Gold, Silver Rise for Third Week; US Gold Coin Sales Solid

American Eagle One Ounce Gold Bullion Coins
Gold and silver prices ended up for a third week. US Mint gold bullion coins notched strong weekly sales.

Gold and silver scored a third straight weekly gain with advances on Friday and Thursday just enough to overcome losses in each of the previous three days.

Gold for February delivery on Friday rallied $17.50, or 1.4%, to close at $1,246.90 an ounce on the Comex division of the New York Mercantile Exchange. The settlement price is the highest since Dec. 11 and brought gold’s weekly gain to 0.7%.

Gold prices moved higher Friday after the payrolls report for December showed that the U.S. economy added 74,000 jobs, which was sharply lower than analysts’ expectations of about 200,000 jobs.

"The growth concerns are back, and we are seeing a flight to safety," Phil Streible, a senior commodity broker at R.J. O’Brien & Associates in Chicago, said in a telephone interview according to Bloomberg News. "The chatter about the Fed having to postpone tapering is back."

Gold Outlook

For a third round in a row, most participants in Kitco News’ weekly gold survey expect gold prices to rise next week.

"In the Kitco News Gold Survey, out of 33 participants, 23 responded this week. Twelve see prices up, while five see prices down and six see prices trading sideways or are neutral," reports Kitco.

"Charles Nedoss, senior market strategist with Kingsview Financial, said gold is attempting to take out some important technical chart resistance as it trades near $1,250 an ounce…

… Those who see weaker prices said the buying gold has enjoyed in the first two weeks of 2014 is unlikely to last."

Gold prices on the year have advanced 3.7% after falling 28.3% in 2013.

Silver, Platinum and Palladium Futures

Silver eked out a weekly gain of less than 0.1% with its penny increase. The precious metal was poised for a weekly loss until surging Friday with silver for March delivery jumping 54 cents, or 2.7%, to close at $20.22 an ounce.

In rounding out the precious metals complex on Friday:

  • April platinum tacked on $17, or 1.2%, to finish at $1,436.90 an ounce.

  • Palladium for March delivery advanced $9.55, or 1.3%, to end at $746.05 an ounce.

In weekly results, the two gained the most among precious metals with platinum up 1.6% and palladium up 2%.

London Fix Precious Metals

London precious metals fixings climbed Friday but not all advanced on the week. When comparing the London fix prices from Thursday PM to Friday PM:

  • Gold gained $18.25, or 1.5%, to $1,244.25 an ounce,
  • Silver rose 26 cents, or 1.3%, to $19.80 an ounce,
  • Platinum added $10, or 0.7%, to $1,425 an ounce, and
  • Palladium edged up $1, or 0.1%, to $737 an ounce

Logging weekly gains were gold at 0.8%, platinum at 1.5% and palladium at 1.2%. Silver was alone with a 1.9% loss on the week.

US Mint Bullion Coin Sales in January

On Thursday, Jan. 2, the United States Mint began selling its 2014-dated gold bullion coins. Their sales through Thursday, Jan. 9, hit 78,000 ounces with splits of:

  • 54,500 ounces of 2014 American Eagle gold coins and
  • 23,500 ounces of 2014 American Buffalo gold coins

American Gold Buffalo coin sales are already more than three times higher than their December total of 7,000. American Gold Eagle coin sales this month will also surpass their December total of 56,000 ounces. January is typically a strong month for U.S. Mint bullion as buyers seek coins with new dates.

The first 2014-dated silver bullion coins, the American Silver Eagles, will be available to Mint distributors on Monday, Jan. 13, 2014.

In related U.S. Mint coin news for the week, the bureau published in latest numismatic weekly sales and circulating coin production figures for 2013.

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