Gold and Silver Prices Each Advance 2.1%, Bullion Coins Unchanged

by Bullion Prices Staff on August 30, 2011

U.S. gold and silver prices each jumped 2.1% Tuesday as speculation rose that the Federal Reserve could provide further quantitative easing.

December gold prices added $38.20 to $1,829.80 an ounce on the Comex division of the New York Mercantile Exchange. Prices touched an intraday low of $1,786.20 an ounce and a high of $1,836.40 an ounce.

"Classic flight-to-safety instruments are getting a bid today," Adam Klopfenstein, a senior market strategist at MF Global in Chicago, said today in a telephone interview that was cited on Bloomberg. "The inverse correlation between equities and gold will persist. Liquidity measures put the inflationary card in the picture. It’s the perfect storm to be long gold."

December is now the most active futures contract for silver. December silver prices added 86.3 cents to 41.46 an ounce, trading from $40.46 an ounce to $41.73 an ounce.

PGM metals climbed as well. December palladium added $23.55, or 3.1%, to $779.30 an ounce while October platinum added $28.10, or 1.5%, to $1,853.10 an ounce.

London Bullion Prices

Bullion prices in London are fixed earlier than futures closings in New York, and missed out on much of the flurry that caused the increases in New York. PM fixing prices included the following daily changes:

  • Gold gained $37.00, or 2.1%, at $1,825 an ounce
  • Silver declined 16 cents, or 0.4%, at $40.90 an ounce
  • Palladium added $20, or 2.7%, at $767 an ounce
  • Platinum gained $28, or 1.5%, at $1,840 an ounce

U.S. Mint Bullion Coins and News

Following increases to the once-ounce American bullion coins on Monday, no additions were reported by the United States Mint on Tuesday.

In coin news of the day, there are reminders of upcoming 2012 bullion products from Canada and Australia. Read about them via the links:

In returning to American bullion coins, the latest bullion figures are provided below in the daily, August 2011 and YTD 2011 columns.

Sales of United States Mint 2011 Bullion Coins
  Daily
Gain
August
2011
2011
Totals
1 oz American Gold Buffalo 0 26,500 118,000
1 oz American Gold Eagle 0 96,000 665,000
1/2 oz American Gold Eagle 0 3,000 61,000
1/4 oz American Gold Eagle 0 6,000 70,000
1/10 oz American Gold Eagle 0 55,000 320,000
5 oz America the Beautiful Silver - 10,300 380,400
1 oz American Silver Eagle 0 3,389,500 28,661,000

 

Notes. Figures above are in coins, not ounces sold. The United States Mint last updated 5 oz. America the Beautiful Silver Bullion Coin sales on Monday, August 29, 2011. All other figures have an "as of date" of Tuesday, August 30, 2011.

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