Bullion Prices Surge in January 2012

by Bullion Prices Staff on January 31, 2012

U.S. bullion prices mostly whimpered lower Tuesday. Gold was the exception, rising slightly on the final day of January. All precious metals surged for the month, however.

February gold futures prices added $6, or 0.3%, to $1,740.40 an ounce on the Comex division of the New York Mercantile Exchange, trading between $1,727 an ounce and $1,750.60 an ounce. For January, gold prices rallied $173.60, or 11.1%.

"A combination of progress in Greece and the Fed statement is pushing gold higher," Frank McGhee, the head dealer at Integrated Brokerage Services LLC in Chicago, said in a telephone interview that was cited on Businessweek. "There is momentum in the market."

March silver futures prices dipped 26.5 cents, or 0.8%, to $33.26 an ounce. Silver notably hit an intraday ceiling of $34.13 an ounce, which was its highest price since Nov. 16. The precious metal rallied $5.35, or 19.2% in January for its best start to a year since 1983.

In PGM futures, March palladium prices fell $2.15 or 0.3%, to $686.35 an ounce while April platinum prices declined $28.20, or 1.7%, to $1,588.10 an ounce. For January, palladium advanced $30.20, or 4.6%, while platinum jumped $183.20, or 13%.

United States Mint Bullion Coin Sales

The United States Mint reported gains across four of its bullion coins on Tuesday while three advanced Monday. Although the end of the month, the U.S. Mint did not indicate that sales were finalized for January. This is not completely unusual as months are often only closed out on the first day of a new month. As such, the January bullion coin sales below are not likely to change. A more comprehensive analysis of sales will follow in the coming days.

Sales of United States Mint 2012 Bullion Coins
Monday Gains Tuesday Gains January 2012
1 oz American Gold Eagle 1,500 3,500 84,500
1/2 oz American Gold Eagle 0 0 49,000
1/4 oz American Gold Eagle 0 0 38,000
1/10 oz American Gold Eagle 0 10,000 85,000
1 oz American Gold Buffalo 1,000 1,500 13,500
5 oz America the Beautiful Silver Coins 0 0 5,700
1 oz American Eagle Silver Coins 385,000 25,000 6,107,000

Notes: Figures above are in coins, not ounces sold. The United States Mint last updated sales of its 5 oz. America the Beautiful Silver Coins on Friday, January 27, 2012. All other figures have an "as of date" of Tuesday, January 31, 2012, as published on the Mint website.

In major United States Mint news which is not necessarily related to bullion, the following articles are of note:

The first article discussed United States Mint published prices for each of its 2012 commemorative coins, as well as unique sets for each. 2012 commemoratives include Infantry Soldier Silver Dollars and Star-Spangled Banner coins.

The second article discusses the 2012-dated Chinese Panda silver coins in denominations of 10 Yuan, 50 Yuan and 300 Yuan.

London Bullion Prices

London bullion prices enjoyed solid, across-the-board gains. From the Monday PM to Tuesday PM London Fix prices:

  • Gold prices added $15, or 0.9%, to $1,744 an ounce,
  • Silver rose 42 cents, or 1.3%, to $33.60 an ounce,
  • Palladium gained $8, or 1.2%, to $692 an ounce, and
  • Platinum added $21, or 1.3%, to $1,624 an ounce

London bullion tallied impressive January gains as well. Advances for the month include:

  • $169.50, or 10.8%, for gold,
  • $5.42, or 19.2%, for silver,
  • $56, or 8.8%, for palladium, and
  • $243, or 17.6%, for platinum

Refer to this site’s home page for always updated bullion prices and news.

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