Gold and Silver Prices Hit Highs on Inflation, Bullion Eagle Weekly Sales

by Bullion Prices Staff on April 15, 2011

U.S. bullion prices were mixed on the day and for the week. Gold settled to a new record, gaining 0.8% since last Friday. Silver prices closed at a fresh 31-year high, surging 4.8% for the week. Both metals were seen gaining as buyers looked to hedge against inflation. Palladium and platinum fell with weekly losses of 3.3% and 1%, respectively.

June gold futures prices added $13.60, or 0.9%, to $1,486 an ounce on the Comex division of the New York Mercantile Exchange. The yellow metal reached as high as $1,488.60 an ounce.

"People are buying gold and silver as a protection against inflation. If the Fed doesn’t start raising rates, inflation is really going to hit hard and cripple the economy," Miguel Perez-Santalla, vice president of sales at Heraeus Precious Metals Management, was quoted on Reuters.

The U.S. Labor department on Friday said US inflation rose 2.7% over the past 12 months, lifted by soaring energy prices. Rising inflation was also reported in China and euro regions.

"Gold prices remain supported on the back of its appeal as a hedge against inflation, amidst emerging inflationary concerns in the U.S., Europe and China," analysts at ICICI Bank wrote in a note to clients.

May silver prices rallied 90.7 cents, or 2.2%, to $42.57 an ounce. Silver prices reached a high that had not been seen since the metal topped $50 an ounce in 1980.

In PGM futures prices Friday, June palladium fell $6.15, or 0.8%, to $768.10 an ounce and July platinum ended down 80 cents to $1,794.80 an ounce.

U.S. Mint Bullion Weekly Sales

In terms of variety, the United States Mint sold each type of its bullion coins on Friday. The bullion 1/2 oz and 1/4 oz American Gold Eagle coins entered the sales tables for the first time in April.

The biggest gainer was the American Silver Eagle — for the day and week. Silver Eagle weekly sales did retreat, however. They had scored a weekly gain of 700,000 for four straight weeks until this week’s level dropped to 671,000.

The United States Mint daily, weekly, April and 2011 bullion coin sales figures follow:

2011 U.S. Mint Bullion Coin Sales
1 oz American Gold Buffalo 2,500 7,000 10,000 48,000
1 oz American Gold Eagle 2,500 8,000 46,500 310,000
1/2 oz American Gold Eagle 1,000 1,000 1,000 22,000
1/4 oz American Gold Eagle 2,000 2,000 2,000 40,000
1/10 oz American Gold Eagle 5,000 10,000 15,000 175,000
American Silver Eagle 47,000 671,000 1,421,000 13,850,000

Figures above are in coins, not ounces sold.

In other coin news, the United States Mint announced the availability of the proof 2011 Gold Eagle. The collector versions will be released next week Thursday, April 21, at 12:00 noon Eastern Time. Orders will be accepted at the Mint’s website ( and toll free number 1-800-USA-MINT (872-6468).

London Bullion Prices

In London, bullion prices advanced on the day but were mixed on the week. When comparing the PM fixing prices from Thursday to Friday:

  • Gold rose $11, or 0.8%, to $1,476.75 an ounce
  • Silver gained $1.94, or 4.8%, to $42.61 an ounce
  • Palladium climbed $9, or 1.2%, to $772 an ounce
  • Platinum advanced $15, or 0.8%, to $1,787 an ounce

Weekly gains were 5.9% for silver and 0.5% for gold. Weekly losses were 3.3% for palladium and 0.9% for platinum.

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