Bullion Prices Rally in November 2010

by Bullion Prices Staff on November 30, 2010

Bullion prices rallied on the final day in November 2010, capping a string of four straight monthly gains for gold and silver and a fifth for palladium. In November, gold rose 2.1%, silver surged 14.9% and palladium advanced 9%. Of the precious metals, only platinum declined during the month, falling 2.4%.

In New York futures prices, February gold advanced $18.60, or 1.4%, to end Tuesday at $1,386.10 an ounce. Gold reached an intraday low of $1,364.00 and a high of $1,391.10, which was its best price since November 12, 2010. Gold prices are up 26.4% in 2010.

Commonly cited for supporting gold was safe-haven buying against insecurities over European debt issues and China approving a fund for investing in gold overseas.

"The EU situation has seriously pressured the Euro currency and in turn boosted the U.S. dollar, and precious metals. By most accounts, the EU sovereign debt problems have no easy fixes," noted Jim Wyckoff of Kitco News. "The situation is likely to get worse before it gets better. That’s also an underlying bullish factor for gold and the dollar."

"Reports Tuesday said Chinese regulatory officials have approved a gold investment fund for its citizens. This fund, operated by Beijing-based Lion Fund Management, will invest in gold outside of mainland China. This was another bullish fundamental supporting the gold market Tuesday," added Wyckoff.

Silver futures prices for March delivery rose $1.019, or 3.7%, to $28.212 an ounce. Silver prices are 67.5% in 2010.

In PGM metals prices, March palladium was $703 an ounce for a pick-up of $8.15, or 1.2%, and January platinum ended at $1,666.40 an ounce for an increase of $21.80, or 1.3%.

Opening demand this week for United States bullion silver coins is stronger than last week. Gold coins are moving just a touch quicker.

Silver American Eagle numbers rose 325,000 since Friday, registering a new monthly record of just over 4.2 million. As a quick recap, November was a record time for the coins on three levels — it was the best ever month, it brought annual sales to a new all-time high, and it game 2010-dated Silver Eagles the all-time mintage title.

1 oz Gold American Eagles added 10,500 since Friday while the 1/2 oz size gained 2,000. More than 122,000 ounces of bullion gold coins have moved out of United States Mint doors in November, which bests the prior three months.

The following are the latest United States Mint sales figures for its bullion coins (the Mint is expected to publish the finalized sales figures for November on Wednesday. They will not be lower than those below, but they could potentially be higher.)

November 2010 US Mint Bullion Coin Sales
  November 2010 Daily Gain 2010 Totals
American Buffalo Gold Sold Out 209,000
1 oz American Gold Eagle 107,500 8,000 1,084,500
1/2 oz American Gold Eagle 6,000 2,000 45,000
1/4 oz American Gold Eagle 4,000 0 60,000
1/10 oz American Gold Eagle 5,000 0 385,000
American Silver Eagle 4,260,000 100,000 32,890,500


In other world bullion prices, the London PM gold fixing price was $1,383.50 an ounce for a daily increase of $26.50, or 2%, and a monthly gain of 2.7%. Silver was $27.13 for a pick-up of 39 cents, or 1.5%. The metal is up 13.2% in November.

In London PGM metals on Tuesday, palladium was up $22, or 3.2%, for a fixing of $702.00 an ounce while platinum was fixed at $1,658 an ounce for a gain of $22, or 1.3%. Palladium is 9.7% higher in November while platinum is down 2.5% for the month.

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