Gold, Silver Gain on Week; US Mint Bullion Sales on Fire

Silver bars, gold and silver coins
Gold marked a second week of gains. U.S. Mint bullion sales are racing.

Gold prices pulled back a from an almost one-month high but still notched solid gains for a second week in a row after having logged three straight weekly losses.

On Friday, gold for August delivery shed a dime to settle at $1,201.90 an ounce on the Comex division of the New York Mercantile Exchange.

"We could see more investors return to gold funds if prices show more strength," Bloomberg News quoted Frank Lesh, a trader at FuturePath Trading LLC in Chicago.

Gold prices advanced 1.9% from a week ago and moved into the black for the year, up 1.5% from their 2014 closing of $1,184.10 an ounce. On Thursday, gold jumped for its biggest gain since May 13 and closed at its highest price since May 22. The yellow metal rose 1% last week.

Looking ahead, Kitco News offers the following forecasts via their Wall Street vs. Main Street survey:

"This week, 388 people participated in Kitco’s online survey. Of those 201 participants, or 52%, are bearish on gold next week; 135 people, or 35%, are bullish on gold and 52, or 13%, are neutral.

The results of the professional survey were much less conclusive. Out of 33 market experts contacted, 18 responded; of those, 9 participants, or 50%, are neutral on gold next week. Seven experts, or 39%, see higher prices and two, or 11%, see lower prices."

In other precious metals dealings on Friday, silver for July delivery turned down 4 cents, or 0.3%, to settle at $16.11 an ounce. Silver prices surged 1.8% on the week and increased their year-to-date gain to 3.3%.

In PGM futures on Friday and for the week:

  • July platinum tacked on $4, or 0.4%, to $1,086.80 an ounce, slipping 0.9% from a week ago.

  • Palladium for September delivery declined $11.25, or 1.6%, to $707.40 an ounce, diving 4.2% on the week.

Both metals are sharply lower for the year with platinum off by 10.1% and palladium down by 11.4%.

London Precious Metals Prices

London precious metals prices mixed it up again on Friday and on the week. In comparing London bullion prices from Thursday PM to Friday PM:

  • Gold edged up $1.55, or 0.1%, to $1,203.40 an ounce,
  • Silver slid 12 cents, or 0.7%, to $16.12 an ounce,
  • Platinum dipped $3, or 0.3%, $1,085 an ounce, and
  • Palladium fell $6, or 0.8%, to $718 an ounce.

Compared to a week ago, London gold and silver prices gained 1.7% and 1.2% while platinum and palladium declined by 0.9% and 2.8%.

US Mint Bullion Coin Sales in June

United States Mint bullion sales shifted into another higher gear this week, padding their already very robust monthly totals. With still more than a week remaining in June, gold sales at 59,000 ounces are the highest since January and silver sales at 2.6 million ounces are the strongest since April. In the latest weekly bullion sales comparisons:

  • Gold coins jumped by 29,000 ounces for their biggest increase since the week after the first 2015-dated coins debuted in January. They moved up by 15,000 ounces last week. Weekly splits include 22,500 ounces in American Gold Eagles compared to 12,000 previously and 6,500 ounces in American Gold Buffalo coins compared to 3,000 ounces previously.

  • Silver coins rallied by 975,000 ounces, matching the level from two weeks ago when they scored the strongest sales since the week after the 2015 American Silver Eagles launched in January. They gained 650,000 ounces last week. For a sixth week in a row, sales came entirely from American Silver Eagles since all the released 2015-dated America the Beautiful Five Ounce Bullion Coins are sold out. The next five-ounce coin is scheduled to launch this Monday, June 22. It commemorates Blue Ridge National Forest in North Carolina.

Below is a listing of U.S. Mint bullion products that shows the number of coins sold during varying periods. Products with an asterisk (*) are no longer available.

US Mint Bullion Sales (# of coins)
Friday Sales Last Week This Week May Sales June Sales YTD Sales
$50 American Eagle 1 Oz Gold Coins 4,500 9,500 18,000 13,500 38,000 174,000
$25 American Eagle 1/2 Oz Gold Coins 1,000 0 2,000 3,000 2,000 34,000
$10 American Eagle 1/4 Oz Gold Coins 2,000 2,000 6,000 10,000 8,000 66,000
$5 American Eagle 1/10 Oz Gold Coins 5,000 20,000 20,000 40,000 55,000 360,000
$50 American Buffalo 1 Oz Gold Coins 1,500 3,000 6,500 9,500 12,500 88,000
$1 American Eagle 1 Oz Silver Coins 150,000 650,000 975,000 2,023,500 2,600,000 19,546,000
2015 Homestead 5 Oz Silver Coins* 35,000
2015 Kisatchie 5 Oz Silver Coins*     12,000 42,000


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