Gold and Silver Prices Slip, Bullion Coins Advance

by Bullion Prices Staff on August 26, 2010

U.S. gold prices pulled back from their eight-week highs and two straight days of gains Thursday, as a bigger-than-expected decline in U.S. jobless claims eased the appeal of safe-haven purchases — so opined analysts.

"Gold futures gave back a small portion of their recent gains Thursday as some traders exited to book profits after jobless claims fell more than forecast and equities consolidated," noted Allen Sykora of Kitco News.

"Gold had been rising in recent days on safe-haven buying amid worries about the economy, particularly after soft U.S. housing and durable-goods data this week. Thus, the rally stalled amid a more upbeat report on the jobless situation in the U.S. The Labor," added Sykora.

In New York bullion prices, gold futures for December delivery fell $3.60 or 0.3% to closed at $1,237.70 an ounce. The intraday high was $1,246.00 while the lowest price was $1,237.20.

In other metals, silver for September delivery was $18.982 an ounce for a loss of 4.4 cents or 0.2% while October platinum was $1,539.90 an ounce for a pick up of $12.50 or 0.8% and December palladium was $504.30 an ounce for an increase of $10.80 or 2.2%.

In London bullion PM prices, the gold Fix was $1,237 an ounce for a loss of 50 cents.

"The jobless claims data has raised some hopes. There is reduced risk aversion and less concern about the economy, because we certainly had some dismal data earlier in the week," Peter Buchanan, senior economist at CIBC World Markets in Toronto, said and was quoted on Reuters.

The London silver Fix came in at $19.110 an ounce, gaining 48 cents or 2.6%. In PGM metals, platinum was $1,531 an ounce for an increase of $15 or 1% while palladium was $502 for a pick up of $11.50 or 2.3%.

The United States Mint on Thursday released 2010 Silver Proof Sets. The silver product contains 14 coins — all of which are special production pieces based on each 2010 circulating issue. 7 of the coins are made from 90% silver for a total 1.34 ounces of silver.

Recent precious metals prices apparently lifted the demand for United States Mint bullion coins. The only coins not to show an increase in sales since Wednesday were fractional Gold Eagles in the 1/2 oz and 1/10 oz sizes. The 1/4 oz sizes were added to the sales board for the first time this month.

The following table shows U.S. Mint published sales figures as of Thursday, August 26, 2010, and their increases, if any, since Wednesday:

August 2010 Bullion Coin Sales

August 2010 Increase 2010
Total
American Buffalo Gold 15,500 500 199,000
American Eagle Gold 1 oz 39,000 1,500 805,000
American Eagle Gold 1/2 oz 1,000 0 34,000
American Eagle Gold 1/4 oz 2,000 2,000 48,000
American Eagle Gold 1/10 oz 15,000 0 325,000
American Eagle Silver 1,906,000 100,000 23,055,500

 

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

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