Bullion Prices Mixed in Second Quarter 2011

by Bullion Prices Staff on June 30, 2011

U.S. bullion prices were mixed Thursday and for the second quarter in 2011. During the longer period, gold was the standout. It marked its 11th quarterly gain with an increase of 4.4%. Other precious metals declined on the quarter, led by an 8.1% loss in silver. Platinum followed at 3.2%. Palladium declined the least at 0.9%.

In closing out the final day of the quarter, August gold prices fell $7.60, or 0.5%, to $1,502.80 an ounce on the Comex division of the New York Mercantile Exchange. Gold prices hit an intraday low of $1,501.20 an ounce and reached a high of $1,514.80 an ounce. For the month of June, gold declined 2.2%.

Gold gained 1.3% in the first quarter 2011. It is up 5.7% this year.

"Gold did go up on worries about the whole Greek situation, so to some extent that money is coming out. I think the important thing really is gold will do very well in the months ahead, mainly because we can see a lot of Asian buying pick-up on dips," Standard Chartered analyst Daniel Smith, was cited on Reuters.

"We are in an economic upswing even though it is quite bumpy, so what will happen is we will see more money diverted into gold as people’s incomes rise, particularly in places like China," he added.

September silver prices added 6.3 cents, or 0.2%, to $34.83 an ounce. It declined 9.1% in June, but is still 12.6% higher this year.

In PGM prices, September palladium added $8.75, or 1.2%, to $760.65 an ounce while October platinum fell 50 cents to $1,726.10 an ounce. Palladium lost 2.6% in June and it is down 5.3% this year. Platinum lost 5.9% in June and it is down 2.9% this year.

London Bullion Prices

London bullion prices advanced together Thursday. London PM fixing prices included the following changes:

  • Gold added $1.25, or 0.1%, to $1,505.50 an ounce
  • Silver rose 63 cents, or 1.8%, to $35.02 an ounce
  • Palladium added $18, or 2.4%, to $761 an ounce
  • Platinum rose $6, or 0.3%, to $1,772 an ounce

All London precious metals, with the exception of gold, declined for the quarter. Quarterly drops from high to low included 7.5% for silver, 2.9% for platinum and 0.7% for palladium. Gold rose 4.6% for the quarter. The metals all declined in June. Monthly losses from high to low included 9.4% for silver, 5.8% for platinum, 2.1% for palladium and 2% for gold.

U.S. Mint Bullion Coins

U.S. Mint bullion coin sales levels rose Thursday for the 1 oz. American Eagles and the American Gold Buffalo. Daily, June 2011 and YTD 2011 bullion sales are shown in the table below:

United States Mint 2011 Bullion Coin Sales
  Daily
Gains
June
2011
2011
Totals
1 oz American Gold Buffalo 1,500 5,500 79,500
1 oz American Gold Eagle 4,000 56,000 507,500
1/2 oz American Gold Eagle 0 0 55,000
1/4 oz American Gold Eagle 0 8,000 64,000
1/10 oz American Gold Eagle 0 35,000 250,000
5 oz America the Beautiful Silver 0 19,000 345,800
1 oz American Silver Eagle 28,000 3.402M 22.3035M

 

Figures above are in coins, not ounces sold. The United States Mint last updated the 5 oz. America the Beautiful Silver Bullion Coin sales on June 27. All other sales figures are as of Thursday, June 30.

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