Gold, Silver Prices Down on Week; US Mint Bullion Coin Sales Up

by Bullion Prices Staff on February 11, 2012

Gold, silver and other precious metals declined Friday as Greece debt woes highlighted news once again, and that buoyed the US dollar and pressured nearly all other investment vehicles. Gold prices fell $15.90, or 0.9%, to $1,725.30 an ounce on the Comex division of the New York Mercantile Exchange, trading between $1,706.40 an ounce and $1,737.20 an ounce.

For the week, gold prices fell 0.9%. Many analysts expect higher prices next week, however.

"Precious metals prices will be dominated by events out of Europe next week, particularly after a monkey wrench was thrown into a deal to get Greece its next tranche of aid… Precious metals, along with most other markets, were caught in a ‘Greece fire’ on Friday as a deal struck to get the country its second bailout appears to have been scuttled by last minute demands from European leaders," wrote Allen Sykora of Kitco News.

"In the Kitco News Gold Survey, out of 32 participants, 24 responded this week. Of those 24 participants, 13 see prices up, while seven see prices down, and four are neutral on prices," added Sykora.

In other New York bullion futures closings on Friday, March silver prices declined 31.3 cents, or 0.9%, to $33.60 an ounce, March palladium prices lost $8.25, or 1.2%, to $703.05 an ounce and April platinum priced declined $7.80, or 0.5%, to $1,659.80 an ounce.

On the week, silver lost 0.4%, palladium stepped back 0.8% and platinum advanced 1.7%.

United States Mint Bullion Coin Sales

Despite no United States Mint reported increases of its bullion coins on Thursday and Friday, earlier sales resulted in a week-over-week performance improvement for is 1 oz. American Eagles. On a weekly basis, Gold Eagle bullion coin sales rose 7,000 against 6,000 and Silver Eagle bullion coin sales advanced 615,000 over 505,000.

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

Sales of United States Mint 2012 Bullion Coins
Mon. Tues. Wed. Thurs./Fri. Week Feb. 2012 Sales
1 oz American Gold Eagle 4,000 1,000 2,000 0 7,000 8,000 92,500
1/2 oz American Gold Eagle 0 0 0 0 0 0 49,000
1/4 oz American Gold Eagle 2,000 0 0 0 2,000 2,000 40,000
1/10 oz American Gold Eagle 0 0 0 0 0 0 85,000
1 oz American Gold Buffalo 0 1,000 500 0 1,500 1,500 15,000
5 oz America the Beautiful Silver Coins 0 0 0 0 0 0 5,700
1 oz American Eagle Silver Coins 375,000 200,000 40,000 0 615,000 710,000 6,817,000

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 Friday, January 27, 2012. All other figures have an "as of date" of Friday, February 10, 2012, as published on the Mint website.

In major United States Mint news this week which is not necessarily related to bullion, the following articles are of note:

The first article by CoinNews.net details how many coins the United States Mint produced for circulation in January. This includes the number of Lincoln cents, Jefferson nickels, Roosevelt dimes, Kennedy half dollars, Native American dollars and Presidential dollars. For the month, the Mint stuck over 802 million coins.

The second article by CoinCollectingNews.org provides information on the latest product release from the United States Mint — the 2011 Chickasaw National Recreation Area Five Ounce Silver Uncirculated Coin which honors the site located in the state of Oklahoma. The obverse and reverse design for the large 3-inch diameter coin is exactly the same as shown on the companion circulating Chickasaw America the Beautiful Quarter. Aside from the obvious size difference, the other major distinction is the coin’s .999 fine silver composition.

London Bullion Prices

London bullion prices fell further on Friday and during the week than bullion futures in the US. From the Thursday PM to Friday PM London Fix prices:

  • Gold declined $36.50, or 2.1%, to $1,711.50 an ounce,
  • Silver retreated 25 cents, or 0.7%, to $33.55 an ounce,
  • Palladium fell $16, or 2.2%, to $697 an ounce, and
  • Platinum lost $21, or 1.3%, to $1,638 an ounce

London bullion losses on the week included:

  • $22.50, or 1.3%, for gold,
  • 38 cents, or 1.1%, for silver,
  • $14, or 2%, for palladium, and
  • $8, or 0.5%, for platinum

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

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