Gold, Silver Prices Up 1.8% on Week, US Bullion Coins Stronger

by Bullion Prices Staff on August 23, 2013

Gold and silver prices notched strong weekly gains — the third in a row for gold and the fifth for silver. Pick-ups this week for each accumulated to 1.8%.

Gold prices would have ended near flat this week until Friday as prices surged by the 1.8%. In dollars, December gold rallied $25 to close at $1,395.80 an ounce on the Comex in New York. Gold and silver prices were supported on the day by new home sales data that came in much weaker-than-expected. US government data showed new home sales in July fell 13.4% from June to 394,000.

"The new home-sales data tells us that all is not well with the economy, and the Fed needs to continue to support growth," Tom Power, a senior commodity broker at R.J. O’Brien & Associates in Chicago, said in a telephone interview. "The housing recovery is an important thing that the Fed will be looking at when it makes its decision on the timing of the tapering."

The Fed’s QE3 program and its continuation are considered bullish for gold.

Silver prices shot 3.1% higher on Friday. In dollars, September silver futures surged 70 cents to close at $23.74 an ounce.

Last week silver prices soared 14.3% for their biggest weekly increase in almost five years.

In palladium and platinum on Friday:

  • September palladium futures declined $4.20, or 0.6%, to settle at $750.85 an ounce
  • October platinum futures added $1.50, or 0.1%, to close at $1,541.60 an ounce

New York bullion futures prices by day and the net changes for the week are listed in the table below.

New York Futures – Bullion Prices
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices $23.17 $23.07 $22.96 $23.04 $23.74 $0.42
1.8%
Gold Prices $1,365.70 $1,372.60 $1,370.10 $1,370.80 $1,395.80 $24.80
1.8%
Platinum Prices $1,509.00 $1,525.50 $1,519.10 $1,540.10 $1,541.60 $14.00
0.9%
Palladium Prices $752.90 $749.65 $746.90 $755.05 $750.85 -$12.20
-1.6%

 

Sales of United States Mint Bullion Coins in August

Sales remained high for U.S. Mint silver coins. They also and improved (a bit) for gold coins after two very atrocious weeks. When comparing United States Mint sales totals over the most recent two weeks:

  • American Eagle gold coins increased by 4,500 ounces versus the prior week’s total of 1,500 ounces. The month-to-date total sits at 7,000 ounces. It appears the final monthly tally will be the weakest in years.

  • American Buffalo gold coins grew by 4,000 against the previous 1,500 weekly total. If they were to gain another 4,000 next week the month would end about in the middle of the pack for 2013 months. The coins are now at 8,500 for August.

  • American Eagle silver coins gained 850,000 compared to the prior weekly total of 746,000. August sales are at 2.446 million. At 31.896 million so far, this year looks to be a record-breaker for them. The year to beat is 2011 with its nearly 40 million sales total.

  • America the Beautiful 5 oz bullion silver coins gained 3,100 coins, or 15,500 ounces, compared to the prior 300 coins, or 1,500 ounces. Next week the Mint should release the 5 oz. coin depicting Fort McHenry National Monument and Historic Shrine so August sales for the America the Beautiful silver coins should end soundly.

United States Mint bullion coin sales by day and the totals for the year through to August 23, 2013 are listed in the grid below.

Sales of United States Mint 2012 Bullion Coins
  Mon Tue Wed Thurs Fri 2013 Sales
1 oz American Eagle Gold Bullion Coins 0 0 2,000 1,500 0 592,500
1/2 oz American Eagle Gold Bullion Coins 0 0 0 0 0 48,000
1/4 oz American Eagle Gold Bullion Coins 2,000 0 0 2,000 0 98,000
1/10 oz American Eagle Gold Bullion Coins 0 0 0 0 0 455,000
1 oz American Gold Buffalo Bullion Coins 500 0 1,000 2,500 0 188,500
5 oz America the Beautiful Silver Bullion Coins 3,100 0 0 0 0 134,600
1 oz American Eagle Silver Bullion Coins 850,000 0 0 0 0 31,896,000

 

With precious metals riding high, US Mint sales of collector gold and silver coins have also been rallying.

Bullion Prices in London

London bullion fixings, minus platinum, whimpered Friday. In dollar and percentage changes between London Fix PM precious metals prices on Thursday and Friday:

  • Gold added $2.50 or 0.2%
  • Silver lost a cent or less than 0.1%
  • Platinum jumped $15 or 1%
  • Palladium added $2, or 0.3%

London Fix prices for each day this week and the weekly percent and net dollar changes are presented below.

London Bullion Prices
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices $23.23 $22.87 $22.94 $23.07 $23.06 $0.23

1.0%
Gold Prices $1,365.00 $1,372.50 $1,363.00 $1,375.00 $1,377.50 $8.25

0.6%
Platinum Prices $1,513.00 $1,512.00 $1,518.00 $1,523.00 $1,538.00 $14.00

0.9%
Palladium Prices $751.00 $748.00 $749.00 $750.00 $752.00 -$10.00
-1.3%

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