Gold and Silver Prices Rise, Bullion Gold Eagles Advance – July 15, 2010

by Bullion Prices Staff on July 15, 2010

U.S. gold futures prices rose slightly on Thursday, as did silver, platinum and palladium. Gold’s gains were credited to safety buying as it tagged along with the euro, which rose to a two-month high.

"Today’s rally in gold was a flight to quality. An early dive in stocks was the reason. Now that stocks have recovered gold is barely up on the day," Jay Feuerstein, chief investment officer of 2100 Xenon, said via MarketWatch.

In New York precious metals prices, August gold was $1,208.30 an ounce for an increase of $1.30 or 0.4%. Gold’s intraday low was $1,203.70 and its high was $1,217.30.

New York silver prices closed to $18.362 an ounce, rising 7.2 cents or 0.4%. In PGM metals, October platinum was $1,533.70 an ounce for a gain of $13.10 or 0.9% while September palladium was $467.20 an ounce, climbing $1.40 or 0.3%.

In London bullion prices, the afternoon gold fix was $1,208.00 an ounce, rising $1 or 0.1%.

"A solidly lower U.S. dollar index (bullish) was offset by lower crude oil prices (bearish) as prices held close to the unchanged level for most of the trading session," noted Jim Wyckoff of Kitco News. "Gold prices have recently resumed an inverse trading relationship with the U.S. dollar index–and a positive correlation with the Euro currency. The Euro currency rallied and hit a fresh two-month high Thursday on news that Spain’s government bond auction was very well subscribed by investors."

The London silver fix was $18.42 an ounce for a gain of 13 cents or 0.7%. In PGM metals, platinum was $1,530.00 an ounce, rising $7 or 0.5%, and palladium was $470.00 an ounce, adding $5 or 1.1%.

U.S. Mint Bullion Eagles & Buffalo Gold Climb

In coin news, United States Mint bullion coins continue to climb. For an analysis of bullion coin demand as of Wednesday and the latest available numismatic coin sales, read the CoinNews article US Mint: 1/10 oz Gold Eagles at 300K, Silver Eagles Top 2008 Sales.

The Mint reported no additional sales on Wednesday from the day prior, but it did post updates on Thursday afternoon. The following coin increases were published:

  • 1 oz, 24 karat American Buffalo Gold coins advanced 2,000
  • 1 oz, 22 karat American Gold Eagles jumped 6,000
  • 1/10 oz American Gold Eagles gained 5,000

2010 American Silver Eagles stood still. The latest sales totals for the month and year follow:

U.S. Mint Bullion Coin July 2010 Sales

American Buffalo Gold 33,500 13,000 173,500
American Eagle Gold 1 oz 97,000 58,000 676,500
American Eagle Gold ½ oz 31,000 0 31,000
American Eagle Gold ¼ oz 44,000 0 44,000
American Eagle Gold 1/10 oz 280,000 25,000 305,000
American Eagle Silver 3,001,000 1,476,500 19,645,000


Figures above are in coins, not ounces of gold sold.

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