Bullion Prices Rally, Silver Jumps Nearly 5%, Gold Eagle Coins Rise

by Bullion Prices Staff on May 18, 2011

U.S. bullion prices rallied across the board Wednesday as silver soared 4.8%, palladium jumped 3.2% and gold and platinum each gained 1.1%. The increases mark the first for gold in four sessions and the first in silver for three.

June gold prices added $15.80 to $1,495.80 an ounce on the Comex division of the New York Mercantile Exchange. The yellow metal hit an intraday low of 1,484.60 an ounce and a high of $1,499.70 an ounce.

"The risk appetite is coming back to commodities across the board," Adam Klopfenstein, a senior strategist at Lind-Waldock, a broker in Chicago, was quoted on Bloomberg. "There are still a lot of strong economies that want to buy commodities. Anytime you see a pullback, people will come in and buy gold to hedge against inflation and diversify away from the dollar."

July silver gained $1.61 to $35.10 an ounce. Silver hit an intraday low of $33.85 an ounce and a high of $35.55 an ounce.

In PGM futures prices, June palladium rose $22.95 to $737.20 an ounce and July platinum added $18.90 to $1,779.90 an ounce.

In comparing current to previous London bullion PM fixing prices:

  • Gold prices rose $18, or 1.2%, at $1,496.50 an ounce
  • Silver climbed 31 cents, or 0.9%, at $34.59 an ounce
  • Palladium added $17, or 2.4%, at $730 an ounce
  • Platinum declined $7, or 0.4%, at $1753 an ounce

Gains in United States Mint bullion coins were realized for the 1 oz. and 1/2 oz. American Gold Eagles. The latest coin sales are shown in the following table:

2011 United States Mint Bullion Coins
  Daily
Gains
May
2011
2011 Totals
1 oz American Gold Buffalo 0 9,500 68,000
1 oz American Gold Eagle 4,000 80,000 438,000
1/2 oz American Gold Eagle 1,000 22,000 55,000
1/4 oz American Gold Eagle 0 4,000 56,000
1/10 oz American Gold Eagle 0 15,000 215,000
5 oz America the Beautiful Silver 0 28,000 253,400
American Silver Eagle 0 2,177,500 17,425,500

Figures above are in coins, not ounces sold.

In numismatic coin news, the United Sates Mint released the 5 oz Yellowstone Silver Uncirculated Coin on Tuesday. The .999 fine silver coin is priced at $279.95 and may be purchased directly from the Mint website http://www.usmint.gov.

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