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