Gold, Silver Surge on Week, US Bullion Sales Take Holiday Break

by CoinNews.net on November 24, 2012 · 0 comments

Reverse of American Gold Eagle bullion coin

November bullion sales of U.S. Mint American Eagle gold coins are higher than last month and a year ago

Precious metals surged during the U.S. holiday-shortened week with advances of 2.1% for gold, 5.4% for silver, 3.5% for palladium and 6.6% for platinum.

Gold ended the week at a more than five-week high as the U.S. dollar softened. In closing, gold for December delivery rallied $23.20, or 1.3%, to $1,751.40 an ounce on the Comex in New York. The settlement was the highest for gold since it closed at $1,753 an ounce on October 17. Gold prices traversed through an intraday trading range of $1,727.60 to $1,755.00.

Some analysts noted that gains on Friday could help the yellow metal hurdle $1,800.

"It’s definitely a technical breakout above the 50-day moving average for the short term. If we break above $1,800, the next real significant resistance will be the prior all-time high near $1,900," Reuters quoted Adam Sarhan, CEO of Sarhan Capital.

Kitco’s weekly survey reflects a bullish attitude for gold prices next week.

"Out of 34 participants, 19 responded this week — less than usual with many away for an extended U.S. Thanksgiving holiday weekend. Of those who replied, 14 see prices up, while one sees prices down and four see prices sideways or unchanged," Kitco News reported.

Gold in 2012 has advanced $184.60, or 11.8%. It is the third best performing precious metal, behind silver and platinum.

Silver, Platinum and Palladium Futures

In other major New York precious metals futures on Friday:

  • Silver for December delivery rallied 76.6 cents, or 2.3%, to $34.116 an ounce, ranging from $33.235 to $34.160.

  • Platinum for January delivery settled at $1,617.10 an ounce, jumping $33.20 or 2.1%. The PGM metal traded between $1,573.40 and $1,626.60.

  • Palladium for December delivery advanced $16.30, or 2.5%, to $667.60 an ounce, ranging from $644.85 to $669.70.

In 2012 so far, silver has leapt $6.20, or 22.2%, platinum has added $212.20, or 15.1%, and palladium — due to this week’s gains — pulled out of the red to advance $11.45, or 1.7%.

Precious Metals in London

Precious metals in London were also higher Friday and for the week. When comparing the latest PM Fix prices:

  • Gold climbed $3.50, or 0.2%, to $1,734.50 an ounce,
  • Silver inched up 12.0 cents, or 0.4%, to $33.41 an ounce,
  • Platinum added $2.00, or 0.1%, to $1,584.00 an ounce, and
  • Palladium rose a modest 50 cents to $657.50 an ounce

Pick-ups on the week were 1.2% for gold, 3.5% for silver, 1.9% for platinum and 5.5% for palladium.

US Bullion Sales in November

U.S. Mint bullion sales were softer this week as distributors took time off for Thanksgiving, but November levels are furious still.

Sales of bullion gold products rose 13,000 ounces this week with splits of 11,000 ounces in 22-karat American Eagle gold coins and 2,000 ounces of 24-karat American Buffalo gold coins. Sales combined last week to 21,500 ounces. Gold Eagle sales of 67,000 ounces in November jumped over the 59,000 ounces in October and the 41,000 ounces in November 2011.

Sales of bullion silver products advanced 412,000 ounces this week with splits of 394,000 of American Eagle silver coins and 18,000 ounces of America the Beautiful 5 ounce silver coins. Sales for both coins last week reached 725,500 ounces. Silver Eagle sales at 2,659,500 this month are on pace to top the 3,153,000 sold in October and long ago hurdled the 1,384,000 in November 2011.

In related coin news, weekly sales figures for other U.S. Mint products are available in this coin news article. Also, read about the eight-coin silver set that is scheduled for release on November 27.

The following grids list the newest daily, weekly November and year-to-date bullion sales as published by the U.S. Mint.

US Mint American Eagle and Buffalo Bullion Sales
  Friday Sales Prior Weekly Weekly Sales November Sales YTD 2012
$50 American Eagle Gold Coins 0 15,500 10,000 61,500 526,000
$25 American Eagle Gold Coins 0 3,000 0 3,000 66,000
$10 American Eagle Gold Coins 0 2,000 0 4,000 70,000
$5 American Eagle Gold Coins 0 10,000 10,000 30,000 310,000
$50 American Buffalo Gold Coins 0 3,000 2,000 10,000 117,500
American Silver Eagle Coin 75,000 717,500 394,000 2,659,500 31,607,500

 

America the Beautiful 5 Oz. Silver Bullion Sales
  Friday Sales Prior Weekly Weekly Sales November Sales All-Time Total
2012 El Yunque National Forest 5 oz. Silver Bullion Coins 0 500 0 1,800 19,900
2012 Chaco Culture National Historical Park 5 oz. Silver Bullion Coins 0 500 0 1,800 20,000
2012 Acadia National Park 5 oz. Silver Bullion Coins 0 500 0 500 22,300
2012 Hawai’i Volcanoes 5 oz. Silver Bullion Coins 0 0 0 5,000 20,000
2012 Denali National Park 5 oz. Silver Bullion Coins 0 0 3,600 6,100 18,600
2011 Olympic National Park 5 oz. Silver Bullion Coins 0 0 0 0 85,900
2011 Vicksburg National Military Park 5 oz. Silver Bullion Coins 0 0 0 0 39,500
2011 Chickasaw Park 5 oz. Silver Bullion Coins 0 0 0 0 29,700
TOTAL 0 1,500 3,600 15,200 255,900

 

Bullion sales above are in the number of coins sold, not the amount of ounces.

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