2010 Third Quarter Gold, Silver, Platinum and Palladium Prices Soar

by Bullion Prices Staff on September 30, 2010

Gold retreated slightly Thursday after the U.S. dollar stopped sliding. The yellow metal dipped from a record high as well, its eleventh in September, but still rose 4.7% for the month and capped its eighth straight quarter of gains, soaring 5.1%.

"Comex gold prices are ended modestly weaker Thursday on profit taking and book-squaring after scoring another fresh all-time record high," noted Jim Wyckoff of Kitco News. "Gold backed off its highs at mid-morning, when the U.S. dollar firmed up following stronger-than-expected readings on U.S. gross domestic product and from a Chicago purchasing managers survey," said Wycoff. He added that "The dollar index remains very weak, technically" and that as long as it is in a downtrend to "look for gold prices to continue to trend sideways to higher."

Silver followed gold lower on Thursday, falling from a 30-year high. But the metal scored huge gains for the month and for the third quarter, registering respective increases of 12.3% and 16.6%.

In New York bullion closing prices, December gold futures closed to $1,309.60 an ounce on the Comex in New York. The yellow metal ranged from $1,297.00 an ounce to $1,317.50, its latest all-time high.

Silver for December delivery closed at $21.821 an ounce, falling 13.1 cents or 0.6%.

January platinum added $2 or 0.1% to $1,658.60 an ounce. It rose 8.9% in September and 7.9% for the quarter.

December palladium ended at $571.25 an ounce, adding $3.95, or 0.7%. It advanced 13.8% in September and 28.5 percent during the third quarter.

In London bullion prices, the gold PM Fix was $1,307 an ounce, down 50 cents. Silver was $22.070 an ounce for an increase of 20 cents or 0.9%. Platinum was up $15 or 0.9% to $1,662 an ounce. Palladium was $573.00 an ounce for a pick up of $9 or 1.6%.

"Investors are clearly shifting their focus to precious metals of a hybrid character," Commerzbank AG said in a report. "These firstly have the status of a safe haven, but also show some correlation with the economic cycle. Silver, platinum and also palladium should therefore remain well supported."

For the month of September, gold advanced 4.9%, silver surged 17%, platinum gained 9.7%, and palladium jumped 16%. During the third quarter, gold rose 5.1%, silver soared 17.8%, platinum gained 8.5% and palladium added 28.5%.

U.S. Bullion Coin Sales and News

In silver coin news of the day, the US Mint raised Silver Eagle prices. Unlike its numismatic products, the Mint sales its bullion coins to a network of authorized purchasers who then resell them to the public. The Mint increased the premium it charges buyers of Silver Eagles from $1.50 to $2 above the spot price of silver.

In palladium coin news of the day, coin legislation passed in the U.S. House of Representatives Wednesday that would authorize Palladium Eagles. If the bill passes in the Senate as well and then gets signed by the President, it would add .9995 palladium coins to the family of gold, silver and platinum American Eagles.

While all but one U.S. Mint bullion coin added to its September sales on Wednesday, only two climbed on Thursday. The one-ounce and fourth-ounce Gold Eagles added 4,500 and 2,000, respectively.

The latest Mint bullion coin sales figures and their daily increases follow (its not official, but the numbers are likely the final ones for September):

September 2010 US Mint Bullion Coin Sales
September 2010 Thursday Gain 2010 Totals
American Buffalo Gold Sold Out - 209,000
1 oz American Gold Eagle 82,500 4,500 887,500
1/2 oz American Gold Eagle 1,000 0 35,000
1/4 oz American Gold Eagle 6,000 2,000 54,000
1/10 oz American Gold Eagle 30,000 0 355,000
American Silver Silver 1,880,000 0 25,480,500


Figures above are in coins, not ounces of gold sold.

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