Gold, Silver Prices Lower in May; Demand Eases for US Bullion Coins

by Bullion Prices Staff on June 1, 2013

Bullion prices were mixed in May with all but palladium lower. Demand also retreated from a month ago for US Mint bullion coins.

On the final trading day in May, gold prices for August delivery lost $19, or 1.4%, to end at $1,393 an ounce on the Comex division of the New York Mercantile Exchange. Despite the loss, gold gained 0.5% this week. Prices, however, dived 5.4% during the month of May.

"We’d have to see another big move down to re-spark a surge in retail buying," said David Wilson, a London-based commodities analyst at Citigroup Inc. "The relatively big downside moves we had in April definitely spurred retail buying, but once that buying is done at a certain price level, it starts to peter out."

In other futures bullion prices in New York on Friday:

  • July silver prices fell 44.7 cents, or 2%, to $22.24 an ounce,
  • September palladium prices declined $6.90, or 0.9%, to $753.65 and
  • July platinum prices fell $20.90, or 1.4%, to $1,461.80 an ounce

As mentioned, palladium was the only precious metal in the group that advanced in May. It soared 8%. Silver prices for the month fell 8% and platinum declined 3%.

New York bullion prices by day and the net changes for the week are shown in the following table.

New York Futures – Bullion Prices
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices - $22.19 $22.45 $22.69 $22.24 -$0.25
-1.1%
Gold Prices - $1,378.90 $1,391.30 $1,412.00 $1,393.00 $6.40
0.5%
Platinum Prices - $1,461.80 $1,453.00 $1,482.70 $1,461.80 $9.90
0.7%
Palladium Prices - $757.00 $750.10 $760.55 $753.65 $27.20
3.7%

 

Sales of United States Mint Bullion Coins in May

Demand pulled back for United States Mint bullion coins last month when compared to April. In looking at and contrasting recent bullion sales data:

  • American Eagle gold bullion coins reached 70,000 ounces in May versus the 209,500 ounces in April. Sales in April were the strongest since December 2009.
  • American Buffalo gold bullion coins totaled 12,500 ounces in May compared to the 37,000 ounces in April.
  • American Eagle bullion silver coins hit 3,458,500 versus the prior monthly total of 4,087,000.
  • America the Beautiful 5 oz bullion silver coins notched monthly sales of 25,800 with the 2013-dated released of the White Mountain silver bullion coin on May 13. The Mint’s supply of older five ounce coins ran out in March.

Bullion coin sales for every day this week and totals for 2013 through to May 31 are shown in the following grid.

Sales of United States Mint 2012 Bullion Coins
  Mon Tue Wed Thurs Fri 2013 Sales
1 oz American Eagle Gold Bullion Coins 0 2,000 2,000 0 7,500 495,500
1/2 oz American Eagle Gold Bullion Coins 0 0 0 0 0 42,000
1/4 oz American Eagle Gold Bullion Coins 0 0 2,000 0 0 78,000
1/10 oz American Eagle Gold Bullion Coins* 0 0 50,000 0 10,000 360,000
1 oz American Buffalo Gold Bullion Coins 0 1,500 0 0 0 144,500
5 oz America the Beautiful Bullion Silver Coins 0 0 2,500 0 0 88,900
1 oz American Eagle Bullion Silver Coins 0 25,000 833,500 0 0 21,768,500

 

*Sales of the smallest American Eagle gold bullion coin is suspended until the United States Mint replenishes its inventory.

Coin melt values in May were down for an eight straight month.

Bullion Prices in London

Bullion prices in London declined Friday but still notched weekly gains. For the day, platinum eased 0.3%, silver dipped 0.5% and platinum and palladium each declined 1.3%. Weekly percent and net dollar changes are listed in the table below.

London Bullion Prices
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices - $22.36 $22.36 $22.68 $22.57 $0.19
0.8%
Gold Prices - $1,376.50 $1,382.50 $1,413.50 $1,394.50 $4.25
0.3%
Platinum Prices - $1,450.00 $1,455.00 $1,464.00 $1,459.00 $4.00
0.3%
Palladium Prices - $733.00 $747.00 $754.00 $744.00 $15.00
2.1%

 

London precious metals split in May. Percentage loss totals from high to low were silver by 7.6%, gold by 5.1% and platinum by 3.2%. Like futures in New York, palladium advanced for the month. The last palladium fixing for May was 6.4% higher than its final fixing in April.

{ 0 comments… add one now }

Leave a Comment

Previous post:

Next post: