Weekly Bullion Prices Rally, Silver and Gold Lead, Coins Rise

by Bullion Prices Staff on September 3, 2011

Bullion prices rallied this week as silver and gold pushed forward with respective weekly gains of 5.2% and 4.4%. Other precious metals moved ahead on the week as well but at a slightly slower rate, with palladium up 3.5% and platinum adding 3.2%.

On the Comex division of the New York Mercantile Exchange, December gold prices rose $47.80, or 2.6%, to $1,876.90 an ounce. The higher closing was the first one in September. Gold prices fell slightly on the 1st, after booking a soaring gain in August of 12.3%. A dismal jobs report, as published early Friday by the U.S. Labor Department, was cited for attracting investors to gold.

"I think there was a great deal of disappointment with the employment numbers and that kicked off speculation of further quantitative easing or some sort of monetary response," said HSBC metals analyst and senior vice president James Steel, according to Reuters. "The (gold) market was pretty much all on one-side, largely buying interest after the jobs report," Steel said.

Zero net jobs were added during the month of August, the U.S. Labor Department said.

Gold prices have increased 32% in 2011.

In other futures, December silver added $1.54, or 3.7%, to $43.07 an ounce, December palladium fell $7.20, or 0.9%, to $783.20 an ounce, and October platinum added $31.90, or 1.7%, to $1,884.80 an ounce.

The weekly gain in palladium cuts into its yearly loss, which is now at 2.5%. Platinum has gained an attractive 6% this year. The stand out in all precious metals is silver, with prices up a staggering 39.2% in 2011.

U.S. Mint Bullion Coins and News

On Friday, the United States Mint published sales increases for two of its most popular bullion products. The 1 oz. American Gold Eagle rose 3,000, its first advance for September and the American Silver Eagle added 52,000 following an increase of 42,000 on the previous day. The silver coins have now topped the 29 million milestone. In weekly performances, the 1 oz. Gold Eagles moved slightly slower than the previous week while the Silver Eagles sold a bit quicker.

The latest U.S. bullion figures are provided below in the daily, September 2011 and YTD 2011 columns.

United States Mint 2011 Bullion Coin Sales
  Friday
Gain
Prior
Weekly
Weekly
Gain
September
2011
2011
Totals
1 oz American Gold Buffalo 0 7,000 3,500 0 119,500
1 oz American Gold Eagle 3,000 16,000 14,000 3,000 675,500
1/2 oz American Gold Eagle 0 0 0 0 61,000
1/4 oz American Gold Eagle 0 2,000 0 0 70,000
1/10 oz American Gold Eagle 0 15,000 0 0 320,000
5 oz America the Beautiful Silver not reported 380,900
1 oz American Silver Eagle 52,000 795,000 844,000 94,000 29,045,000

 

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 Tuesday, August 30, 2011. All other figures have an "as of date" of Friday, September 2, 2011.

In other United States Mint coin news, the bureau released the latest collectible 24-karat First Spouse Gold Coins and as a result of soaring precious metal prices another round of suspensions were announced early Friday afternoon. For more, read

London Bullion Prices

Bullion prices in London were again synchronized — they climbed across-the-board Friday and finished the week higher than the previous one. PM fixing prices included the following daily changes:

  • Gold added $54.25, or 3%, at $1,875.25 an ounce
  • Silver added $1.03, or 2.5%, at $42.50 an ounce
  • Palladium added $8, or 1.0%, at $785 an ounce
  • Platinum added $30, or 1.6%, at $1,873 an ounce

On a weekly basis, London precious metals gained at a rate of 4.9% for gold, 3.5% for silver, 5.1% for palladium and 3.4% for platinum.

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