Gold and Silver Prices Rebound, Log Weekly Increase

9999 Fine Gold Bullion
Gold and other precious metals advance on the week

Precious metals rebounded Friday from weighty losses incurred on the previous, final trading day in January. The gains secured weekly increases for three metals. Advancing were gold at 0.9%, silver at 2.4% and palladium at 2.1%. Platinum remained in the red and the outlier as it dropped 0.4% from a week ago.

On Friday, gold futures for April delivery settled up $8.60, or 0.5%, to $1,670.60 an ounce on the Comex in New York. The yellow metal fell $19.60 on Thursday to pull prices down 0.8% for January.

Gold has gained in three of the last four weeks, though it logged six straight weekly losses before then. The latest gold surveys again offer mixed readings on price expectations for next week.

"For the second week in a row, opinions are split on the direction for gold prices for the coming week, with no majority view surfacing," reports Kitco News.

In the Kitco News Gold Survey, out of 33 participants, 26 responded this week. Of those 26 participants, 12 see prices up, while four see prices down, and 10 see prices moving sideways.

Many of those who see higher prices point to the underlying support for the metal… Those who see prices moving sideways or are neutral said there’s little to push the market out of its trading range."

Bloomberg’s gold survey of analysts and traders came in with 14 bullish votes, 8 bearish and 7 on the sidelines.

Silver, Platinum and Palladium Futures

In other New York bullion futures on Friday:

  • Silver prices for March delivery gained 60.7 cents, or 1.9%, to end at $31.958 an ounce.

  • April Platinum climbed $12.30, or 0.7%, to $1,687.70 an ounce.

  • Palladium for March delivery added $10.70, or 1.4%, to $756.40 an ounce.

For the year so far, the PGM’s have posted the biggest gains with platinum soaring 9.4% and palladium surging 7.5%. Silver prices are up 5.7%.

London Precious Metals

London bullion prices split Friday. When comparing the Thursday PM to Friday PM fixings:

  • Gold added $4.25, or 0.3%, to $1,669.00 an ounce,
  • Silver prices dipped 60.0 cents, or 1.9%, to $31.43 an ounce,
  • Platinum gained $15.00, or 0.9, to $1,687.00 an ounce, and
  • Palladium climbed 6.00, or 0.8%, to $745.00 an ounce

For the week, the metals moved directionally the same. Silver prices shed 0.4%. Advancing were palladium at 2.8% and gold and platinum each at 0.5%.

US Bullion Coins

Bullion coins have yet to enter the sales boards for February. Read about January bullion coin sales for a breakdown of coin performances for last month.

The latest daily, weekly, and year-to-date bullion coin sales follow.

American Eagle and Buffalo Bullion Coin Sales
  Friday Sales Last Week Weekly Sales YTD Sales
$50 American Eagle Gold Bullion Coins 0 3,000 17,500 124,500
$25 American Eagle Gold Bullion Coins 0 2,000 0 17,000
$10 American Eagle Gold Bullion Coins 0 2,000 0 24,000
$5 American Eagle Gold Bullion Coins 0 5,000 5,000 110,000
$50 American Buffalo Gold Bullion Coins 0 27,500 5,500 72,500
American Eagle Silver Coin* 0 0 1,491,000 7,498,000


America the Beautiful 5 Oz. Silver Bullion Coin Sales
  Friday Dales Last Week Weekly Sales All-Time Sales
2012 El Yunque National Forest 5 oz. Silver Bullion Coins 0 0 0 21,900
2012 Chaco Culture National Historical Park 5 oz. Silver Bullion Coins 0 0 0 20,000
2012 Acadia National Park 5 oz. Silver Bullion Coins 0 0 0 25,400
2012 Hawai’i Volcanoes 5 oz. Silver Bullion Coins 0 0 0 20,000
2012 Denali National Park 5 oz. Silver Bullion Coins 0 0 0 20,000
2011 Olympic National Park 5 oz. Silver Bullion Coins 0 0 9,300 104,900
2011 Vicksburg National Military Park 5 oz. Silver Bullion Coins 0 0 2,300 43,500
2011 Chickasaw Park 5 oz. Silver Bullion Coins 0 0 4,260 35,660
TOTAL 0 0 15,860 291,360


Coin sales above are in the number of coins sold. Calculate total ounces by using the bullion coin’s weight.

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