Gold and Silver Prices Decline, All US Mint Bullion Coins Advance

by Bullion Prices Staff on April 26, 2011

US bullion prices declined Tuesday, with daily losses ranging between a modest 0.4% for gold to a high of 4.5% for silver. Palladium and platinum were in the middle with respective losses of 0.7% and 1.2%.

June gold prices lost $5.60 to end at $1,503.50 an ounce on the Comex in New York. The loss was the first in nine days and breaks a six-day record streak. Gold prices were at their lowest level at $1,492.00 and their highest at $1,508.50.

"Profit-taking pressure was featured Tuesday following recent gains that on Monday saw gold and silver prices hit fresh for-the-move highs," wrote Jim Wyckoff of Kitco News.

Wyckoff added that "market action in silver Tuesday saw strong downside price pressure as May futures dropped over $4.00 an ounce from Monday’s high. Tuesday’s price action confirmed a bearish ‘buying exhaustion tail’ has occurred on the daily bar chart," explaining that at "buying exhaustion tail occurs when prices push strongly higher and then promptly reverse course to back well off the high as the buyers became exhausted at the higher price levels. The buying exhaustion tail in silver is one early technical clue that a near-term market top is in place."

May silver prices plunged $2.10, or 4.5%, to $45.05 an ounce, its biggest one-day loss in six weeks. The metal has been under fire after hitting $49.82 on Monday but failing to top the all-time intraday record of $50.35 an ounce set in January 1980. The highest ever closing price for silver was $48.70, also in 1980.

In PGM futures prices, June palladium declined $5.10to $755.70 an ounce and July platinum fell $22.70 to $1,805.40 an ounce.

In comparing current to previous London bullion PM fixing prices:

  • Gold lost $6.50, or 0.4%, at $1,497.50 an ounce
  • Silver fell 78 cents, or 1.7%, at $45.48 an ounce
  • Palladium declined $11, or 1.4%, at $754 an ounce
  • Platinum remained at $1,812 an ounce

Tuesday was a big reporting day for the United States Mint and its bullion products. In a seldom occurring event, all its bullion coins advanced, including each of the fractional Gold Eagles. The Silver Eagles reached a new milestone in topping the 15 million marker. Additionally, the 5 oz 2011 Gettysburg and Glacier bullion coins showed up on the sales boards for the first time, having been just released Monday.

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

2011 United States Mint Bullion Coin Sales
1 oz American Gold Buffalo 3,500 17,000 55,000
1 oz American Gold Eagle 13,500 78,500 342,000
1/2 oz American Gold Eagle 4,000 5,000 26,000
1/4 oz American Gold Eagle 12,000 14,000 52,000
1/10 oz American Gold Eagle 15,000 30,000 190,000
5 oz America the Beautiful Silver 153,400 153,400 153,400
American Silver Eagle 718,000 2,819,000 15,248,000

Figures above are in coins, not ounces sold.

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