Bullion Prices Mixed, Silver Eagles Advance

by Bullion Prices Staff on February 7, 2011

U.S. bullion prices continued their recent trend of closing mixed. Gold and platinum were the precious metals that declined, each retreating 0.1%. Palladium and silver closed higher, with the former up 0.3% and the latter up 1%.

April gold prices lost 80 cents to settle at $1,348.20 an ounce on the Comex division of the New York Mercantile Exchange. Gold reached an intraday low of $1,344.10 and a high of $1,354.50. Gold has fallen 5.1% this year.

"U.S. stock indexes hit fresh multi-year highs Monday, while the U.S. Treasury markets hit multi-month lows. Strong stock indexes and weak Treasuries are signs investor risk appetite worldwide is on the rise, and that’s an underlying bearish factor for the safe-haven asset gold," wrote Jim Wyckoff of Kitco News.

"The U.S. dollar index is traded steady to firmer Monday, on more short covering following recent selling pressure. There are early technical clues that a near-term market bottom is in place for the dollar index. If the dollar index can work sideways to higher in the near term, that would also be an underlying bearish factor for the precious metals."

March silver prices settled higher by 28.4 cents, closing at $29.34 an ounce. The metal has fallen 5.2% in 2011.

March palladium rose $2.60 to finish at $819.05 an ounce. Prices are 1.9% higher this year.

April platinum prices settled down $1.60 to $1,844.20 an ounce. The metal is up 3.7% in 2011.

American Silver Eagles were the only U.S. Mint bullion coins to rise Monday. They jumped up 711,500 to easily pass the 7 million mark for the year.

Daily, February and 2011 bullion coin sales figures follow:

2011 U.S. Mint Bullion Coin Sales
1 oz American Gold Eagle 12,500 0 143,000
1/2 oz American Gold Eagle 0 0 1,000
1/4 oz American Gold Eagle 2,000 0 4,000
1/10 oz American Gold Eagle 5,000 0 25,000
American Silver Eagle 838,000 711,500 7,260,000

Figures above are in coins, not ounces sold.

In earlier fixed PM London bullion prices, gold was $1,347.50 an ounce, which was down $7.50, or 0.6%, from the previous PM Fix. The silver fixing went up 30 cents, or 1%, to $29.21 an ounce.

In London PGM prices, palladium rose $7, or 0.9%, at $820 an ounce and platinum climbed $7, or 0.4%, at $1,845 an ounce.

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