Precious metals plunged Friday, turning what would have been gains into weekly losses that totaled 0.9% for gold, 3.8% for silver and 1% for platinum.
Gold for August delivery sank $39.20, or 3.1%, to settle at $1,212.70 an ounce on the Comex in New York. Commodities tumbled Friday as the U.S. dollar surged to a near three-year high after U.S. jobs data exceeded expectations.
"A better jobs report means there’s less flight to safety," Brian Booth, a senior market strategist at Long Leaf Trading Group in Chicago, said in a telephone interview that was relayed on Bloomberg News. "The initial reaction to the report was a push higher in the dollar and a rise in stocks, and for as long as that continues, gold will struggle."
The U.S. economy added 195,000 jobs in June, the Labor Department reported, which was 30,000-40,000 higher than prior forecasts readily found on news sites.
Surveys on Gold Expectations for Next Week
The previous round of gold surveys leaned slightly bullish for prices this week. New surveys were mixed to a bit bullish for gold prices next week.
"Eighteen participants took part in this week’s (Kitco) survey, with seven seeing prices up, seven seeing prices down and four looking for sideways consolidation," Kitco News noted.
"Many of those looking for further weakness cited continuing expectations for tapering of the Federal Reserve’s bond-buying program… Those looking for sideways to higher trade suggest the market has already factored in much of expected FOMC tapering and may be overextended to the downside, at least in the short term."
Bloomberg News noted that its latest survey had 14 participants expecting higher gold prices for the second week of July. Ten were bearish and 3 were neutral.
Silver, Platinum and Palladium Futures
In other New York precious metals futures prices on Friday:
Silver for September delivery sank 96.4 cents, or 4.9%, to end at $18.74 an ounce.
October platinum settled down $20.40, or 1.5%, to $1,326.40 an ounce.
- September palladium declined $8.15, or 1.2%, to finish at $677.55 an ounce. Palladium remained alone in gaining this week, up 2.6%.
In year-to-date totals across the major precious metals, losses include 27.6% for gold, 38% for silver, 14% for platinum and 3.7% for palladium.
London Fix Precious Metals
London precious metals ended lower Friday also, but gained on the week. When comparing the Thursday to PM to Friday PM London fixings:
- Gold tumbled $39, or 3.1%, to $1,212.75 an ounce,
- Silver fell 25 cents, or 1.3%, to $19.32 an ounce,
- Platinum shed $12, or 0.9%, to $1,327 an ounce, and
- Palladium lost $11, or 1.6%, to $669 an ounce
Advances on the week were 1.7% for gold, 2.4% for silver, 0.8% for platinum and 4% for palladium.
US Bullion Coin Sales in July
United States Mint bullion totals soared across the board on Monday — a rare event, took a break before and on Independence Day and then advanced for gold coins on Friday. In weekly bullion breakdowns:
Gold coins surged 24,500 ounces after rising a strong 22,000 ounces in the previous week. Splits were 19,000 ounces in 22-karat American Gold Eagles and 5,500 ounces in 24-karat American Gold Buffalo coins.
Silver coins advanced 857,500 ounces versus the previous weekly total of 896,500 ounces. Splits were 826,000 ounces in American Silver Eagles and 31,500 ounces in America the Beautiful Five Ounce Silver Bullion Coins.
The following are daily, July and year-to-date bullion coin totals as published by the U.S. Mint on its website.
|American Eagle and Buffalo Bullion Coin Sales|
|Friday Sales||Last Week||Weekly / July Sales||YTD Sales|
|$50 American Eagle Gold Bullion Coins||3,000||12,500||15,000||559,500|
|$25 American Eagle Gold Bullion Coins||2,000||1,000||4,000||47,000|
|$10 American Eagle Gold Bullion Coins||0||4,000||2,000||88,000|
|$5 American Eagle Gold Bullion Coins||5,000||10,000||15,000||430,000|
|$50 American Buffalo Gold Bullion Coins||0||7,000||5,500||167,000|
|White Mountain 5 oz. Silver Bullion Coins||0||0||1,000||28,000|
|Perry’s Victory 5 oz. Silver Bullion Coins||0||0||1,000||15,200|
|Great Basin 5 oz. Silver Bullion Coins||0||9,900||4,300||14,200|
|American Silver Eagle Bullion Coins||0||847,000||826,000||25,869,500|
Figures above are in the number of coins sold, not in ounces. For coin news on the exceptional bullion performances logged through the first six months of this year, read about US Mint bullion coin sales.
US Silver Coin Melt Values in July and 2013
Intrinsic values of silver coins have plunged this year, though they are up in July so far based on London silver with its latest fixing on Friday.
The following table shows melt values of US coins that once circulated. These coins, at least those that have little to no numismatic worth because they are common in dates or too worn, are the ones often sought for their silver values.
|US Silver Coins||Silver Coin Melt Values (12/31/2012)||Silver Coin Melt Values (6/28/2013)||Silver Coin Melt Values (7/5/2013)||Net Change in July||Net Change Year-To-Date|
|1942-1945 Jefferson Nickels||$1.68||$1.06||$1.09||$0.03||-$0.60|
|1892-1916 Barber Dimes||$2.17||$1.36||$1.40||$0.03||-$0.77|
|1916-1945 Mercury Dimes||$2.17||$1.36||$1.40||$0.03||-$0.77|
|1946-1964 Roosevelt Dimes||$2.17||$1.36||$1.40||$0.03||-$0.77|
|1892-1916 Barber Quarters||$5.42||$3.41||$3.49||$0.08||-$1.92|
|1916-1930 Standing Liberty 25c||$5.42||$3.41||$3.49||$0.08||-$1.92|
|1932-1964 Washington Quarters||$5.42||$3.41||$3.49||$0.08||-$1.92|
|1892-1915 Barber Half Dollars||$10.83||$6.82||$6.99||$0.17||-$3.84|
|1916-1947 Walking Liberty 50c||$10.83||$6.82||$6.99||$0.17||-$3.84|
|1948-1963 Franklin 50c||$10.83||$6.82||$6.99||$0.17||-$3.84|
|1964 Kennedy Half Dollars||$10.83||$6.82||$6.99||$0.17||-$3.84|
|1965-1970 Kennedy Half Dollars||$4.43||$2.79||$2.86||$0.07||-$1.57|
|1878-1921 Morgan Dollars||$23.16||$14.59||$14.94||$0.36||-$8.22|
|1921-1935 Peace Dollars||$23.16||$14.59||$14.94||$0.36||-$8.22|
|1971-1976 Silver Eisenhower $1s||$9.47||$5.96||$6.11||$0.15||-$3.36|
|1986-2013 American Eagles||$29.95||$18.86||$19.32||$0.46||-$10.63|
|2010-2013 ATB Silver Coins||$149.75||$94.30||$96.60||$2.30||-$53.15|
All coin melt values above are based on the London silver Fix prices at the end of 2012, June 28 and July 5. For reference, melt values of newer bullion silver coins are also provided.