Palladium Soars on Week, Gold Prices Up, US Bullion Coins Steady

by Bullion Prices Staff on March 8, 2013

Palladium was the big winner this week, though all precious metals in New York moved higher. In the weekly breakouts, palladium gained 8.7%, gold prices rose 0.3%, silver advanced 1.6% and platinum added 1.9%.

Gold for April delivery on Friday gained $1.80, or 0.1%, to settle at $1,576.90 an ounce on the Comex division of the New York Mercantile Exchange. Its weekly pick-up in dollars was $4.60. Last week when gold prices closed at $1,572.30 an ounce, it was the lowest settlement since July 18. Gold finished with narrow changes every day this week.

"Perhaps the most striking feature of the base metals market in the last three weeks has been its dramatic underperforming of equities, notably in the U.S.," says Stephen Briggs, senior metals strategist.

"U.S. data have been broadly supportive but elsewhere the picture has been less so, with lingering concerns not least in China. The inverse correlation of base metals with the USD has returned to historical norms."

And in other bullion prices on Friday:

  • May silver prices added 14 cents, or 0.5%, to $28.95 an ounce,
  • June palladium jumped $23.70, or 3.1%, to $782.75 and
  • April platinum added $8.80, or 0.6%, to $1,603.90 an ounce

Palladium gains have been attributed to worries about supply and increased demand.

"China’s vehicle growth is likely to remain weighted towards gasoline, which in turn requires palladium as the main metal in the auto catalyst. The combination of growing vehicle demand due to low penetration compared to other more developed markets, and increasing emission standards is likely to see auto-cat demand for the metal increase," Deutsche Bank says. "The current implied palladium loading per vehicle in the U.S. is around 3.6g/vehicle whilst China is currently at 2.1g/vehicle. Although we would not expect China’s loadings to reach U.S. standards, we do forecast the gap to narrow over the course of this decade."

New York bullion prices on the day and their weekly changes follow.

New York Futures – Bullion Prices
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices $28.50 $28.60 $28.80 $28.81 $28.95 $0.46
1.6%
Gold Prices $1,572.40 $1,574.90 $1,574.90 $1,575.10 $1,576.90 $4.60
0.3%
Platinum Prices $1,566.20 $1,585.70 $1,579.80 $1,595.10 $1,603.90 $30.40
1.9%
Palladium Prices $714.45 $734.60 $740.05 $759.05 $782.75 $62.35
8.7%

 

United States Mint Bullion Coin Sales

Sales performances this week for United States Mint bullion coins were close to last week. Weekly sales were:

  • American Eagle gold bullion coins at 21,000 ounces compared to last week’s 21,500 ounces.
  • American Eagle silver bullion coins at 897,000 against last week’s 822,000.
  • American Buffalo gold bullion coins at 5,500 ounces versus the prior week’s 2,500 ounces.
  • America the Beautiful 5 oz. silver bullion coins at zero for a no show in the sales tables this week compared to the previous week’s 24,300 coins.

U.S. Mint bullion products with sales by day and for the year-to-date follow

Sales of United States Mint 2012 Bullion Coins
  Mon Tue Wed Thurs Fri 2013 Sales
1 oz American Eagle Gold Bullion Coins 4,500 2,500 0 3,500 7,500 214,500
1/2 oz American Eagle Gold Bullion Coins 1,000 0 0 0 1,000 24,000
1/4 oz American Eagle Gold Bullion Coins 2,000 2,000 0 0 0 40,000
1/10 oz American Eagle Gold Bullion Coins 0 5,000 0 5,000 0 190,000
1 oz American Buffalo Gold Bullion Coins 0 500 0 1,000 4,000 89,500
5 oz America the Beautiful Silver Bullion Coins 0 0 0 0 0 63,100
1 oz American Eagle Silver Bullion Coins 763,000 113,500 0 20,500 0 11,763,500

 

There was no word this week as to the viability of American Eagle Palladium coins. The U.S. Mint has prepared its Palladium Eagle study for Congress. If the report show the U.S. Mint can produce and sell them at no cost, bullion version will join the American Eagle product line within a year of Congress receiving the report. Stay tuned for updates.

Bullion Prices in London

Like bullion futures in New York, palladium was the big leader in London for the day and week. For the Friday fixings, gold edged up 0.1%, silver dropped 0.8%, platinum fell 0.5% and palladium surged 1.9%. For the week, gold was the only precious metal lower with its 50 cent loss. Palladium rallied by $48. Daily prices and the weekly percent and net changes follow for all precious metals in London.

London Bullion Prices
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices $28.69 $28.93 $28.74 $29.01 $28.78 $0.77
2.7%
Gold Prices $1,574.25 $1,579.75 $1,574.00 $1,579.50 $1,581.75 -$0.50
-0.03%
Platinum Prices $1,578.00 $1,587.00 $1,590.00 $1,596.00 $1,588.00 $9.00
0.6%
Palladium Prices $724.00 $728.00 $739.00 $755.00 $769.00 $48.00
6.7%

 

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