Gold and Silver Prices Decline, 1 Oz Bullion Coins Advance

by Bullion Prices Staff on July 28, 2011

U.S. bullion prices declined Thursday with silver leading losses at 1.9% while gold was nearly unchanged with a modest drop of 0.1%.

Gold futures for December delivery, the new front-end contract, declined $1.10 to $1,616.20 an ounce on the Comex division of the New York Mercantile Exchange. Gold prices moved between $1,605 an ounce and $1,622.80 an ounce.

Jim Wyckoff of Kitco Metals wrote the following of gold and silver on Thursday: "Comex gold and silver futures prices ended weaker Thursday on some profit-taking pressure following their recent gains that took gold to a record high and silver to a nearly three-month high. Bargain-hunting buying interest in gold at the daily lows did limit its losses on the day.

The business news headlines are still mostly about the U.S. Congress and the debt-limit impasse. There were no fresh developments on the matter Thursday. While most traders and investors still believe a debt-limit-hike agreement will be reached before the U.S. government defaults on its payments, the market place is becoming more jittery as the self-imposed August 2 deadline approaches for lawmakers. The U.S. debt limit debacle is bullish for the safe-haven precious metals and especially gold."

In other bullion prices on Thursday, September silver prices declined 77.4 cents to $39.79 an ounce, September palladium declined $5.10, or 0.6%, to $828.10 an ounce and October platinum declined $15.60, or 0.9%, to $1,792.40 an ounce.

London Bullion Prices

London bullion prices were driven lower as well. PM fixing prices included the following changes:

  • Gold declined $11.50, or 0.7%, at $1,613.50 an ounce
  • Silver prices declined 62 cents, or 1.5%, at $40.19 an ounce
  • Palladium declined $13, or 1.5%, at $829 an ounce
  • Platinum declined $24, or 1.3%, at $1,790 an ounce

U.S. Mint Bullion Coins

U.S. Mint 1 oz. bullion coins moved Thursday. The 22-karat Gold Eagle bullion coin rose 2,000, the 24-karat Gold Buffalo bullion coin added 1,500 and the .999 fine Silver Eagle bullion coin rose 118,000.

In a noteworthy U.S. Mint related article of the day, the bureau released a new 5 oz. collector coin. For more, read the article about the 2010-P Mount Hood 5 Ounce Silver Uncirculated Coin.

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

United States Mint 2011 Bullion Coin Sales*
1 oz American Gold Buffalo 1,500 12,000 91,500
1 oz American Gold Eagle 2,000 59,000 566,500
1/2 oz American Gold Eagle 0 3,000 58,000
1/4 oz American Gold Eagle 0 0 64,000
1/10 oz American Gold Eagle 0 15,000 265,000
5 oz America the Beautiful Silver 0 16,300 369,400
1 oz American Silver Eagle 118,000 2,628,000 24,931,500


*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 Monday, July 25. All other bullion sales figures are as of Thursday, July 28.

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