The weekly declines in the bullion price were notable. Thursday was the worst day of the declining trend while there was slight recovery on Friday. Yet the weekly decline figures were disastrous with palladium declining by 7.8 percent, platinum by 5.4 percent, silver by 9.1 percent, and gold by 6.9 percent. A week earlier, the yellow metal had closed at the lowest level in two to three years. Never had the yellow metal closed so low since September 2010.
Gold has fallen disastrously through the year. The fall has been 22.9 percent ($383.80). The weekly trend suggests continuing fall. The bearish sentiment is revealed by the Bloomberg survey as well as the Kitco survey. The participants have never been more bearish since the month of January in 2010. While only 5 participants were neutral, a huge majority of 15 participants expected the price to fall further next week, and only 6 participants expected gain.
The Kitco survey too revealed a similar opinion except that they were a little less bearish. The Kitco survey, according to the Kitco news, had lesser participants than they usually have. Of 36 regular participants, only 19 were among those who participated. Among them only four foresee prices going up, while a majority of 11 expect the prices to go down. Only four have been non committal.
Bullion sales for June
In the month of June, there was a sharp increase in the demand for gold coins. Silver coins, on the other hand, attracted comparatively lesser demand. In the previous week gold coins had surged a modest 7500 ounces, but then it surged 23000 ounces. Among the 24 Karat Gold Buffalo American coins and the 22-karat Gold Eagles, the latter surged 20,000 ounces and the former 3000 ounces.
In the silver coins sector, the previous week’s total was 881500 ounces while the current surge was 801500 ounces. Five ounce America the Beautiful Silver coins surged 1500 ounces and the American Silver Eagles witnessed 800000 ounces. Silver Eagles is set for an annual record with 24196500 to date sales. At a little below 40 million, they made their 2011 record by July 18, while sales last year hit the current level as of now by 17th of September in 2011.
Melt values for silver bullion
This week, the silver coins melt value plunged. Now is the bargain price and right time to buy silver coins against melt values. Alternatively, those interested in buying can wait till further declines. Older silver coins still circulating in the US are desirable for their melt value, not numismatic worth.
A comparison of the melt values of silver coins at three points in time – 2012 end, May31, and June21 2013 – could be of some help to those interested in the purchase. 2010-2013 ATB silver coins have been through maximum decline. Its 2012 year end price was $149.75 which declined to $112.85 by May end 2013, and further to $99.35 by June 21, 2013. The minimum decline was in the 1942-1945 Jefferson Nickels whose price stood at $1.68 on 2012 year end, which came down to $1.27 on May31, 2013 and further to $1.12 on June 21, 2013.