Gold and Silver Prices Extend Highs, 1 oz Bullion Coins Advance

by Bullion Prices Staff on April 18, 2011

U.S. bullion prices were mixed Monday. Gold and Silver prices rallied but palladium and platinum fell back. Gold and silver gains were attributed to a negative S&P outlook for U.S. debt.

June gold prices climbed $6.90, or 0.5%, to $1,492.90 an ounce on the Comex division of the New York Mercantile Exchange. The close was a new record high for the yellow metal.

"The U.S. debt situation got a reality check this morning from the move by S&P," John Kilduff, a partner at Again Capital in New York, said according to Reuters. "Only precious metals will be seen as attractive in the aftermath of the outlook downgrade. The overall economic outlook becomes more opaque with this; equities and energies will be very much under pressure now."

Gold hit an intraday low of $1,477.80 an ounce and a high of $1,498.60 an ounce.

"Gold prices were under some mild profit-taking selling pressure in early trading Monday. Then the S&P ratings downgrade for the U.S. was reported in the news media and gold prices immediately pushed higher," noted Jim Wyckoff of Kitco News. "The overall triple A credit rating for the U.S. was maintained by S&P, but the debt outlook downgrade by the agency hit the U.S. stock market hard and also prompted a sell off in U.S. Treasuries."

May silver prices ended up 38.5 cents, or 0.9%, to $42.96 an ounce, its best closing price since January 1980.

In PGM futures prices, June palladium lost $29, or 3.8%, to $739.10 an ounce and July platinum fell $12, or 0.7%, to $1,782.80 an ounce.

In comparing London bullion PM fixing prices on Monday from those on Friday:

  • Gold added $16.25, or 1.1%, at $1,493 an ounce
  • Silver rose 18 cents, or 0.4%, at $42.79 an ounce
  • Palladium fell $23, or 3%, at $749 an ounce
  • Platinum declined $9, or 0.5%, at $1,778 an ounce

United States Mint one-ounce bullion coins advanced sharply Monday, marking their best sales day since a week ago. The latest published daily, April and 2011 bullion coin sales figures follow:

2011 U.S. Mint Bullion Coin Sales
1 oz American Gold Buffalo 12,500 2,500 50,500
1 oz American Gold Eagle 56,000 9,500 319,500
1/2 oz American Gold Eagle 0 0 22,000
1/4 oz American Gold Eagle 0 0 40,000
1/10 oz American Gold Eagle 15,000 0 175,000
American Silver Eagle 2,079,500 658,500 14,508,500

Figures above are in coins, not ounces sold.

In other news about United States Mint products, four of its silver sets are suspended due to the rising cost of silver. The Silver Proof Sets and America the Beautiful Quarters Silver Proof Sets are currently "unavailable," presumably awaiting upward price adjustments.

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