Gold, Silver Prices Log 4th Weekly Loss; Some Bullion Coins Strong

by Bullion Prices Staff on December 22, 2012

Gold and silver prices moved ahead Friday but sharp losses on Tuesday and Thursday drove them for a fourth weekly loss.

February gold prices on Friday settled up $14.20, or 0.9%, to $1,660.10 an ounce on the Comex division of the New York Mercantile Exchange. The yellow metal’s latest weekly loss totaled $36.90, or 2.2%.

"Given today’s trade, there’s one constituency in the market at least that seems to think bulls are getting ready to defend gold more aggressively after the free fall earlier in the week," said Adam Sarhan at Sarhan Capital in New York, according to Reuters.

"To me, a sustainable rally in gold can only take place when the market gets back above its 200-day moving average. Barring that, we could technically head to as low as $1,523."

The free fall referred to by Sarhan was gold’s dive of $27.50 on Tuesday and its plunge of $21.80 on Thursday.

Silver prices this week tumbled the most as a percentage among precious metals. Like gold, declines were most severe on Tuesday and Thursday with a total of nearly $2 taken on those two days alone. Losses were pared a bit Friday as March silver prices closed up 52.5 cents, or 1.8%, to $30.20 an ounce. On a weekly basis, silver prices plummeted $2.10, or 6.5%.

In PGM prices Friday:

  • March palladium prices added $2.05, or 0.3%, to $682.30 an ounce
  • January platinum prices declined $9.30, or 0.6%, to $1,536.90 an ounce

This week, palladium gave away $19.75, or 2.8%, while platinum stepped back $77.60, or 4.8%.

New York bullion prices on a daily and weekly basis are listed below.

New York Futures – Bullion Prices
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices $32.28 $31.67 $31.12 $29.68 $30.20 -$2.10
-6.5%
Gold Prices $1,698.20 $1,670.70 $1,667.70 $1,645.90 $1,660.10 -$36.90
-2.2%
Platinum Prices $1,608.50 $1,593.70 $1,592.90 $1,546.20 $1,536.90 -$77.60
-4.8%
Palladium Prices $698.30 $690.95 $698.35 $680.25 $682.30 -$19.75
-2.8%

 

United States Mint Bullion Coin Sales

United States Mint sales rose sharply for gold bullion coins. Sales were down for silver coins, but the Mint’s most popular one — the 2012 American Eagle silver coin — sold out Monday. Weekly sales across the Mint’s bullion products were:

  • 31,500 ounces of American Eagle gold coins against the prior 9,000 ounces. December sales are at 67,000, surpassing all but three other 2012 months.
  • 1,500 ounces of American Buffalo gold coins versus to the previous 2,500 ounces.
  • 232,000 American Eagle silver coins compared to the prior 500,000. A link with more details about the Silver Eagle sellout is provided further below.
  • No America the Beautiful 5 oz Silver Bullion Coins have sold for two straight weeks.

United States Mint bullion products are listed below. The columns provide their sales by day this week, for the month-to-date and for the year-to-date.

United States Mint 2012 Bullion Coin Sales
  Mon Tue Wed Thurs Fri December 2012 Sales
1 oz American Eagle Gold Bullion Coins 2,000 7,500 1,000 17,500 2,500 64,000 658,000
1/2 oz American Eagle Gold Bullion Coins 0 0 0 1,000 0 3,000 71,000
1/4 oz American Eagle Gold Bullion Coins 2,000 0 0 0 0 6,000 76,000
1/10 oz American Eagle Gold Bullion Coins 0 0 0 0 0 0 315,000
1 oz American Buffalo Gold Bullion Coins 500 0 500 500 0 8,000 132,000
5 oz America the Beautiful Silver Bullion Coins 0 0 0 0 0 2,000 118,100
1 oz American Eagle Silver Bullion Coins 232,000 0 0 0 0 1,635,000 33,742,500

 

Notes: Bullion sales above are in the number of coins sold, not the amount of ounces sold.

In our weekly update of news about United States Mint coins, another two articles are of note:

As mentioned earlier, bullion Silver Eagles sold out earlier this week. The first linked article offers more information on the subject.

On Tuesday, Dec. 18, 2012, President Obama signed the March of Dimes Commemorative Coin Act of 2012. The new law sets forth requirements for designing and selling silver dollar commemorative coins in 2015 to celebrate the 75th anniversary of the March of Dimes Foundation. The second linked article above provides information about the Act and coins produced and sold by the United States Mint in 2015.

Bullion Prices in London

Bullion prices in London on Friday were mixed with gold up $1 as silver fell $1.23, palladium lost $10 and platinum declined $42. In the grid below are daily London Fix prices and the net and percentage changes from last Friday. As seen, weekly precious metals losses were heavy.

London Bullion Prices (PM Fixings)
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices $32.21 $32.38 $31.37 $31.12 $29.89 -$2.63
-8.1%
Gold Prices $1,695.75 $1,694.00 $1,665.00 $1,650.50 $1,651.50 -$44.75
-2.6%
Platinum Prices $1,606.00 $1,611.00 $1,597.00 $1,575.00 $1,533.00 -$80.00
-5.0%
Palladium Prices $697.00 $697.00 $695.00 $685.00 $675.00 -$25.00
-3.6%

 

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