Gold, Silver Weekly Prices Mixed; Bullion Silver Eagle Surges

by Bullion Prices Staff on May 14, 2011

U.S. bullion prices were mixed Friday and for the week. Gold gave back most of its advances, ending up just 0.1% for the week. Silver was the single precious metal to rise Friday but it lost 0.8% on the week. Palladium and platinum were consistent, falling both on Friday and for the week. Their weekly losses were 1.4% and 1%, respectively.

On Friday, June gold prices fell $13.20, or 0.9%, to $1,493.60 an ounce on the Comex division of the New York Mercantile Exchange. Gold hit an intraday low of $1,482.00 an ounce and a high of $1,516.40 an ounce. The metal is up 5.1% in 2011.

"The dollar rallied, and you’re continuing to see investors unwind that long-commodity, short-dollar trade," Matthew Zeman, a strategist at Kingsview Financial in Chicago, said according to Bloomberg. "Gold is not going to turn until the last trade is flushed out."

July silver prices climbed 21.6 cents, or 0.6%, to $35.01 an ounce. Despite losses this week and the more than 27% plunge in its price last week, silver is up 13.2% in 2011.

"The volatile nature of its investment demand shows that prices of silver above $40/oz ultimately lack fundamental support, since the physical market will most likely be in a large surplus this year. In our view, silver prices will remain dicey going forward until we find support from the metal’s industrial demand," the firm said in a research note.

In PGM futures prices, June palladium ended down $10.40, or 1.5%, to $706.45 an ounce and July platinum ended down $1.70, or 0.1%, to $1,769.30 an ounce. The metals have fallen this year by 12.1% and 0.5%, respectively.

With the exception of the Silver Eagle, United States Mint bullion coin weekly sales were slower than the previous week. The Silver Eagle is quickly approaching the 17,000,000 milestone, helped by its best weekly pick-up (805,000) since the last week in February. The 1 oz. bullion Gold Eagle had a slightly better than typical weekly gain of 19,000, but sales were slower than last week’s monster haul of 53,500.

As a recap of how American Eagles sales performed in April, read about the Silver Eagle record here and the surge in Gold Eagles here.

The latest United States Mint bullion coin sales follow:

2011 United States Mint Bullion Coins
2011 Totals
1 oz American Gold Buffalo 1,500 2,000 6,500 65,000
1 oz American Gold Eagle 4,000 19,000 72,500 430,500
1/2 oz American Gold Eagle 1,000 7,000 20,000 53,000
1/4 oz American Gold Eagle 0 0 4,000 56,000
1/10 oz American Gold Eagle 0 5,000 15,000 215,000
5 oz America the Beautiful Silver* 0 12,600 25,000 250,400
1 oz American Silver Eagle 85,000 805,000 1.506 M 16.754 M

Figures above are in coins, not ounces sold.

*America the Beautiful Silver Bullion Coin sales have an "as of date" of Tuesday. These figures are generally reported by the United States Mint once a week instead of the normal daily updates published for other bullion coins.

London Bullion Prices

In London bullion prices, levels were higher Friday but mixed for the week. When comparing the PM fixing prices on Friday from those on Thursday:

  • Gold gained $16.25, or 1.1%, at $1,505.75 an ounce
  • Silver added $3.70, or 11.4%, at $36.20 an ounce
  • Palladium rose $3, or 0.4%, at $718 an ounce
  • Platinum advanced $14, or 0.8%, at $1,774 an ounce

Weekly gains in gold and silver were 1.3% and 5.8%, respectively. Weekly losses in palladium and platinum were 0.4% and 0.8%, respectively.

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