Gold advanced Friday for a sixth straight session, capping a weekly gain of 2.3% after dropping 1.9% last week.
Other precious metals climbed on the week as well with increases of 0.9% for silver, 4.4% for platinum and 3.0% for palladium. European debt woes and Fed stimulus hopes were principally supportive of gold and tracking silver.
On Friday, gold prices for August delivery turned up $8.50, or 0.5%, to settle at $1,628.10 an ounce on the Comex in New York. The yellow metal touched an intraday low of $1,620.40 and reached a high of $1,635.40.
"Whatever the outcome in Europe, it will likely be supportive for gold," Bloomberg quoted Neil Gregson, who manages about $6.9 billion of natural-resources equities at JPMorgan Asset Management in London. "We’ve still got the possibility of QE3 in the U.S., which would be good for gold."
Bloomberg’s weekly gold survey showed a strong bias for higher gold prices next week with twenty-four participants expecting gains compared to six who were bearish and three neutral. A survey by Kitco Metals Inc. also revealed bullish sentiments.
"In the Kitco News Gold Survey, out of 33 participants, 23 responded this week. Of those 23 participants, 18 see prices up, while three see prices down, and two are neutral," reports Kitco.
"Many who see higher prices on a pro-bailout party winning said European officials will need to come to some solution to help Greece, which will mean some sort of stimulus or monetary easing…
Those who see weaker prices said people are too optimistic over the Greek elections. They expected a flight-to-safety move to the dollar and not gold, to be the result, similar to when problems rose in Europe…"
Gold prices this year are up $61.30, or 3.9%.
In other precious metals settlement prices on Friday:
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Silver prices for July delivery tacked on 33.3 cents, or 1.2%, to $28.74 an ounce, trading between $28.48 and $28.82.
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Platinum prices for July delivery closed at $1,487.20 an ounce, shedding 40.0 cents or less than 0.1%. Platinum ranged from $1,481.00 to $1,498.90.
- Palladium prices for September delivery declined $4.50, or 0.7%, to $630.40 an ounce, moving between $624.05 and $641.90.
For the year so far, only palladium is lower among precious metals with a loss of 3.9%. Gains for silver and platinum are at 3.0% and 5.9%, respectively.
London Precious Metals
London precious metals were higher Friday, except for a 0.8% drop in silver. When comparing the latest London PM fixings:
- Gold gained $13.75, or 0.9%, to $1,627.25 an ounce,
- Silver dipped 22.0 cents to $28.66 an ounce,
- Platinum advanced $8.00, or 0.5%, to $1,493.00 an ounce, and
- Palladium added $7.50, or 1.2%, to $632.00 an ounce
London metals advanced on the week with gains of 3.2% for gold, 1.7% for silver, 5.4% for platinum and 3.1% for palladium.
Sales of U.S. Mint Bullion Coins
Investment demand remained solid and consistent for U.S. Mint bullion coins as Gold Eagle and Gold Buffalo coins outperformed gains from the prior week and Silver Eagle coins extended a streak of daily increases to nine.
Over the past five days, U.S. Mint distributors purchased 14,500 ounces of gold bullion coins versus the prior week’s total of 12,000 ounces. Between the bureau’s five ounce America the Beautiful Silver Coins and one ounce American Silver Eagles, sales advanced by 632,500 ounces against the previous week’s 745,000 ounces.
The following are the latest daily, June and year-to-date bullion coin sales totals as published by the U.S. Mint.
| Sales of US Mint American Eagle and Buffalo Bullion Coins | |||||
|---|---|---|---|---|---|
| Daily Gains | Prior Weekly | Weekly Gains | June Gains | YTD 2012 | |
| $50 American Gold Eagle Coins | 3,000 | 10,000 | 10,500 | 20,500 | 250,500 |
| $25 American Gold Eagle Coins | 0 | 0 | 1,000 | 1,000 | 55,000 |
| $10 American Gold Eagle Coins | 2,000 | 0 | 2,000 | 2,000 | 48,000 |
| $5 American Gold Eagle Coins | 0 | 5,000 | 0 | 5,000 | 155,000 |
| $50 American Gold Buffalo Coins | 1,000 | 1,500 | 3,000 | 4,500 | 69,500 |
| American Silver Eagle Coins | 200,000 | 738,000 | 623,500 | 1,361,500 | 15,895,500 |
| Sales of America the Beautiful 5 Oz. Silver Bullion Coins | |||||
|---|---|---|---|---|---|
| Daily Gains | Prior Weekly | Weekly Gains | June Gains | All-Time Total | |
| 2012 El Yunque National Forest 5 oz. Silver Bullion Coins | 500 | 1,200 | 1,800 | 3,000 | 8,400 |
| 2011 Olympic National Park 5 oz. Silver Bullion Coins | 0 | 0 | 0 | 0 | 85,200 |
| 2011 Vicksburg National Military Park 5 oz. Silver Bullion Coins | 0 | 200 | 0 | 200 | 38,600 |
| 2011 Chickasaw Park 5 oz. Silver Bullion Coins | 0 | 0 | 0 | 0 | 28,900 |
| TOTAL | 0 | 1,400 | 1,800 | 3,200 | 161,100 |
Above sales of U.S. Mint bullion coins are in coin totals, not the amount of ounces sold.
