Gold Weekly and Silver Prices Rise, Nearly All Bullion Coins Advance

by Bullion Prices Staff on August 7, 2010

U.S. precious metals continued with their recent mixed trends, but roles were reversed this week with gold and silver marking gains while platinum and palladium lost momentum and declined.

In New York bullion prices, gold futures for December closed up $6 or 0.5% to end Friday at $1,205.30 an ounce. Gold surged $21.40 or 1.8% for the week, after falling last week 0.3% which capped a 5% loss in July.

"The positive correlation of gold prices to the euro is re-establishing itself," Deutsche Bank AG said in a note. "Given our bearish outlook for the dollar, we believe this will trigger further gains in the gold price."

Silver for September delivery ended at at $18.472 an ounce, rising 15.1 cents or 0.8%. It surged 46.9 cents or 2.6% for the week.

October platinum was $1,570.80 an ounce, falling $1.70 or 0.1%. For the week, the metal lost $6 or 0.4%.

Palladium for September delivery was $487.60 an ounce, declining $8.45 or 1.7% on Friday. Its weekly loss was deeper, plunging $12.40 or 2.5%.

In London bullion Fix prices, gold was $1,207.75 an ounce, rising $38.75 or 3.3% for the week.

"There were times people were just scared the European Union was going to fold and everybody jumped into gold, now we’re just getting a bounce back," and gold is likely to trade sideways in the short term Michael K. Smith, president of T & K Futures and Options in Port St. Lucie, Fla, said and was quoted on MarketWatch. "Unless something happens and we have another panic run," he added.

The London silver Fix was $18.300 an ounce, gaining 64.0 cents or 3.6% for the week. In PGM weekly prices, platinum was $1,571.00 an ounce for a gain of $16.00 or 1.0% while palladium was $491.00 an ounce for an increase of $4.00 or 0.8%.

Weekly U.S. Gold and Silver Coin News

The following links provides information on recent United States Mint gold and silver news:

  • US Mint Sales: Sets and Gold Coins Big Gainers
    Overall sales relaxed after having two good reports of increasing numbers, the latest United States Mint figures revealed. The biggest winners were the one ounce bullion coins, the 2010 Proof Set, and the 2010 Mint Uncirculated Set, but none of those beat their previous sales. This year’s quarters and several Presidential $1 coins, however, improved.

    July silver American Eagle bullion sales earned a new title at month’s end. With 2,981,000 coins sold, it became the best ever July since the eagles debuted in 1986. More impressive, July ranked as the seventh best month in history…

  • July Silver Eagle Sales: Top 10 Month, Best July Ever
    American Silver Eagle bullion coins turned in slightly lower numbers for July 2010 than the month before, according to the most recent figures released by the United States Mint.

    While this may come as welcome news to collectors who have been hoping for a decline in the numbers to make way for proof versions, any celebration would be premature. True, sales of the strikes showed a drop of 20,000 units, but put in perspective, the decline is negligible…

Weekly US Mint Bullion Sales

One-fourth ounce American Gold Eagles were the sole United States Mint bullion coins not to show a weekly sales gain, and are at zero sold for the month of August. Bullion coins with increases include:

  • American Buffalo Gold coins – improved 7,500 vs. 3,000 from the prior week
  • One ounce American Gold Eagles – ended up 18,000 compared to last week’s 34,000
  • One-half ounce American Gold Eagles – advanced 1,000, the same as the prior week
  • One-tenth ounce American Gold Eagles – rose 15,000 versus 0 from the prior week
  • American Silver Eagles – climbed 497,000 compared to 689,000

The following table has published sales figures from the U.S. Mint as of Friday:

August 2010 Bullion Coin Sales

August 2010 2010
American Buffalo Gold 23,000 7,500 191,000
American Eagle Gold 1 oz 147,500 18,000 784,000
American Eagle Gold 1/2 oz 2,000 1,000 34,000
American Eagle Gold 1/4 oz 2,000 0 46,000
American Eagle Gold 1/10 oz 30,000 15,000 325,000
American Eagle Silver 2,981,000 497,000 21,646,500


Figures above are in coins, not ounces of gold sold.

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