Gold, Silver Weekly Prices Advance, Larger Bullion Coins Rise

by Bullion Prices Staff on May 21, 2011

U.S. bullion prices closed higher Friday, capping weekly gains. Palladium led precious metals, rallying 4.1%. Other weekly advances included 1% for gold, 0.2% for silver and a very modest 10 cents for platinum.

For the day, June gold prices added $16.50, or 1.1%, to $1,508.90 an ounce on the Comex division of the New York Mercantile Exchange. Gold’s closing above $1,500 was its first since it dropped below the price last Friday.

"Gold’s been given every opportunity to break this week, and it has refused to do so, and now it appears in the process of breaking out to the upside instead. We are much impressed … enough so to add to our gold positions," Dennis Gartman, publisher of The Gartman Letter, according to Reuters.

Gold prices touched an intraday low of 1,486.40 an ounce and reached as high as $1,515.80 an ounce. It has gained 6.2% for the year.

"Gold prices touched an intraday low of 1,486.40 an ounce and reached as high as $1,515.80 an ounce. It has gained 6.2% for the year," wrote Debbie Carlson of Kitco News. "Gold prices are likely to consolidate next week, holding within a range, as the market looks for further direction."

July silver prices added 15.5 cents, or 0.4%, to $35.09 an ounce, ranging from a low of $34.19 an ounce to a high of $35.57 an ounce. Prices are up 13.4% on the year.

In PGM futures prices, June palladium rose $7.35, or 1%, to $735.50 an ounce and July platinum climbed 40 cents to $1,769.40 an ounce.

United States Mint Authorized Purchasers ordered 1-ounce gold and silver bullion coins on Friday. For the week, gains were posted across all the larger bullion coins. The smaller fractional 1/4-ounce and 1/10-ounce American Gold Eagles remained unchanged. Daily, weekly, May 2011 and YTD 2011 bullion sales are shown in the table below:

US Mint 2011 Bullion Coin Sales
1 oz American Gold Buffalo 3,500 2,000 6,500 13,000 71,500
1 oz American Gold Eagle 1,500 19,000 9,000 81,500 439,500
1/2 oz American Gold Eagle 0 7,000 2,000 22,000 55,000
1/4 oz American Gold Eagle 0 0 0 4,000 56,000
1/10 oz American Gold Eagle 0 5,000 0 15,000 215,000
5 oz America the Beautiful Silver 0 12,600 3,000 28,000 253,400
1 oz American Silver Eagle 78,500 805,000 750,000 2.256M 17.504 M

Figures above are in coins, not ounces sold.

For an analysis and data view of recent United States Mint numismatic and bullion coin sales, read about the latest US Mint sales. Also, visit sister site for an article discussing the debuting sales of the Yellowstone Five Ounce Silver Uncirculated Coin.

London Bullion Prices

In London bullion prices, levels were mixed for the day as platinum edged higher while the other precious metals retreated. When comparing the PM fixing prices on Friday from those on Thursday:

  • Gold lost $2.25, or 0.2%, at $1,490.75 an ounce
  • Silver fell 95 cents, or 2.7%, at $34.80 an ounce
  • Palladium declined $2, or 0.3%, at $734 an ounce
  • Platinum rose $1, or 0.1%, at $1,776 an ounce

Palladium gained 2.2% for the week. Weekly losses in gold, silver and platinum were 1%, 3.9% and 0.4%, respectively.

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