Bullion Prices Rally, Gold Gains 2%, Silver Jumps 5.1%

by Bullion Prices Staff on July 5, 2011

U.S. bullion prices rallied Tuesday after an extended holiday weekend. Gold prices rose 2%, silver jumped 5.1%, palladium added 2.4% and platinum climbed 1.5%.

"Certainly, the Chinese stories this morning have helped (gold)," Credit Suisse analyst Tom Kendall, was quoted on Reuters. "We have seen a bit of buying coming back in from some of the institutional names that have been absent for a while, and positioning in gold is a lot less from shorter-term players than it has been."

August gold prices added $30.10 to $1,512.70 an ounce on the Comex division of the New York Mercantile Exchange. The yellow metal hit an intraday low of $1,486.20 an ounce and a high of $1,512.50 an ounce.

"The crack in the armor out of China is keeping gold well bid," said Adam Klopfenstein, a senior market strategist at Lind-Waldock in Chicago, according to Bloomberg.

In other New York futures prices, September silver, added $1.71 to $35.41, September palladium, rose $18.20 to $775.65 an ounce, and October platinum added $25.30 to $1,742.10 an ounce.

London Bullion Prices

London bullion prices advanced Tuesday as well. London PM fixing prices included the following changes:

  • Gold climbed $15, or 1%, to $1,510 an ounce
  • Silver rose 66 cents, or 1.9%, to $34.76 an ounce
  • Palladium added $14, or 1.8%, to $772 an ounce
  • Platinum rose $9, or 0.5%, to $1,731 an ounce

U.S. Mint Bullion Coins

U.S. Mint bullion coins advanced with solid gains, as typical during the first business day of the week. Daily, July 2011 and YTD 2011 bullion sales are shown in the table below:

United States Mint 2011 Bullion Coin Sales
  Daily
Gains
July
2011
2011
Totals
1 oz American Gold Buffalo 500 500 80,000
1 oz American Gold Eagle 3,000 3,000 510,500
1/2 oz American Gold Eagle 1,000 1,000 56,000
1/4 oz American Gold Eagle 0 0 64,000
1/10 oz American Gold Eagle 0 0 250,000
5 oz America the Beautiful Silver See notes See notes 345,800
1 oz American Silver Eagle 386,000 386,000 22.6895M

 

* Notes. 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 Tuesday, July 5.

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