Gold, Silver Prices Mark Weekly Loss, US Bullion Gold Sales Soar

by Bullion Prices Staff on May 5, 2012

All but palladium advanced Friday, yet it joined other precious metals with weekly losses. In fact, palladium fell the most this week at 4.3%. Silver prices were right behind at 3.1%, followed by platinum at 2.5% and gold at 1.2%.

In its settlement Friday, June gold prices added $10.40, or 0.6%, to $1,645.20 an ounce on the Comex division of the New York Mercantile Exchange. Gold traded between $1,630.20 an ounce and $1,645.70 an ounce. According to Kitco’s Debbie Carlson, there is "no strong consensus" as to the direction of gold next week.

"European elections and the direction of the U.S. dollar should influence gold prices next week, market watchers said, as many are split on the direction for the metal after Friday’s lackluster trade following lower-than-expected U.S. employment figures…

"In the Kitco gold survey out of 33 participants, 22 responded this week. Of those 22 participants, 10 see prices up, while eight see prices down, and four are neutral. Market participants include bullion dealers, investment banks, futures traders, money managers and technical-chart analysts."

In other futures on Friday, July silver prices added 42.2 cents, or 1.4%, to $30.42 an ounce, June palladium prices declined $9.20, or 1.4%, to $652.15 an ounce and July platinum prices settled up $2.90, or 0.2%, to $1,536 an ounce.

United States Mint Bullion Coin Sales

The first week of May was a robust one for United States Mint American Gold Eagle bullion coins. Sales of the 1 oz. sized Eagle advanced 10,000 on Tuesday and Thursday for a May start of 20,000. That already tops last month’s entire tally by 1,000.

American Silver Eagle bullion coins rose 300,000 for the the week, which was 100,000 less than last week.

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 American Gold Eagle 0 10,000 0 10,000 0 20,000 201,000
1/2 oz American Gold Eagle 0 0 0 0 0 0 51,000
1/4 oz American Gold Eagle 0 0 0 0 0 0 42,000
1/10 oz American Gold Eagle 0 0 0 0 0 0 135,000
1 oz American Buffalo Gold Coins 0 0 0 0 0 0 55,500
5 oz America the Beautiful Silver Coins 0 0 0 0 0 0 8,000
1 oz American Silver Eagle 200,000 0 0 100,000 0 300,000 11,759,000

 

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 sales figures have an "as of date" of Friday, May 4, 2012, as published on the Mint website.

London Bullion Prices

London bullion prices were mixed on Friday while all precious metals declined for the week. The following grid offers London PM Fix daily bullion prices with gains and losses over the most recent two-day period as well as for May.

London Bullion Prices and Their Fixings (PM)
  Mon Tue Wed Thurs Fri Daily Gain
($/%)
Weekly Gain
($/%)
May Gain
($/%)
Silver Prices $31.20 $30.78 $30.52 $30.36 $29.90 -$0.46
-1.5%
-$1.24
-4.0%
-$1.30
-4.2%
Gold Prices $1,651.25 $1,664.00 $1,648.00 $1,637.75 $1,643.75 $6.00
0.4%
-$19.75
-1.2%
-$7.50
-0.5%
Platinum Prices $1,570.00 $1,566.00 $1,562.00 $1,552.00 $1,530.00 -$22.00
-1.4%
-$43.00
-2.7%
-$40.00
-2.5%
Palladium Prices $679.00 $681.00 $673.00 $665.00 $663.00 -$2.00
-0.3%
-$14.00
-2.1%
-$16.00
-2.4%

 

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

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