Gold and Silver Prices Retreat, American Silver Eagle Bullion Coins Surge

by Bullion Prices Staff on August 29, 2011

U.S. precious metals stepped lower Monday. Silver prices led declines with a loss of 1%. Gold and palladium each pulled back 0.3% while platinum lost 0.1%.

In specifics, December gold fell $5.70 to $1,791.60 an ounce on the Comex division of the New York Mercantile Exchange. Prices ranged between $1,781.20 an ounce and $1,841.50 an ounce.

"Comex December gold futures prices ended the U.S. day session modestly lower on a corrective pullback from strong gains posted late last week and on an uptick in risk appetite in the market place. Importantly, the near-term technical posture of the gold market has improved since last week’s steep price spike down," noted Jim Wyckoff of Kitco News.

Wyckoff added: "Last week’s near-term technical damage that was inflicted when gold spiked to a fresh three-week low of $1,705.40 is now being repaired by the bulls, who do have some more work to do soon to suggest the uptrend on the daily chart can be reestablished. Still, the rebound from the spike low is impressive and suggests last week’s low will become a ‘ reaction low’ on the daily bar chart."

September silver prices declined 40.6 cents to $40.55 an ounce.

In PGM futures prices, December palladium lost $2.35 to $755.75 an ounce and October platinum lost $1.90 to $1,825.00 an ounce.

London Bullion Prices

It was a summer banking holiday in London on Monday. London Fix bullion prices were, therefore, unchanged from Friday. Those Friday figures follow:

  • Gold at $1,788 an ounce
  • Silver at $41.06 an ounce
  • Palladium at $747 an ounce
  • Platinum added at $1,812 an ounce

U.S. Mint Bullion Coins and News

Sales gains were noted across all of the one-ounce American bullion coins for the day, according to the latest United States Mint sales data. The American Gold Buffalo coin rose the least at 2,000, followed by the biggest American Gold Eagle bullion coin at 3,500. The American Silver Eagle surged ahead 460,000, which notably lifted August sales (3,389,500) over July (2,968,00) and very near to June (3,402,000).

Speaking of the American Silver Eagle, the United States Mint had suspended the sale of the collector proof version on Wednesday and brought them back at a higher price on Monday. It also announced the price of the collector uncirculated American Silver Eagle which is scheduled for release on September 15. For more information on these events, read the article: Proof American Silver Eagle Price Increase, Uncirculated Price Set.

In world bullion coins, The Perth Mint of Australia has announced the design for the 2012 Australian Kookaburra silver bullion coins. For more about those coins, read the article: 2012 Australian Kookaburra Silver Coins Announced.

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
1 oz American Gold Buffalo 2,000 26,500 118,000
1 oz American Gold Eagle 3,500 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 460,000 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 22, 2011. All other figures have an "as of date" of Monday, August 29, 2011.

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