Precious metals advanced Friday but only gold and palladium scored weekly gains. Their increases tallied to a modest 0.5% for gold and a healthier 1.4% for palladium. Silver on the week dipped 0.4% while platinum dropped 0.9%.
On Friday, gold for December delivery settled up $15.10, or 1.1%, to $1,339.20 an ounce on the Comex division of the New York Mercantile Exchange. The yellow metal got a boost Friday when Federal Reserve Bank of Chicago President Charles Evans suggested Fed tapering could be delayed until early 2014.
"I can’t have tremendous confidence in our economic situation," Evans said Friday in Oslo. "A lot of developments are still under way. At the moment, the data doesn’t provide us with confidence to make major adjustments…"
Gold also saw some safe-haven support from concerns over the U.S. budget deadlock, opined analysts.
"Gold should be supported by the double risk of the budget deadline next Tuesday and the debt-ceiling negotiations mid-October," MarketWatch quoted Mark O’Byrne, executive director at GoldCore in Dublin.
"While the debt ceiling will almost certainly be resolved before or soon after the deadline, the risk is that politicians will again kick the can down the road and not address the fundamental fiscal challenges facing the U.S."
Last week, gold survey participants leaned bullish. This week’s survey from Kitco tips further bullish with 11 forecasting higher gold prices next week, 4 seeing them lower and 4 voting neutral or expecting gold to trade within a range.
For the year-to-date, gold prices have fallen 20.1% from their 2012 ending price of $1,675.80 an ounce.
In rounding out precious metals futures on Friday:
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Silver for December delivery added 6.5 cents, or 0.3%, to $21.83 an ounce.
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January platinum gained $4.50, or 0.3%, to $1,419.20 an ounce.
- Palladium for December delivery rose $8.35, or 1.2%, to $731.80 an ounce.
Year-to-date, palladium continues to stand by itself with its 4% gain. Platinum has fallen 8% from its closing price in 2012 while silver has plunged 27.8%.
London Fix Precious Metals
London precious metals fixings were divided Friday and lower on the week. When comparing the Thursday PM to Friday PM London fix prices:
- Gold added $8, or 0.6%, to $1,341 an ounce,
- Silver fell 36 cents, or 1.6%, to $21.61 an ounce,
- Platinum declined $8, or 0.6%, to $1,416 an ounce, and
- Palladium added $1, or 0.1%, to $725 an ounce
The precious metals compared to a week ago registered losses of 0.6% for gold, 5% for silver, 2.1% for platinum and 0.1% for palladium.
U.S. Mint Bullion Sales in September
U.S. Mint bullion sales this week were steady for silver coins. They were also stronger for gold coins after their feeble showing in the prior week. In the weekly bullion sales breakdowns:
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Silver coins climbed 675,000 ounces to match last week’s total. Also for a second week, all sales came from American Silver Eagles. Sales of America the Beautiful Five Ounce Silver Bullion Coins last advanced during the second week of September when their numbers soared by 112,000 ounces. (In related coin news, see how the ATB coins are made.)
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Gold coins climbed 8,500 ounces to almost double last week’s 4,500 ounces. Sales splits were 4,000 ounces in 22-karat American Gold Eagles and 4,500 ounces in 24-karat American Gold Buffalo coins.
In coin totals are the latest daily, September and year-to-date U.S. Mint bullion sales figures:
| American Eagle and Buffalo Bullion Sales | |||||
|---|---|---|---|---|---|
| Friday Sales | Last Week | Weekly Sales | September Sales | YTD Sales | |
| $50 American Gold Eagle Bullion Coins | 0 | 3,000 | 2,000 | 8500 | 605,000 |
| $25 American Gold Eagle Bullion Coins | 0 | 1,000 | 3,000 | 5,000 | 53,000 |
| $10 American Gold Eagle Bullion Coins | 0 | 0 | 2,000 | 4,000 | 104,000 |
| $5 American Gold Eagle Bullion Coins | 0 | 0 | 0 | 10,000 | 465,000 |
| $50 American Buffalo Gold Bullion Coins | 1,000 | 1,000 | 4,500 | 10,000 | 200,000 |
| White Mountain 5 oz. Silver Bullion Coins | 0 | 0 | 0 | 3,800 | 35,000 |
| Perry’s Victory 5 oz. Silver Bullion Coins | 0 | 0 | 0 | 1,400 | 25,000 |
| Great Basin 5 oz. Silver Bullion Coins | 0 | 0 | 0 | 3,000 | 25,000 |
| Fort McHenry 5 oz. Silver Bullion Coins | 0 | 0 | 0 | 14,700 | 25,000 |
| American Silver Eagle Bullion Coins | 18,500 | 675,000 | 675,000 | 2,525,000 | 35,600,000 |
Current US Silver Coin Melt Values
With the latest dip in silver prices, silver coin melt values are down by almost 9% for the month and 28% for the year. The grid below shows melt values of older circulating U.S. coins that were produced with 90% silver. These coins, at least those that have little to no numismatic worth because they are too common 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 (8/30/2013) | Silver Coin Melt Values (9/27/2013) | Net Change in September | Net Change Year-To-Date |
|---|---|---|---|---|---|
| 1942-1945 Jefferson Nickels | $1.68 | $1.33 | $1.22 | -$0.11 | -$0.47 |
| 1892-1916 Barber Dimes | $2.17 | $1.71 | $1.56 | -$0.15 | -$0.60 |
| 1916-1945 Mercury Dimes | $2.17 | $1.71 | $1.56 | -$0.15 | -$0.60 |
| 1946-1964 Roosevelt Dimes | $2.17 | $1.71 | $1.56 | -$0.15 | -$0.60 |
| 1892-1916 Barber Quarters | $5.42 | $4.28 | $3.91 | -$0.37 | -$1.51 |
| 1916-1930 Standing Liberty 25c | $5.42 | $4.28 | $3.91 | -$0.37 | -$1.51 |
| 1932-1964 Washington Quarters | $5.42 | $4.28 | $3.91 | -$0.37 | -$1.51 |
| 1892-1915 Barber Half Dollars | $10.83 | $8.55 | $7.82 | -$0.73 | -$3.02 |
| 1916-1947 Walking Liberty 50c | $10.83 | $8.55 | $7.82 | -$0.73 | -$3.02 |
| 1948-1963 Franklin 50c | $10.83 | $8.55 | $7.82 | -$0.73 | -$3.02 |
| 1964 Kennedy Half Dollars | $10.83 | $8.55 | $7.82 | -$0.73 | -$3.02 |
| 1965-1970 Kennedy Half Dollars | $4.43 | $3.50 | $3.20 | -$0.30 | -$1.23 |
| 1878-1921 Morgan Dollars | $23.16 | $18.28 | $16.71 | -$1.57 | -$6.45 |
| 1921-1935 Peace Dollars | $23.16 | $18.28 | $16.71 | -$1.57 | -$6.45 |
| 1971-1976 Silver Eisenhower $1s | $9.47 | $7.47 | $6.83 | -$0.64 | -$2.64 |
| 1986-2013 American Eagles | $29.95 | $23.64 | $21.61 | -$2.03 | -$8.34 |
| 2010-2013 ATB Silver Coins | $149.75 | $118.20 | $108.05 | -$10.15 | -$41.70 |
Coin melt values above are based on London fix silver prices at the end of 2012 and August and on September 27, 2013.
