Gold and Silver Prices Trickle Higher, Bullion Eagles on the Move

by Bullion Prices Staff on January 12, 2011

Bullion prices reached slightly higher on Wednesday, with gold and silver bringing their daily winning streak to three and platinum to five.

February gold prices settled to $1,385.80 an ounce on the Comex division of the New York Mercantile Exchange, advancing $1.50, or 0.1%.

A declining U.S. dollar was among the cited reasons for gold’s gain, which were as low as $1,376.30 an ounce and as high as $1,387.

"The U.S. dollar index came under strong selling pressure Wednesday, as the Euro currency rallied following the positive results of a closely watched bond auction by Portugal. Traders had been worried that auction would not produce good results," wrote Jim Wyckoff of Kitco News.

"The gold market this week had seen support come from the renewed focus on the EU’s debt problems. Thus, even though the dollar index sold off Wednesday, gold’s gains were limited due to the positive outcome of the Portugal bond auction easing EU debt contagion fears."

Silver futures prices for March delivery performed just a tad better than gold, adding 0.2%. The 4.6 cent gain brought it to $29.55 an ounce.

The precious metal that shined the brightest was palladium. The March contract soared $23, or 2.9%, to settle at $806.75.

Platinum maintained its rally, which is up to five days in a row now. April platinum prices picked up $30.80, or 1.7%, to $1,801.10 an ounce.

United States Mint bullion products bounced higher Wednesday, continuing their pace to easily surpass same time period sales from last year (read about 2010 bullion coin sales).

1-ounce American Gold Eagles shot 10,000 higher to 42,500 for January. American Silver Eagles were lifted by 50,000 to 3.407 million for the month. The numbers to top January 2009 are 85,000 for gold bullion coins and 3.592 million for silver bullion coins.

The following are the most recent sales figures for United States Mint bullion coin products:

January 2011 U.S. Mint Bullion Coin Sales
  Previous Daily Gain Daily Gain 2011 Totals
1 oz American Gold Eagle 0 10,000 42,500
1/2 oz American Gold Eagle 0 0 0
1/4 oz American Gold Eagle 0 0 0
1/10 oz American Gold Eagle 0 0 1,000
American Silver Eagle 0 50,000 3,407,000

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

In earlier bullion prices, the London PM gold fixing was $1,378.75 an ounce. That is $4.75, or 0.3%, higher than the previous PM Fix. Silver was $29.60 an ounce for a modest gain of 6 cents, or 0.2%. PGM metals rose the most. Palladium ended up $25, or 3.2%, at $803 an ounce and platinum climbed $35, or 2%, to $1,793 an ounce.

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