Silver Prices and Silver Bullion Coins Surge, Gold Up for Fifth Week

by Bullion Prices Staff on October 16, 2010

U.S. bullion prices edged lower on Friday and were mixed for the week. Gold and silver continue to shine, with new records for gold and 30-year highs for silver recorded several times during the week. The yellow metal dipped on Friday as the dollar rebounded, but it still — along with silver — registered a fifth straight week of increases. Platinum was the only precious metal to retreat from last Friday. Palladium enjoyed a modest gain.

In U.S. Precious metals prices, gold futures for December delivery settled at $1,372.00 an ounce on Friday, dropping $5.60 or 0.4% from Thursday. For the week, however, the yellow metal rose $26.70 or 2.0%.

"The inverse relationship the dollar and gold have should continue next week, with analysts watching for any change in the dollar weakness as a troubling sign for gold," said Debbie Carlson of Kitco News. "The weakness of the dollar has helped propel gold to new highs, but the yellow metal has exhibited some shakiness when the dollar has paused in its recent descent, which is why many analysts are on the lookout for any rebound in the dollar to nick at gold’s rise. The same can be said for silver, which has also had significant gains on dollar weakness."

As for silver, it outperformed all of the metals, although it also declined on Friday. It ended at $24.288 an ounce for a loss of 14.7 cents or 0.6%. But for the week, silver was on fire, surging $1.183 or 5.1%. The silver-to-gold ratio has tumbled in recent weeks. Last week it took 58.2 ounces of silver to purchase one ounce of gold. This week the ratio dropped to 56.5.

PGM metals were mixed. While both declined on Friday, platinum was the only precious metal to register a weekly loss. It settled to $1,695.40 an ounce, falling $17.20 or 1.0% on Friday and $13.30 or 0.8% for the week. Palladium tumbled $12.35 or 2.1% to finish at $589.20 an ounce, but it rose modestly for the week with an advance of $1.60 or 0.3%.

In London bullion prices, gold was fixed to $1,367.50 an ounce on Friday, representing a weekly gain of $26 or 1.9%. During the same time, silver in percent terms outpaced gold by nearly 5:1. Silver was fixed to $24.42 an ounce, which was $2.05 or 9.2% higher than last Friday.

London platinum was fixed at $1,691.00. Unlike in the U.S. futures market, the metal gained slightly this week, rising $8 or 0.5%. Palladium managed better, with the fix at $591 for a weekly increase of $19 or 3.3%.

Weekly U.S. Gold and Silver Coin News

The following links provides information on recent U.S. gold and silver coin news (bullion and numismatic):

  • Silver Coin Melt Values Skyrocket
    U.S. and world coin melt values have skyrocketed as silver prices this year keep soaring to fresh 30-year highs. As of Thursday, silver has gained $7.50, or 44.1 percent, since the end of 2009, lifting intrinsic values of old coins containing the precious metal to astonishing new levels …

  • 2010-W Proof Gold Eagle Coin Inaugural Sales
    Gold took center stage in the latest round of United States Mint sales figures. Five 2010-W Proof American Gold Eagle products debuted for the first time since 2008, and collectors were apparently pleased. The new items, however, did not help other areas of the Mint’s portfolio …

Weekly US Mint Bullion Coin Sales

Buyers this week purchased more than double the amount of U.S. Mint American Silver Eagle bullion coins than last week, but demand levels for American Gold Eagle bullion coins eased by nearly two thirds.

In a notable event, the 2010 Silver Eagles topped the 27 million marker. At the current pace, 2010 sales were topple the annual 2009 record in a few short weeks.

The following table lists United States Mint published coin sales figures as of Friday, October 15, 2010:

2010 Bullion Coin Sales
  Prior Weekly Gain Current Weekly Gain October 2010 2010 Totals
American Gold Buffalo Sold Out 209,000
American Gold Eagle 1 oz 30,000 19,000 54,000 941,500
American Gold Eagle 1/2 oz 1,000 2,000 3,000 39,000
American Gold Eagle 1/4 oz 0 0 0 54,000
American Gold Eagle 1/10 oz 10,000 10,000 20,000 375,000
American Silver Eagle 1 oz 425,000 875,000 1,625,000 27,105,500


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

{ 1 comment… read it below or add one }

Numis Network October 16, 2010 at 1:27 pm

I love it! Silver has really been making some moves. People need to wake up to this. The dollar is getting any strong and people should start adding silver to their portfolios!

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