Gold and Silver Decline, 5-Ounce Silver Coin Pricing Set

by Bullion Prices Staff on April 12, 2011

U.S. bullion prices closed lower Tuesday. Gold and platinum each fell 1% while silver traded down 1.3% and palladium dropped 2.3%. The precious metals declines followed other commodities on the day which were pressured by falling oil prices that weakened inflation concerns.

June gold prices lost $14.50 to $1,453.60 an ounce on the Comex division of the New York Mercantile Exchange.

"The rally of gold prices has a shaky footing as there have still hardly been any inflows into exchange-traded funds and correction potential is building up," Eugen Weinberg, head of commodity research at Commerzbank AG, wrote in a note to clients. "A broader correction of commodity prices seems to be needed."

Gold’s intraday low was at $1,445 an ounce and its high reached $1,468.50 an ounce.

May silver prices closed lower for the first time in seven sessions. Silver finished down 54.6 cents to $40.07 an ounce.

In PGM futures prices, June palladium fell $18.15 to $770.10 an ounce and July platinum dropped $18.50 to $1,774.30 an ounce.

In comparing London bullion PM fixing prices on Tuesday to those on Monday, all were lower.

  • Gold declined $17.50, or 1.2%, to $1,450.50 an ounce
  • Silver lost 93 cents, or 2.2%, to $40.44 an ounce
  • Palladium retreated $12, or 1.5%, to $783 an ounce
  • Platinum fell $17, or 0.9, to $1,785 an ounce

The United States Mint on Tuesday did not publish additional sales of its bullion coins, but it did provide Hot Springs 5 oz Silver Coin pricing. The debuting issue from the America the Beautiful Silver Uncirculated Coin Program will be released on April 28, 2011 for a price of $279.95.

The latest published daily, April and 2011 bullion coin sales figures follow:

2011 U.S. Mint Bullion Coin Sales
  April
2011
Daily
Gain
2011
Totals
1 oz American Gold Buffalo 6,000 0 44,000
1 oz American Gold Eagle 43,000 0 306,500
1/2 oz American Gold Eagle 0 0 21,000
1/4 oz American Gold Eagle 0 0 38,000
1/10 oz American Gold Eagle 10,000 0 170,000
American Silver Eagle 1,374,000 0 13,803,000

Figures above are in coins, not ounces sold.

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