Palladium Prices Rise as Other Metals Fall for Week, Bullion Silver Coins Surge

by Bullion Prices Staff on December 10, 2011

Leading precious metals Friday and this week was not gold, silver or platinum. Yes, palladium prices continued their rally. While faltering Thursday, the metal rebounded Friday and has gained in nine of ten sessions. March palladium prices added $21.40, or 1.4%, to close the week at $1,515.80 an ounce. That brought palladium’s weekly increase up $40.65 or 6.3%.

In other metals, February gold prices added $3.40, or 0.2%, to $1,716.80 an ounce on the Comex division of the New York Mercantile Exchange. Gold moved between a low of $1,704.90 an ounce and a high of $1,727.90 an ounce. For the week, gold prices fell $34.50 or 2%.

According to Kitco, a slight majority of its survey participants feel gold prices may head lower next week.

"Gold futures are roughly in the middle of their trading range from recent months, and as the consolidation continues, analysts are mixed on which way they think the metal is likely to chop in next week’s trading," noted Allen Sykora of Kitco News.

"Eighteen of 34 participants responded in the latest weekly Kitco News gold survey. Of those, seven see prices up, while nine see prices down and two see prices sideways or unchanged. Market participants include bullion dealers, investment banks, futures traders and technical-chart analysts."

To finish up in precious metals futures, March silver prices added 71.5 cents, or 2.3%, to $32.25 an ounce and January platinum prices added $21.40, or 1.4%, to $1,515.80 an ounce. For the week, silver declined 43 cents, or 1.3%, while platinum fell $32.70, or 2.1%.

United States Mint Bullion Silver Coins Lead

Demand improved greatly for United States Mint bullion products. Sales surged for the Mint’s gold and silver coins.

In weekly numbers that have not been seen in months, the American Gold Buffalo bullion coin added 8,000 this week against the previous 500. Another 501 more and Buffalo sales will surpass their total from November. Also, the 1 oz. American Gold Eagle rallied 16,000 versus the prior 5,000. Their December sales total is currently 16,000 which is 41.6% of the level achieved in all of November.

Bullion silver coins were the powerhouse with Silver Eagles soaring 906,000 for the week, easily doubling their prior weekly gain of 400,000. More impressive, sales were the best since late September. The .999 fine bullion silver coins are now at 65.5% of the entire November level.

In United States Mint coin news of the week, the bureau has provided designs for 2012 ATB silver coins. The Mint on Thursday released sketching images of the five designs for the 2012 America the Beautiful Quarters. These are also, of course, the same designs used on the investment issued America the Beautiful 5 oz. Bullion Silver Coins and the collector issued America the Beautiful 5 oz. Uncirculated Silver Coins. As of this writing, 2012 release dates have not been provided for the silver issues, however.

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 5,000 16,000 16,000 860,500
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 0 500 8,000 8,000 161,500
5 oz America the Beautiful Silver not reported 393,900
1 oz American Silver Eagle 0 400,000 906,000 906,000 38,765,500


Notes. Figures above are in coins, not ounces sold. The United States Mint last updated 5 oz. America the Beautiful Silver Bullion Coin sales on Monday, December 5, 2011. All other figures have an "as of date" of Friday, December 9, 2011.

London Bullion Prices — Friday and Weekly

London bullion prices retreated Friday. From the Thursday PM to Friday PM London fixings:

  • Gold declined $6, or 0.3%, to $1,709 an ounce,
  • Silver declined 64 cents, or 2%, to $32 an ounce,
  • Palladium prices declined $5, or 0.7%, to $670 an ounce, and
  • Platinum declined $21, or 1.4%, to $1,496 an ounce

For the week, London bullion prices were mixed as palladium rose $17, or 2.6% while other metals recorded losses of:

  • $38, or 2.2%, for gold,
  • $1.15, or 3.5%, for silver and
  • $63, or 4%, for platinum

Check this site’s bullion prices home page for current metal prices.

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