Gold and Silver Prices Fall, Bullion Eagle Coins Rise

by Bullion Prices Staff on March 10, 2011

U.S. bullion prices fell Thursday with gold pressured by a stronger greenback and weaker oil prices. In percent losses, gold dropped 1.2%, palladium and platinum each declined 2% and silver lost 2.7%.

April gold prices lost $17.10 to $1,412.50 an ounce on the Comex division of the New York Mercantile Exchange. Gold hit its lowest point at $1,403 and reached a high of $1,431.80. One trader believe gold’s fall will be short.

"There are short-term traders and investors who want to reap profits after the rally," Chae Un Soo, a Seoul-based trader with KEB Futures Co. said according to Bloomberg. "Losses will be limited as there’s an enormous interest in gold and precious metals."

May silver ended lower by 98.1 cents an closed at $35.07 an ounce. The large decline brings silver’s year-to-date gain down to 13.3%

In PGM futures prices, palladium lost $15.25 to $766.40 an ounce and platinum fell $36.40 to $1,765.60 an ounce.

Sales levels for U.S. Mint 1-ounce bullion eagle coins rose Thursday. The Gold Eagle bullion coins saw one of their best daily increases this year, advancing 14,000 to reach 230,500 for the year. Silver Eagles rose 48,500, their second increase this week. The bullion coin are now at nearly 10.4 million for the year.

Based on the U.S. Mint’s update Wednesday, the first of the 5-ounce 2011 America the Beautiful Silver Bullion Coins will be released in late April. All of the 2010-dated issues were sold quickly in December 2010. The below bullion sales currently include just active bullion coins sold by the Mint.

2011 U.S. Mint Bullion Coin Sales
1 oz American Gold Eagle 27,500 14,000 230,500
1/2 oz American Gold Eagle 4,000 0 17,000
1/4 oz American Gold Eagle 10,000 0 28,000
1/10 oz American Gold Eagle 5,000 0 125,000
American Silver Eagle 717,000 48,500 10,379,000

Figures above are in coins, not ounces sold.

All precious metals declined in London when comparing the PM fix prices on Thursday from Wednesday. The London gold fix fell $17.75, or 1.2%, to $1,413.25 an ounce.

The silver fixing plunged 98 cents, or 2.7%, to $35.19 an ounce.

In PGM London metal prices, palladium fell $31, or 3.9%, to $769 and the platinum fixing was set back $33, or 1.8%, to $1,778 an ounce.

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