Gold, Silver Prices Rebound on Week, US Bullion Coins Prolong Rally

by Bullion Prices Staff on November 9, 2012

U.S. gold prices surged for an advance of 3.3% this week, its first weekly increase in five. On Friday, December gold futures added $4.90, or 0.3%, to settle at $1,730.90 an ounce on the Comex division of the New York Mercantile Exchange. Safe-have demand was a major reason analysts offered for gains.

"In the name of the printing press, I say bullish! Bullish!! BULLISH!!! The price of gold can be viewed like the temperature of a human body, the higher the temperature the more ill the body, the higher the price of gold the more ill the fiscal system," said Sterling Smith, futures specialist at the commodity research division of Citibank Institutional Client Group.

The most recent Kitco gold survey is bullish. Twenty-one participants expect gold prices to rise next week while just two see prices down. Three were neutral.

Also on Friday, December silver prices closed the week at $32.60 an ounce for a daily up tick of 35.9 cents or 1.1%. December palladium prices declined $3.30, or 0.5%, to $611.05 an ounce. January platinum futures prices settled at $1,559.40 an ounce, dropping $16.90 or 1.1%%.

For the week, gains were 5.6% for silver, 1.9% for palladium and 0.9% for platinum. Silver’s weekly increase was its first in six weeks.

New York bullion prices on a daily basis are listed below. The aforementioned changes for the week are listed as well.

New York Futures – Bullion Prices
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices $31.13 $32.03 $31.66 $32.24 $32.60 $1.74
5.7%
Gold Prices $1,683.20 $1,715.00 $1,719.10 $1,714.00 $1,730.90 $55.70
3.3%
Platinum Prices $1,542.70 $1,558.30 $1,577.00 $1,539.50 $1,559.40 $14.50
0.9%
Palladium Prices $603.00 $620.15 $610.35 $614.35 $611.05 $11.40
1.9%

 

United States Mint Bullion Coin Sales

This month is living up to the higher demand levels seen often over the years during November and December.

In weekly sales, American Eagle gold coins rose 21,500 ounces and American Buffalo gold coins added 5,000 compared to their prior advances of 26,500 ounces and 1,000 ounces. American Eagle silver coins shot up 1,348,000 and America the Beautiful 5 oz silver bullion coins added 5,100 compared to the previous 769,000 and 14,800.

Bullion sales are listed in the table below by day, by month and for the year.

Sales of United States Mint 2012 Bullion Coins
  Mon Tue Wed Thurs Fri November 2012 Sales
1 oz American Eagle Gold Bullion Coins 2,500 0 0 11,500 6,000 36,000 500,500
1/2 oz American Eagle Gold Bullion Coins 0 0 0 0 0 0 63,000
1/4 oz American Eagle Gold Bullion Coins 0 0 0 2,000 0 2,000 68,000
1/10 oz American Eagle Gold Bullion Coins 0 0 0 10,000 0 10,000 290,000
1 oz American Buffalo Gold Bullion Coins 0 0 0 3,000 2,000 5,000 112,500
5 oz America the Beautiful Silver Bullion Coins 0 0 0 5,100 0 10,100 106,500
1 oz American Eagle Silver Bullion Coins 800,000 0 50,000 148,000 350,000 1,548,000 30,496,000

 

Notes: Sales of the bullion coins listed above are in the number of coins sold, not the amount of ounces sold.

In other U.S. coin news this week, check out:

The United States started the week by releasing the 2012-P Denali National Park Five Ounce Silver Uncirculated Coin for $229.95. This is the numismatic version of the 99.9% fine silver bullion coin released on October 23, and the last of the 2012-dated America the Beautiful Five Ounce Silver Uncirculated Coins.

Finally, the last article provides the weekly sales of numismatic coins offered by the United States Mint. Two significant milestones were reached. The 2012-W Proof American Silver Eagles topped 800,000 in sales and 2012 Proof Set jumped over 600,000 in sales.

London Bullion Prices

Precious metals prices overseas in London were also higher Friday, except for palladium which was unchanged. They were all higher for the week. The following grid lists the London Fix prices for each day and the changes from last Friday.

London Bullion Prices (PM Fixings)
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices $30.91 $31.40 $32.14 $31.70 $32.16 $0.24
0.8%
Gold Prices $1,683.50 $1,691.00 $1,715.25 $1,717.00 $1,738.25 $53.25
3.2%
Platinum Prices $1,544.00 $1,543.00 $1,556.00 $1,544.00 $1,559.00 $7.00
0.5%
Palladium Prices $598.00 $617.00 $617.00 $612.00 $612.00 $4.00
0.7%

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