Silver, Gold Prices Up on Week, Bullion Eagles Rebound

by Bullion Prices Staff on July 28, 2012

Silver and gold prices rebounded this week, supported by a weaker greenback and improved signs of monetary easing from world central banks. Silver was up 0.7% for the week and gold jumped 2.2.%. Other precious metals slumped, with weekly losses of 0.4% for palladium and 0.7% for platinum.

For Friday, gold prices for August delivery added $2.90, or 0.2%, to $1,618.00 an ounce on the Comex division of the New York Mercantile Exchange.

Analysts are expecting higher gold prices next week, based on a prominent weekly gold survey.

"Metals markets will be focused on a few key events next week: the meetings of the European Central Bank and Federal Reserve’s monetary-policy committee, plus the release of the June U.S. unemployment data, slated to be out Friday," noted Debbie Carlson of Kitco News.

"In the Kitco gold survey, out of 33 participants, 25 responded this week. Of those 25 participants, 16 see prices up, while three see prices down, and six are neutral or see prices moving sideways. Market participants include bullion dealers, investment banks, futures traders, money managers and technical-chart analysts."

In other week-ending futures prices, September silver prices added 5.2 cents, or 0.2%, to $27.50 an ounce, September palladium prices rose $1.95, or 0.3%, to $571.85 an ounce and July platinum prices gained $2.60, or 0.2%, to $1,408.20 an ounce.

The following grid offers New York bullion prices on a daily basis and the most recent weekly losses.

New York Futures – Bullion Prices
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
July Silver Prices $27.04 $26.81 $27.47 $27.45 $27.50 $0.20
0.7%
Aug. Gold Prices $1,577.40 $1,576.20 $1,608.10 $1,615.10 $1,618.00

$35.20
2.2%

July Platinum Prices $1,398.90 $1,386.60 $1,399.40 $1,405.60 $1,408.20 -$6.30
-0.4%
Sept. Palladium Prices $570.95 $561.60 $565.25 $569.90 $571.85 -$4.25
-0.7%

 

United States Mint Bullion Sales

Sales picked up for United States Mint bullion coins after a sluggish showing in the previous week.

  • Climbing every day of the week, bullion Gold Buffalo and Gold Eagles shot up by 9,500 ounces compared to the prior week’s poor showing of 1,000 ounces.
  • Up on all but one day this week but with much improved daily sales, bullion Silver Eagles and ATB 5 oz. silver coins rallied to 723,000 ounces compared to the prior week’s 325,000 ounces.

The latest United States Mint bullion coin sales totals are offered in the daily, July and 2012 sales columns below.

United States Mint 2012 Bullion Coin Sales
  Mon Tue Wed Thurs Fri July 2012 Sales
1 oz Gold American Eagles 1,000 1,000 2,000 1,000 1,500 23,500 308,500
1/2 oz Gold American Eagles 0 0 0 0 0 0 56,000
1/4 oz Gold American Eagles 0 0 0 0 0 2,000 54,000
1/10 oz Gold American Eagles 0 0 0 0 5,000 5,000 180,000
1 oz American Buffalo Gold Coins 0 0 1,000 0 1,500 4,000 79,000
5 oz America the Beautiful Silver Coin 600 0 0 0 0 4,900 26,400
1 oz Silver American Eagles 240,000 0 200,000 100,000 180,000 1,948,000 19,340,000

 

Bullion sales notes: Bullion coin totals above are in numbers of coins sold, not in ounces sold.

In popular United States Mint coin news this week, check these three articles:

The first article notes that the United States Mint has started to ship 2012-S American Silver Eagle Two-Coin Proof Sets. These sets went on sale from June 7 through to July 5 and had sales of over 251,000. Their arrival is highly anticipated.

The second article relays the upcoming release of the 2012-W American Silver Eagle Uncirculated Coin and its price — on Thursday at noon ET and for $45.95.

The final article is about the $5 price reduction for the 2012-W American Silver Eagle Proof Coin. It is now $54.95.

London Bullion Prices

London bullion prices were mostly higher Friday and for the week. Silver was the outlier on the day (off 8 cents) while palladium was the lone precious metal lower this week. The following grid offers details with London PM Fix bullion prices on a daily basis as well as weekly increases or losses.

London Bullion Prices (PM Fixings)
  Mon Tue Wed Thurs Fri Weekly Losses
($/%)
Silver Prices $26.95 $26.93 $27.11 $27.81 $27.73 $0.66
2.4%
Gold Prices $1,572.25 $1,583.25 $1,601.00 $1,618.00 $1,618.25 $42.00
2.7%
Platinum Prices $1,393.00 $1,395.00 $1,396.00 $1,408.00 $1,410.00 $2.00
0.1%
Palladium Prices $565.00 $569.00 $566.00 $571.00 $574.00 -$3.00
-0.5%

 

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