Gold and Silver Prices at New Highs, Bullion Eagle February Sales

by Bullion Prices Staff on March 1, 2011

U.S. precious metals advanced as a group for a second straight day on Tuesday. Palladium and platinum were the biggest gainers, each rising 2.1% and 2%, respectively. Silver prices came in third by jumping 1.8%. Gold brought up the rear with a sizable 1.5% increase.

Gold and silver gained, opined analysts, as a result of a falling dollar, inflation jitters and continued unrest in the Middle East.

"The continued violence in the Middle East is bringing in new buyers and spurring gold to new territory," Frank McGhee, the head dealer at Integrated Brokerage Services LLC in Chicago, said and was quoted on Bloomberg. "The rush to economic health is fading. Crude above $100 is an energy tax that will force governments to put more money into the system. Our old fear of stagflation returns."

April gold futures prices ended up $21.30 to close at $1,431.20 an ounce on the Comex division of the New York Mercantile Exchange. That was a new record high settlement price for the yellow metal. Gold hit an intraday low price of $1,409.80 and a high price of $1,431.50 an ounce. Gold is up 0.7% this year.

May silver prices reached a more than three-decade high. Silver gained 60.7 cents, or 1.8%, to finish the day at $34.43 an ounce. Prices are 11.3% higher in 2011.

In PGM futures prices, June palladium settled $17.10 higher to $816.70 an ounce and April platinum rallied $35.90 to $1,845.10 an ounce. For the year, palladium is 1.6% higher and platinum is 3.8% higher.

One-ounce American Eagle gold and silver bullion coins advanced Monday but levels for all United States Mint bullion options remained unchanged Tuesday, according to Mint published figures. February American Eagle sales totals are now available, however. Those are shown in the table below. For specifics on how the eagles performed in February versus prior months and years, read:

2011 U.S. Mint Bullion Coin Sales
1 oz American Gold Eagle 72,500 5,000 203,000
1/2 oz American Gold Eagle 12,000 0 13,000
1/4 oz American Gold Eagle 16,000 0 18,000
1/10 oz American Gold Eagle 100,000 0 120,000
American Silver Eagle 3,240,000 575,000 9,662,000

Figures above are in coins, not ounces sold.

Bullion prices in London were solidly higher. The PM gold fix was $1,420.75 an ounce for a gain of $9.75, or 0.7%, over the prior PM fixing. The silver fix rose 88 cents, or 2.6%, at $34.37. In PGM London prices, palladium was $812 an ounce for an increase of $22, or 2.8%, while platinum was $1,828 an ounce for a pick-up of $24, or 1.3%.

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