Bullion Prices Set Record and Highs, 2010 Gold Eagles Rise

by Bullion Prices Staff on October 13, 2010

Wednesday brought a new series of highs for precious metals — a 30-year peak in silver prices and another all-time record in gold prices. Gold rose $23.80 for the day, supported by continued weakness in the greenback.

"The U.S. dollar index was once again under selling pressure Wednesday following the Federal Reserve’s FOMC minutes statement Tuesday afternoon, in which the Fed again hinted quantitative easing of U.S. monetary policy is forthcoming," noted Jim Wyckoff of Kitco News.

That reinforced "notions that more U.S. dollars will soon be printed to try to revive a flagging U.S. economy" and is "dollar-bearish and gold-market-bullish" Wyckoff said. "As long as the path of least resistance for the U.S. dollar index remains sideways to lower, gold prices will likely continue to trend higher and see only limited selling interest on profit taking or a technical correction," he added.

In U.S. precious metals prices, gold futures for December delivery marked a 1.8% increase and closed at $1,370.50 an ounce. It reached an intraday low of $1,350 an ounce and a high of $1,375.70 an ounce.

Silver for December delivery was the biggest gainer of the metals, rising 3.4%. It closed up 78.5 cents to $23.932 an ounce, which was its highest level since September 1980.

In other metals, January platinum added $24.10 or 1.4% to $1,707.40 an ounce and December palladium advanced $13 or 2.2% to end at $593.65 an ounce.

In London bullion prices, gold was fixed to $1,365.50 an ounce for a gain of $17 or 1.3%. The silver fixing came in at 50 cents or 2.2% higher to $23.53. In PGM metals, platinum was $1,696 an ounce for a gain of $10.50 or 0.6% while palladium was $587 an ounce, up $2.00 or 0.3%.

Two of five bullion coins from the U.S. Mint showed gains Wednesday, with the 2010 Silver Eagle up 125,000 and the largest 2010 Gold Eagle surging 11,000 — 8,000 more than Tuesday. Since last Thursday, the bullion gold coins have had competition of sorts. The same-sized collector versions were released. Debuting sales for those are available as well. For more, read the CoinNews.net article: 2010 Proof Gold Eagle Opening Sales Soar.

The latest Mint sales figures for bullion coins and their daily increases follow:

October 2010 US Mint Bullion Coin Sales
October 2010 Wednesday Gain 2010 Totals
American Buffalo Gold Sold Out 209,000
1 oz American Gold Eagle 49,000 11,000 936,500
1/2 oz American Gold Eagle 3,000 0 39,000
1/4 oz American Gold Eagle 0 0 54,000
1/10 oz American Gold Eagle 15,000 0 370,000
American Silver Eagle 1,350,000 125,000 26,830,500


Figures above are in coins, not ounces of gold sold.

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