Gold, Silver Prices Soar for Week; Eagle Bullion Coins Slow

by Bullion Prices Staff on July 9, 2011

U.S. bullion prices were mixed on Friday, but sharply higher on the week. Gold prices rose above $1,541 an ounce on the day, capping a 4% weekly gain and bringing its streak of daily increases to four.

On Friday, August gold prices added $11, or 0.7%, to $1,541.60 an ounce on the Comex division of the New York Mercantile Exchange. The yellow metal touched an intraday low of $1,525 an ounce and a high of $1,546 an ounce.

"The outlook for gold prices next week is moderately bullish as gold analysts say ongoing political wrangling regarding an increase in the U.S. debt ceiling will likely prove supportive to the yellow metal," wrote Kitco Metals in a bullion outlook article on Friday.

"While the short-term bias for gold is bullish, overall analysts don’t expect the market to break out of the recent two-month plus trading range… In the weekly Kitco News Gold Survey, out of 34 participants, 23 responded this week. Of those, 16 see prices up, while four see prices down and three see prices sideways or unchanged. Market participants include bullion dealers, investment banks, futures traders and technical chart analysts."

September silver edged up seven-tenths of a cent to $36.54 an ounce, ranging between $36.01 an ounce and $36.90 an ounce. Silver prices rose 8.4% on the week.

In PGM futures prices Friday, September palladium lost $7.60, or 1%, to $778.95 an ounce and October platinum declined $9.60, or 0.6%, to $1,733.40 an ounce. Although the metals fell for the day, they rose for the week with increases of 2.8% for palladium and 1% for platinum.

U.S. Mint Bullion Coins

Fewer bullion coins left U.S. Mint doors this week than the previous one. Silver Eagle bullion coins dropped the most, with a weekly gain of 750,000 versus the prior 806,500. In a new milestone for the coins, they moved over the 23 million mark for the year. The U.S. Mint bullion coin figures are shown in the daily, July 2011 and YTD 2011 columns below.

United States Mint 2011 Bullion Coin Sales
1 oz American Gold Buffalo 1,500 2,000 2,000 2,000 81,500
1 oz American Gold Eagle 8,000 14,500 11,000 11,000 518,500
1/2 oz American Gold Eagle 0 0 1,000 1,000 56,000
1/4 oz American Gold Eagle 0 4,000 0 0 64,000
1/10 oz American Gold Eagle 5,000 10,000 5,000 5,000 255,000
5 oz America the Beautiful Silver 0 19,000 0 0 326,800
1 oz American Silver Eagle 294,000 806,500 750,000 750,000 23.0535M


*Notes. Figures above are in coins, not ounces sold. The United States Mint last updated the 5 oz. America the Beautiful Silver Bullion Coin sales on June 27. All other sales figures are as of Tuesday, July 5.

In related news, finalized U.S. Mint bullion coin sales for the month of June are now available. Sales of American Gold Eagles dropped sharply to 61,500 ounces in June. That compared to 107,000 ounces in the previous month. American Silver Eagle bullion coins also retreated in June, but to a lesser degree. The U.S. Mint reported sales of 3,402,000 coins against 3,653,500 during the previous month. While lower, it was the best ever June and the 7th best month ever for the silver coins. Deeper details and analysis may be found in the following two articles:

London Bullion Prices

London bullion prices were mixed on Friday but they rose sharply on the week. PM fixing prices included the following changes for the day:

  • Gold gained of $14, or 0.9% at $1,541.50 an ounce
  • Silver added 42 cents, or 1.2%, at $36.28 an ounce
  • Palladium lost $3, or 0.4%, at $776 an ounce
  • Platinum added $6, or 0.3%, at $1,740 an ounce

Weekly precious metals improvements included gains of 3.9% for gold, 7.2% for silver, 3.5% for palladium and 1.9% for platinum.

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