Gold, Silver Prices Fall for Second Week, Bullion Coin Sales Update

by Bullion Prices Staff on May 12, 2012

Gold prices moved lower Friday which added to the yellow metal’s weekly loss. Strength in the greenback was a main deterrent to gold and other precious metals this week, and is expected to control prices next week.

"Europe’s political uncertainty and worries about global economic growth may dominate headlines next week and how the U.S. dollar performs will determine the direction of precious metals," writes Debbie Carlson of Kitco.

"In the Kitco gold survey out of 33 participants, 24 responded this week. Of those 24 participants, nine see prices up, while seven see prices down, and eight are neutral. Market participants include bullion dealers, investment banks, futures traders, money managers and technical-chart analysts."

Weekly losses across major metals included 3.7% for gold, 5.1% for silver, 7.5% for palladium and 4.2% for platinum.

In closing Friday, June gold prices fell $11.50, or 0.7%, to $1,584 an ounce on the Comex division of the New York Mercantile Exchange. Gold bracketed a daily low and high of $1,572 an ounce $1,595.20 an ounce.

In other precious metals futures, July silver prices lost 28.8 cents, or 1%, to $28.890 an ounce, June palladium prices declined $11.95, or 1.9%, to $603.40 an ounce, and July platinum prices settled down $22.40, or 1.5%, to $1,471.40 an ounce.

The following grid offers a break out of prices this week.

New York Futures – Bullion Prices
  Mon Tue Wed Thurs Fri Daily Gain
($/%)
Weekly Gain
($/%)
Silver Prices $30.122 $29.459 $29.241 $29.178 $28.890 -$0.288
-1.0%
-$1.54
-5.1%
Gold Prices $1,639.10 $1,604.50 $1,594.20 $1,595.50 $1,584.00 -$11.50
-0.7%
-$61.20
-3.7%
Platinum Prices $1,530.10 $1,508.30 $1,499.20 $1,493.80 $1,471.40 -$22.40
-1.5%
-$64.60
-4.2%
Palladium Prices $647.80 $622.85 $613.65 $615.35 $603.40 -$11.95
-1.9%
-$48.75
-7.5%

 

Precious metals futures are also lower so far this month, with May losses at 4.8% for gold, 6.9% for silver, 6.4% for platinum and 11.6% for palladium.

United States Mint Bullion Coin Sales

American Eagle bullion coin sales were split in weekly performances as compared to the last one, with Silver American Eagles better — but still slow for the month, and Gold American Eagles slower — but still faster than the previous month. For the week, the silver bullion coins gained 410,000 versus the prior week’s 300,000 and the 22-karat gold bullion coins gained 11,500 ounces over the previous 20,000.

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

United States Mint 2012 Bullion Coin Sales
  Mon Tue Wed Thurs Fri May 2012 Sales
1 oz Gold American Eagle 2,500 3,500 4,500 1,000 0 31,500 212,500
1/2 oz Gold American Eagle 0 0 0 0 0 0 51,000
1/4 oz Gold American Eagle 0 0 0 0 0 0 42,000
1/10 oz Gold American Eagle 0 0 0 0 0 0 135,000
1 oz American Buffalo Gold Coins 1,000 0 0 0 0 1,000 56,500
5 oz America the Beautiful Silver Coins 0 0 0 0 0 0 8,000
1 oz American Silver Eagle 235,000 0 25,000 75,000 75,000 510,000 12,169,000

 

Notes: The sales 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, April 9, 2012. All other bullion figures have an "as of date" of Friday, May 11, 2012, as published on the Mint website.

For a weekly cap of United States Mint numismatic coin sales, read:

For a recap of bullion silver coin sales last month, read this American Silver Eagle sales article.

London Bullion Prices

Also down on the day and week were bullion prices in London. The following grid offers London PM Fix daily bullion prices with gains and losses over the most recent two-day period as well as the week.

London Bullion Prices and Their Fixings (PM)
  Mon Tue Wed Thurs Fri Daily Gain
($/%)
Weekly Gain
($/%)
Silver Prices $29.90 $29.58 $28.77 $29.25 $28.58 -$0.67
-2.3%
-$1.32
-4.4%
Gold Prices $1,643.75 $1,602.50 $1,582.50 $1,598.50 $1,583.00 -$15.50
-1.0%
-$60.75
-3.7%
Platinum Prices $1,530.00 $1,514.00 $1,499.00 $1,490.00 $1,466.00 -$24.00
-1.6%
-$64.00
-4.2%
Palladium Prices $663.00 $633.00 $615.00 $620.00 $605.00 -$15.00
-2.4%
-$58.00
-8.7%

 

For the month of May so far, London bullion prices are down like precious metals futures in New York. Losses include 4.1% for gold, 8.4% for silver, 6.6% for platinum and 10.9% for palladium.

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

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