Gold, Silver Notch Weekly Gains; US Gold Coins Best Since June

by CoinNews.net on December 28, 2013 · 0 comments

Gold Eagles

US Mint Gold Eagle coin sales are the highest for a month since June

Precious metals this week advanced against the expectations of many analysts and traders. Weekly gains logged in at 0.9% for gold, 3.1% for silver, 3.5% for platinum and 1.9% for palladium.

Gold for February delivery climbed $1.70, or 0.1%, to settle Friday at $1,214 an ounce on the Comex division of the New York Mercantile Exchange. Trading volume was exceptionally light all week, as was expected around Christmas and going forward into next week with investors away for New Years.

"The market is probably going to stay in wide ranges for the next few sessions and there will still be some support from Asian buyers ahead of the Chinese New Year at the end of January," Reuters quoted VTB Capital analyst Andrey Kryuchenkov. "But volumes are very thin now and we need to wait for when the Western investors come back (from holidays) to see what they will be doing."

Most participants in Kitco News’ weekly gold survey expect prices to move higher in the coming days.

"In the Kitco News Gold Survey, out of 34 participants, 17 responded this week. This was less than normal, with many still away from their desks for an extended Christmas holiday. Ten see prices up, while five see prices down and two see prices sideways or unchanged," reports Kitco.

In rounding out the precious metals complex on Friday:

  • Silver for March delivery tacked on 13.3 cents, or 0.7%, to close at $20.05 an ounce.

  • April platinum climbed $15.10, or 1.1%, to finish at $1,378.90 an ounce.

  • Palladium for March delivery rose $11.20, or 1.6%, to end at $711.95 an ounce.

The following grid shows the net percentage changes in New York precious metals futures through Dec. 27, the completed quarters in 2013 and the year-to-date.

New York Precious Metals Gains / Losses (%)
December 1st Quarter 2nd Quarter 3rd Quarter YTD 2013
Silver 0.1 -6.3 -23.3 11.5 -33.7
Gold -2.9 -4.8 -31.3 8.4 -27.6
Platinum 0.7 2.1 -14.9 5.4 -10.6
Palladium -1.1 9.2 -14.0 10.1 1.2

 

London Fix Precious Metals

UK markets were closed for most of the week in celebration of Christmas. When comparing the London fix prices from Tuesday AM to Friday PM:

  • Gold rose $18, or 1.5%, to $1,214.50 an ounce,
  • Silver advanced 52 cents, or 2.7%, to $19.92 an ounce,
  • Platinum surged $47, or 3.5%, to $1,374 an ounce, and
  • Palladium added $15, or 2.2%, to $711 an ounce

Bullion gains for the week totaled 1.6% for gold, 3.1% for silver, 3.5% for platinum and 1.6% for palladium. The following grid shows the net percentage changes in London precious metals fixings through Dec. 27, the completed quarters in 2013 and the year-to-date.

London Precious Metals Gains / Losses (%)
December 1st Quarter 2nd Quarter 3rd Quarter YTD 2013
Silver -0.1 -4.0 -34.1 15.0 -33.5
Gold -3.1 -4.4 -25.4 11.3 -27.0
Platinum -0.1 3.5 -16.4 7.1 -9.8
Palladium -1.8 10.2 -16.5 12.9 1.7

 

US Mint Bullion Sales in December

Bullion American Gold Eagles scored their highest weekly total since Dec. 6, with that week the best since July 5. The one-ounce size was the only gainer, but it jumped 17,000 compared to the prior week’s pick up of 6,500. Month-to-date sales of 56,000 ounces across all sizes is the best since June’s 57,000 ounces.

Weekly orders for American Gold Buffalo coins were muted after rising 4,000 last week.

Also silent for a second straight week, a trend that will continue into January, were sales of silver bullion coins. All the 2013-dated issues sold out in the second week of December. 2014 American Silver Eagles do not launch until Jan. 13 and the first 2014 America the Beautiful Silver Bullion Coin is not expected out until Jan. 27.

Listed below are United States Mint bullion sales for the week, for the month through Dec. 27, and the year-to-date.

American Eagle and Buffalo Bullion Sales (# of coins)
Friday Sales Last Week Week-To-Date Sales December Sales YTD Sales
$50 American Eagle Gold Bullion Coins 0 6,500 17,000 53,500 743,500
$25 American Eagle Gold Bullion Coins 0 0 0 0 58,000
$10 American Eagle Gold Bullion Coins 0 0 0 4,000 122,000
$5 American Eagle Gold Bullion Coins 0 0 0 15,000 535,000
$50 American Buffalo Gold Bullion Coins 0 1,500 0 7,000 239,000
White Mountain 5 oz. Silver Bullion Coins Sold Out 4,300 35,000
Perry’s Victory 5 oz. Silver Bullion Coins 30,000
Great Basin 5 oz. Silver Bullion Coins 30,000
Fort McHenry 5 oz. Silver Bullion Coins 30,000
Mount Rushmore 5 oz. Silver Bullion Coins 35,000
American Eagle Silver Bullion Coins 1,200,000 42,675,000

 

In related U.S. Mint news and on the numismatic front, the bureau this week reduced gold coin prices.

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