Bullion Prices Soar in August 2011, Gold and Silver Eagle Coins Jump

by Bullion Prices Staff on August 31, 2011

U.S. bullion prices ended the final trading day of the month higher, capping solid to impressive August gains for all but one precious metal.

December gold futures prices on Wednesday rose $1.90, or 0.1%, to $1,831.70 an ounce on the Comex division of the New York Mercantile Exchange. That lifted its August pick-up to 12.3%, easily surpassing its strong 8.5% July increase. Gold’s all-time high of $1,917.90 an ounce occurred on August 23. It is up 28.9% in 2011.

Of the yellow metal, Jim Wyckoff of Kitco Metals Inc. writes the following Wednesday:

"Technically, December gold futures prices closed near mid-range in quiet, end-of-the-month trading. The bulls have made a strong recovery from last week’s spike low on the daily chart, to suggest last week’s low has become a ‘reaction low’ on the daily bar chart.

If prices can continue to work sideways to higher in the near term, then bulls would gain confidence the uptrend on the daily chart has been restarted. Bulls’ have some upside momentum on their side and their next near-term upside technical objective is to produce a close above solid technical resistance at $1,850.00.

Bears’ next near-term downside price objective is closing prices below solid technical support at this week’s low of $1,778.10. First resistance is seen at this week’s high of $1,845.10 and then at $1,850.00. First support is seen at Wednesday’s low of $1,813.60 and then at $1,800.00. Wyckoff’s Market Rating: 7.5."

December silver prices added 30.4 cents, or 0.7%, to $41.77 an ounce, pushing its August gain up to 4.1% and its year-to-date gain to 35%. Silver scored a 15.1% advance during the previous month.

In PGM futures prices Wednesday, December palladium rose $11.15, or 1.4%, to $790.45 an ounce while October platinum added $3.10, or 0.2%, to $1,856.20 an ounce. The metals were split for the month and year. Palladium dropped 4.5% in August and is down 1.6% in 2011. Platinum gained 4% in August and 4.4% in 2011.

United States Mint Bullion Coins

In a month when demand for bullion coins is historically challenged — most summer months are, the United States Mint registered incredible sales. August levels across each of the major bullion coins were the best since their respective 2011-dated issues were released. In summary:

  • 24-karat American Gold Buffalo bullion coins hit 28,000, the second best monthly total since the 2011
  • The one-ounce 22-karat American Gold Eagles scored an August gain of 103,500. Across all sizes, 112,000 ounces were sold, marking the best monthly total since January
  • .999 fine American Silver Eagles hit sales of 3,679,500 in August. The only month stronger this year was January’s 6,422,000, which happened to be the best month ever for the Eagles going back to their introduction in 1986

The latest U.S. bullion coin figures are shown in the daily, August 2011 and YTD 2011 columns below.

United States Mint 2011 Bullion Coin Sales
Daily
Gains
August
2011
2011
Totals
1 oz American Gold Buffalo 1,500 28,000 119,500
1 oz American Gold Eagle 7,500 103,500 672,500
1/2 oz American Gold Eagle 0 3,000 61,000
1/4 oz American Gold Eagle 0 6,000 70,000
1/10 oz American Gold Eagle 0 55,000 320,000
5 oz America the Beautiful Silver not reported* 380,900
1 oz American Silver Eagle 290,000 3,679,500 28,951,000

 

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 Tuesday, August 30. All other bullion coin sales figures listed in the table above are as of Wednesday, August 31. In terms of the individual sales totals for the three 5 oz. bullion coins the U.S. Mint is still selling through its distributors, the:

  • Olympic National Park 5 oz. Silver Bullion Coin is at 81,200
  • Vicksburg National Military Park 5 oz. Silver Bullion Coin is at 28,800
  • Chickasaw National Recreation Area 5 oz. Silver Bullion Coin is at 17,500

The United States Mint has indicated that it has allocated a quantity of 126,700 coins per design. The first two 2011-dated designs honoring Gettysburg National Military Park and Glacier National Park sold out at the 126,700 maximum.

Related World Bullion Coin News

The most popular bullion related coin news of the week remains the same, thus far, as reported Tuesday:

London Bullion Prices

London bullion prices were split Wednesday and in August. PM fixing prices included the following daily and monthly changes:

  • Gold prices fell $11.50, or 0.6%, at $1,813.50 an ounce. Gold surged 11.4% in August.
  • Silver added 45 cents, or 1.1%, at $41.35 an ounce. It gained 4.3% this month.
  • Palladium added $16, or 2.1%, at $783 an ounce. Palladium fell 5% in August.
  • Platinum added $5, or 0.3%, at $1,845 an ounce. It gained 3.7% this month.

For a look back on how precious metals performed last month in London and New York, read the BullionPricesToday.com article Bullion Prices Surge in July 2011.

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