Gold and Silver Prices Continue Advances, U.S. Bullion Coins Improve

by Bullion Prices Staff on March 21, 2011

U.S. bullion prices rose in tandem Monday. Gold and silver prices continued with their consecutive daily gains, with gold bringing its streak of increases to four sessions and silver to two.

April gold futures prices added $10.30, or 0.7%, to $1,426.40 an ounce an ounce on the Comex division of the New York Mercantile Exchange. Its intraday low was at $1,423.50 an ounce while its high reached $1,435.10 an ounce.

"Comex gold futures prices ended higher but down from the daily high Monday, on safe-haven buying demand from investors following military action taken by the United Nations against Libyan dictator Moammar Gadhaffi," wrote Jim Wyckoff of Kitco News.

"Crude oil prices also rallied on the U.N. action, which is also bullish for the precious metals markets. The U.S. dollar index remains under selling pressure, which also is benefiting the precious metals bulls."

March silver prices soared 94.3 cents, or 2.7%, to $36 an ounce. It reached a ceiling of 36.18 an ounce.

In PGM futures prices, June palladium picked up $11.10, or 1.5%, to $742.30 an ounce and April platinum added 21.50, or 1.2%, to $1,744.90 an ounce.

London bullion prices advanced as well. In comparing PM fixing prices on Monday to those on Friday:

  • Gold gained $12, or 0.8%, to $1,432 an ounce
  • Silver rose $1.01, or 2.9, to $36.16 an ounce
  • Palladium added $16, or 2.2%, to $743 an ounce
  • Platinum advanced $21, or 1.2%, to $1,741 an ounce

Buyers picked up more U.S. Mint bullion coins on Monday. The 1/2 oz American Gold Eagle was the only bullion piece not to show an increase in the latest U.S. Mint bullion coin sales figures. The biggest gainers were the 1/4 oz Gold Eagle at 10,000 and the American Silver Eagle bullion coin at 652,500.

The 24-karat American Buffalo Gold bullion coin came to an even 31,000 with its increase of 5,000. It was released exactly one week ago today.

In a reminder, the U.S. Mint on Friday afternoon raised product prices to compensate for higher silver prices. Three silver proof sets were affected — two issues from last year and one upcoming issue set for release on March 29.

Daily, March and 2011 bullion coin sales figures follow:

2011 U.S. Mint Bullion Coin Sales
1 oz American Gold Buffalo 31,000 5,000 31,000
1 oz American Gold Eagle 44,500 4,500 247,500
1/2 oz American Gold Eagle 4,000 0 17,000
1/4 oz American Gold Eagle 20,000 10,000 38,000
1/10 oz American Gold Eagle 30,000 5,000 150,000
American Silver Eagle 2,069,500 652,500 11,731,500

Figures above are in coins, not ounces sold.

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