Gold and Silver Prices Rebound, Bullion Buffalo Coin Rises

by Bullion Prices Staff on March 16, 2011

U.S. bullion prices were mixed Wednesday with platinum the single decliner. Gold and silver prices recovered a small portion of losses from Tuesday when both metals registered their biggest one-day fall since Jan. 4. Palladium prices were nearly unchanged, advancing just 15 cents.

April gold prices rose $3.30, or 0.2%, to $1,396.10 an ounce  on the Comex division of the New York Mercantile Exchange. Gold reached a low of $1,393.10 an ounce and hit its highest point at $1,406.60 an ounce.

"After an avalanche sell-off yesterday… which I believe started as a liquidation of precious-metals positions in order to move monies into other investments in order to meet margin requirements, traders appeared ready to re-enter the gold at ‘bargain prices,’" Mike Daly, gold and silver specialist with PFGBEST was quoted as saying by Kitco News.

May silver prices added 35.5 cents, or 1%, to $34.47 an ounce. Silver prices plunged 4.8% on Tuesday.

In PGM futures prices, palladium ended up at $705.05 an ounce while platinum ended down $5.10, or 0.3%, at $1,700.50 an ounce.

New U.S. Mint bullion coin sales show 2011-dated American Buffalo Gold Bullion Coins at 21,500 since their release on Monday, March 14. The level is significantly lower than the 48,500 sold on the first day the 2010 strikes were released.

The other bullion coin to register gains for Wednesday was the 1 oz American Gold Eagle. U.S. Mint Authorized Buyers ordered 3,500, bringing their March total to 35,500.

Daily, March and 2011 bullion coin sales figures follow:

2011 U.S. Mint Bullion Coin Sales
1 oz American Gold Buffalo 21,500 21,500 21,500
1 oz American Gold Eagle 35,500 3,500 238,500
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 25,000 0 145,000
American Silver Eagle 1,417,000 0 11,079,000

Figures above are in coins, not ounces sold.

Earlier PM fixed London precious metals prices advanced when compared against their PM fixing prices on Tuesday. The gold fix rose the least in percentage terms with a pick-up of 0.1%. In dollars, it climbed $1.50 with its fixing of $1,402 an ounce. Silver shot up 85 cents, or 2.5%, with a fixed price of $34.73 an ounce.

In London PGM prices, palladium gained $19, or 2.7%, with a fixing of $719 an ounce and platinum rose $15, or 0.9%, to $1,726 an ounce.

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