Silver Prices Advance in July, Just Second Month Higher in 2013

July 31, 2013 by · Leave a Comment 

Silver advanced in July, scoring a monthly gain for the first time since January. The precious metal notched an increase of 16 cents, or 0.8%, from a month ago.

Gold and Silver Bullion

Silver advanced in July for only the second month this year. In other bullion news, sales of U.S. Mint Silver Eagles soared.

On Wednesday, silver prices for September delivery declined 5 cents, or 0.3%, to finish at $19.63 an ounce on the Comex in New York. Silver traded from an intraday low of $19.36 to a high of $20.10.

"The trading range of both gold and silver is tightening with a positive bias at the moment and rising in both the euro and the dollar," MarketWatch quoted Julian Phillips, founder of and contributor to GoldForecaster.com and SilverForecaster.com.

It’s been an atrocious year for the precious metal. Going back through prior 2013 months, silver prices:

  • dived $2.77, or 12.5%, in June,
  • sank $1.94, or 8%, in May,
  • tumbled $4.14, or 14.6%, in April,
  • dipped 10.9 cents, or 0.4%, in March ,
  • fell $2.92, or 9.3%, in February, and
  • advanced $1.12, or 3.7%, in January

The two monthly gains only take a smidgen from the five monthly losses. For the year so far, silver prices have sunk $10.60, or 35.1%.

Other precious metals futures in New York also closed lower Wednesday, though they jumped for the month — much higher than silver. For the numbers:

  • December gold closed at $1,313 an ounce for a July surge of 7.3%
  • October platinum finished at $1,429.30 an ounce for a monthly pick-up of 6.7%, and
  • September palladium ended at $726.35 an ounce for a July bump of 9.9%

In their year-to-date changes, palladium is up 3.3% but gold has tumbled 21.6% and platinum has fallen 7.3%.

Also on Wednesday,¬†London silver Fix prices advanced 26 cents, or 1.3%, to $19.94¬†an ounce. It shot up $1.08, or 5.7%, for July. These monthly figures are significantly different than silver futures largely because of how they both moved on the final day in June — silver futures in New York rallied 92 cents that day while earlier fixed silver prices in London gained just 25 cents. For the year, London silver has dropped $10.01, or 33.4%.

In other London precious metals, gold at $1,314.50 an ounce soared 10.3% in July, palladium at $733.00 an ounce rallied 14% for the month and platinum at $1,433 an ounce rose 8.8% in July.

For the year-to-date, lower are gold by 21% and platinum by 5.9%. Palladium has advanced 4.9%.

United States Mint Bullion Silver Coins

Sales of bullion American Silver Eagles screamed in July, a month that is typically seasonally weaker. While the U.S. Mint has not officially closed the month out and it is not expected to until the 1st of August, sales stats are unlikely to change. As they stand now, U.S. Mint distributors scooped up 4,406,500 Silver Eagles this month. Going back to the series start in 1986, that stands as the best July and ranks as the fifth best month all-time.

Continuing at a record pace, sales of the silver coins this year are now at 29,450,000. The Silver Eagle’s annual sales record of 39,868,500 coins happened in 2011. Then, it took until September 9, 2011 for sales to top where they are now.

2013 America the Beautiful Five Ounce Silver Bullion Coins gained 17,000 in July, well down from 25,300 in June. Sales splits were:

  • 2013 White Mountain Five Ounce Silver Coins up 2,900 in July for a total of 29,900.
  • 2013 Perry’s Victory Five Ounce Silver Coins up 6,600 during the month for a total of 20,800.
  • 2013 Great Basin Five Ounce Silver Coins up 7,500 in July for a total of 17,400.

A more detailed report on U.S. Mint bullion sales will follow later this week.

Melt Values of US Silver Coins

Gains in silver prices this month modestly trimmed 2013 losses in silver coin melt values. The grid below has melt values of United States coins that circulated years ago and were minted in silver. These silver coins are often sought by collectors and investors for their intrinsic values. Melt values are based on the London silver fixings at the end of 2012 and July.

US Silver Coins Silver Coin Melt Values (12/31/2012) Silver Coin Melt Values (7/31/2013) Net Change Year-To-Date
1942-1945 Jefferson Silver Nickels $1.68 $1.12 -$0.56
1892-1916 Barber Silver Dimes $2.17 $1.44 -$0.72
1916-1945 Mercury Silver Dimes $2.17 $1.44 -$0.72
1946-1964 Roosevelt Silver Dimes $2.17 $1.44 -$0.72
1892-1916 Barber Silver Quarters $5.42 $3.61 -$1.81
1916-1930 Standing Silver Liberty 25c $5.42 $3.61 -$1.81
1932-1964 Washington Silver Quarters $5.42 $3.61 -$1.81
1892-1915 Barber Silver Halves $10.83 $7.21 -$3.62
1916-1947 Walking Liberty 50c $10.83 $7.21 -$3.62
1948-1963 Franklin 50c $10.83 $7.21 -$3.62
1964 Kennedy Half Dollars $10.83 $7.21 -$3.62
1965-1970 Kennedy Half Dollars $4.43 $2.95 -$1.48
1878-1921 Morgan Silver Dollars $23.16 $15.42 -$7.74
1921-1935 Peace Silver Dollars $23.16 $15.42 -$7.74
1971-1976 Silver Eisenhower $1s $9.47 $6.30 -$3.16

 

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