Gold Breaks from Record, Silver Retreats, Bullion Gold Coins Rise

by Bullion Prices Staff on August 11, 2011

In U.S. bullion prices Thursday, gold fell from a record high with a loss of 1.8% and silver dropped 1.7% while palladium added 1% and platinum gained 1.2%.

In specifics, December gold prices rose $32.80 to $1,751.50 on the Comex division of the New York Mercantile Exchange, marking the first time in four sessions that the precious metal closed without a new record. Gold pulled back from an earlier intraday record high of $1,817.60 an ounce.

"Once again, gold’s decline is indicative of a sell-off of safe haven assets, more of a risk on type trade today," David Meger, director of metals trading of commodity broker Vision Financial Markets, Chicago, was quoted on Reuters. "The European sovereign debt issue is going to remain an ongoing issue, and the economy moving forward is concerning. All of the positive factors that have been supporting gold for the last several months are not dissipating. Inevitably, we view this as a pullback within an uptrend."

In other New York futures prices, September silver lost 65.8 cents to $38.67 an ounce, September palladium gained $7.00 to $733.80 an ounce, and October platinum added $20.70 to $1,792.40 an ounce.

London Bullion Prices

In London bullion prices, silver and platinum were fixed higher while gold and palladium were moved lower. PM fixing prices included the following changes:

  • Gold prices declined $12, or 0.7%, at $1,760 an ounce
  • Silver added 87 cents, or 2.3%, at $39.18 an ounce
  • Palladium declined $9, or 1.2%, at $732 an ounce
  • Platinum added $26, or 1.5%, at $1,780 an ounce

U.S. Mint Bullion Coins

Three of five U.S. Mint bullion gold coins added to their totals Thursday. American Eagle Gold bullion coins are quickly advancing in August, with the 1 oz. size just 6,000 short of its June total sales and 11,500 shy of its July total sales. The bullion piece rose 6,000 on Thursday, bringing August sales to an even 50,000. Also advancing was the 1/10 oz. coin, marking a second straight day with a 10,000 increase. The final gold bullion coin to increase on Thursday was the Buffalo. It climbed 500.

In related news, jump over to to read a more detailed analysis of recent Gold Eagle and gold commemorative sales.

In U.S. Mint bullion silver coins, the American Silver Eagle added 215,000. Its year-to-date tally should hit 27 million by early next week.

The latest U.S. bullion figures are provided below in the daily, August 2011 and YTD 2011 columns.

United States Mint 2011 Bullion Coin Sales
1 oz American Gold Buffalo 500 10,500 102,000
1 oz American Gold Eagle 6,000 50,000 619,000
1/2 oz American Gold Eagle 0 2,000 60,000
1/4 oz American Gold Eagle 0 4,000 68,000
1/10 oz American Gold Eagle 10,000 35,000 300,000
5 oz America the Beautiful Silver - 8,500 378,600
1 oz American Silver Eagle 215,000 1,319,000 26,590,500


Notes. Figures above are in coins, not ounces sold. The United States Mint last updated the 5 oz. America the Beautiful Silver Bullion Coin sales on Monday, August 8. All other figures have an "as of date" of Thursday, August 11.

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