Palladium Biggest Weekly Winner, Gold Gains, Silver Prices Fall, Bullion Coins Weaker

by Bullion Prices Staff on December 24, 2011

All but gold rose Friday and all but silver advanced this week (-2%). Palladium was the biggest weekly winner, rallying 6.5%. Platinum came in second at 0.9% and gold followed with an increase of 0.5%.

In closing Friday, gold prices dipped $4.60, or 0.3%, to $1,606 an ounce on the Comex division of the New York Mercantile Exchange.┬áThe U.S. dollar dictated the direction of gold for most of the week. The metal’s path next week is generally seen as moving higher by many analysts — the weekly Bloomberg survey has 16 of 24 respondents forecast higher prices, although a Kitco survey had many players on the sidelines, as in neutral.

"Thin trading conditions will dominate precious metals dealings next week, with a shortened trading week likely to result in lighter volume and no true trend," writes Debbie Carlson of Kitco News.

Analysts said those investors and money managers who have not yet squared their books for the year will need to do so next week, and with lower attendance in the markets, a more volatile trade could result.

In the Kitco News Gold Survey, out of 32 participants, 20 responded this week. Of those 20 participants, seven see prices up, while three see prices down, and 10 are neutral on prices."

In other closing New York futures, March silver prices rose 3.7 cents, or 0.1%, to $29.08 an ounce, March palladium prices added $11.85, or 1.8%, to $666.25 an ounce and January platinum prices rose $5.10, or 0.4%, to $1,429.50 an ounce.

United States Mint Bullion Coins

Sales were more robust this week for American Gold Buffalo bullion coins. Their weekly total was 6,500 versus the previous 5,500. Other United States Mint bullion coins were quieter. The American Gold Eagles, in fact, were muted all week. The American Silver Eagle added 450,000 against 653,000.

The latest United States bullion figures are provided below in the daily, weekly, December 2011 and YTD 2011 columns.

United States Mint 2011 Bullion Coin Sales
  Friday Gain Prior Weekly Weekly Gain December 2011 2011 Totals
1 oz American Gold Eagles 0 49,500 0 65,500 910,000
1/2 oz American Gold Eagles 0 0 0 0 65,000
1/4 oz American Gold Eagles 0 0 0 0 82,000
1/10 oz American Gold Eagles 0 0 0 0 370,000
1 oz American Gold Buffalo 0 5,500 6,500 20,000 173,500
5 oz America the Beautiful Silver 0 2,800 1,000 3,900 397,700
1 oz American Silver Eagle 0 653,000 450,000 2,009,000 39,868,500

 

Notes. Figures above are in coins, not ounces sold. The United States Mint last updated sales of its 5 oz. America the Beautiful Silver Bullion Coin on Monday, December 19, 2011. All other figures have an “as of date” of Friday, December 23, 2011.

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

The first article discusses the latest United States Mint sales figures for its numismatic products, including the ending sales of its 2011 commemorative coins. The second article lists what 2012 products the United States Mint has currently scheduled for release in January and February.

London Bullion Prices — Friday and Weekly

London bullion split Friday. From the Thursday PM to Friday PM London fixings:

  • Gold prices declined $1, or 0.1%, to $1,607.50 an ounce,
  • Silver added 8 cents, or 0.3%, to $29.22 an ounce,
  • Palladium added $22, or 3.5%, to $653 an ounce, and
  • Platinum added $22, or 1.6%, to $1,436 an ounce

For the week, London bullion prices moved in the same direction as they did Friday. Silver declined 56 cents, or 1.9%. Gains included:

  • $13.50, or 0.8%, for gold,
  • $29, or 4.6%, for palladium, and
  • $12, or 0.8%, for platinum

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

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