Gold Weekly Prices Advance Again, Bullion Eagle Silver Coins Hot

by Bullion Prices Staff on January 14, 2012

Gold prices declined for a second straight Friday but still posted a weekly increase for a second straight week — last week at +3.2% and this week at +0.9%. On Friday, February gold prices lost $16.9, or 1%, to $1,630.80 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold prices could be due for a retracement next week after their sharp rally since late December, with analysts citing technical-chart considerations and late-week signs that the U.S. dollar may strengthen against the euro again," noted Allen Sykora of Kitco News.

"In the weekly Kitco News Gold Survey, out of 32 participants, 24 responded. Eleven see prices down, six see prices up and seven are neutral. Market participants include bullion dealers, investment banks, futures traders, money managers and technical-chart analysts."

In other New York futures closings Friday, March silver prices declined 60.2 cents, or 2%, to $29.52 an ounce, March palladium prices fell $6.20, or 1%, to $635.05 an ounce and April platinum prices settled down $11.30, or 0.8%, to $1,488.80 an ounce. Weekly increases included 2.8% for silver, 3.4% for palladium and 5.7% for platinum.

United States Mint Bullion Coins

United States Mint authorized purchasers did not order any bullion coins Friday, according to the bureau’s sales site. Weekly bullion sales were solid for the American Eagles, but not to the degree of the previous week which saw "crazy-high" levels due to the launch of the 2012-dated coins.

The largest American Eagle Gold bullion coin rose in three of five days for a weekly gain of 8,500. Last week the coins advanced 53,000. American Eagle Silver coins were also higher in three of five days. They gained over 1 million this week and already have a two-week January total of nearly 4.6 million. The amount is the second most in a month since the series debuted 26 years ago.

U.S. markets are closed Monday for the Martin Luther King Jr. holiday.

United States Mint 2012 Bullion Coin Sales
  Monday Gains Tuesday Gains Wednesday Gains Thursday Gains Friday Gains January 2012
1 oz American Gold Eagles 3,500 2,500 0 2,500 0 61,500
1/2 oz American Gold Eagles 2,000 2,000 0 1,000 0 18,000
1/4 oz American Gold Eagles 0 0 0 0 0 30,000
1/10 oz American Gold Eagles 0 0 0 0 0 75,000
1 oz American Gold Buffalo 0 4,000 0 500 0 8,000
5 oz America the Beautiful Silver 500 - 0 0 0 1,500
1 oz American Eagle Silver Coins 410,000 300,000 0 340,000 0 4,597,000


Notes: Figures above are in coins, not ounces sold. The United States Mint last updated sales of its 5 oz. America the Beautiful Silver Coins on Monday, January 9, 2012. All other figures have an "as of date" of Friday, January 13, 2012, as published on the Mint website.

In major United States Mint news this week, not necessarily related to bullion, the following articles are of note:

The first article offers the latest numismatic weekly sales from United States Mint as well as information on the sellout of 2010-P Mount Hood National Forest Five Ounce Silver Coins. While both of the articles linked above cover the United States Mint release of 2011-P Vicksburg National Military Park 5 Ounce Silver Coins for Mississippi, the second one is more detailed.

London Bullion Prices

London bullion prices were pounded Friday. From the Thursday PM to Friday PM London Fix prices:

  • Gold fell $25.50, or 1.5%, to $1,635.50 an ounce,
  • Silver declined 94 cents, or 3.1 %, to $29.64 an ounce,
  • Palladium shed $18, or 2.8%, to $627 an ounce, and
  • Platinum stepped back $19, or 1.3%, to $1,479 an ounce

For the week, London bullion prices were higher with the exception of palladium which lost $5 or 0.8%. Metal advances included:

  • $19, or 1.2%, for gold,
  • 24 cents, or 0.8%, for silver and
  • $69, or 4.9%, for platinum

Refer to this site’s home page for always updated bullion prices and news.

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