Gold Weekly Prices Advance, Bullion Coins Lethargic

by Bullion Prices Staff on August 22, 2010

U.S. precious metals prices moved in the same direction this week as last — gold pushed higher while silver, platinum and palladium fell. United States Mint bullion coins mostly dragged along, continuing their stride of slower August sales.

In New York bullion prices, gold futures for December delivery finished Friday at $1,228.80 an ounce, falling $6.60 or 0.5%. The yellow metal gained on the week, however, advancing $12.20 or 1.0% after rising 0.9% last week.

"The slightly stronger dollar is weighing on gold," Walter de Wet, an analyst at Standard Bank Plc in London, was quoted on Bloomberg. "With gold above $1,220 an ounce, demand is slowing quite a bit" from physical buyers, he added.

In other precious metals prices, September silver ended at $17.991 an ounce, dropping 33.6 cents on Friday. It fell 11.8 cents or 0.7% for the week. Silver fell 2.0% last week.

October platinum was $1,513.90 an ounce for a loss of $13.60 on Friday. It declined $12.30 or 0.8% for the week after falling 2.8% last week.

Finally, palladium for September delivery finished Friday at $476.20 an ounce for a loss of $9.45. The metal fell $1.05 or 0.2% for the week. It lost 2.1% last week.

In London bullion Fix prices, gold was fixed to $1,223.50 an ounce for a weekly pick up of $9.25 or 0.8%.

"Investors are looking for asset preservation, as they move back into gold as the overall outlook for U.S. economy starts to fade," Frank McGhee, head precious metals trader at Chicago-based Integrated Brokerage Services said and was quoted on Reuters.

London silver was $18.140 an ounce, advancing 8 cents or 0.4% for the week. In PGM weekly prices, platinum was $1,512 an ounce for a loss of $15 or 1% while palladium was $478 an ounce for a gain of $5 or 1.1%.

Weekly U.S. Gold and Silver Coin News

The following links provides information on recent United States Mint gold and silver coin news (bullion and numismatic):

  • US Mint Sales: 2010 Proof Platinum Eagles Debut
    Collectors jumped at their opportunity to scoop up the 2010 proof Platinum American Eagles. 8,268 of the 10,000 maximum mintage sold between its launch on Thursday afternoon and Sunday, leaving just 1,732 on the shelves. Perhaps the only things slowing down the sell out was its $1,892 price per coin and the household limit of five…

  • US Mint Eagles Rise, Silver Sets Slow
    It was an unusually slow week for U.S. silver coin products, even for silver bullion. Only one numismatic item outperformed its prior week’s gains, but just barely. The biggest sales gap, however, was in American Silver Eagles…

Weekly US Mint Bullion Coin Sales

The weekly pace for United States Mint bullion coins fell significantly in the last seven days. The same three out of six bullion coins rose like last week, but increases were much smaller. 1 oz Buffalo Gold and 1 oz Gold Eagles each climbed 1,000, as compared their prior respective increases of 1,500 and 8,000. Fractional Gold Eagles stood still for a second straight week. Bullion Silver Eagles gained 163,500 versus 445,500.

The following table shows U.S. Mint published sales figures as of Friday, August 20, 2010:

August 2010 Bullion Coin Sales

August 2010 2010
American Buffalo Gold 23,000 10,000 193,500
American Eagle Gold 1 oz 147,500 27,000 793,000
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 1,106,000 22,255,500


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

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