $1,576.50 -$35.75
-2.2%
Platinum Prices $1,692.00 $1,685.00 $1,659.00 $1,607.00 $1,611.00 -$65.00
-3.9%
Palladium Prices $759.00 $763.00 $754.00 $722.00 $732.00 -$22.00
-2.9%

 

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