Gold Earns Fresh Record, US Bullion Palladium Eagle Coins Proposed

by Bullion Prices Staff on September 23, 2010

U.S. gold clamped down on another fresh record Thursday, closing nearer $1,300 an ounce on safe-haven buying linked to disappointing U.S. jobless claim numbers. Gains were limited by better, but still lackluster existing home sales data, opined analysts.

"The U.S. dollar index saw a tepid short-covering bounce in a bear market Thursday, but that rebound was enough to keep some shorter-term speculators from buying gold. However, the dollar index is still in a technically near-term weak posture," noted Jim Wyckoff of Kitco News.

Wyckoff added that "U.S. economic data out Thursday was a mixed bag for gold traders," saying "weekly jobless claims report showed a bit more job losses than expected, which did push gold prices above unchanged in the aftermath of the report’s release" but "existing U.S. home sales data showed a stronger reading than the markets expected, which did drop gold down from its daily highs."

In New York bullion closing prices, gold futures for December was $1,296.30 an ounce for a modest increase of $4.20 or 0.3%. The metal saw its lowest point at $1,288.20 an ounce and its highest level at $1,297.50 an ounce.

"Right now, the gold market is really responding to uncertainty, and any weak economic news is a bull signal to gold," William Rhind, strategic director at ETF Securities, said and was quoted on Reuters. "Gold is still reacting to another round of possible quantitative easing and the future ramifications for paper currencies in general."

Silver for December delivery was $21.213 an ounce for a gain of 15.8 cents or 0.8%. January platinum was $1,650.20 an ounce, up $13.20 or 0.8%. And December palladium was $556.85 an ounce for a gain of $14.95 or 2.8%.

In palladium coin news today, U.S. Rep. Denny Rehberg introduced Palladium Eagle legislation. If the legislation were to become law, it would authorize the United States Mint to produced bullion and numismatic American Eagle Palladium coins. The palladium coins would be minted from .9995 fine palladium, weight one ounce and feature the popular and historic "Winged Liberty" coin design by Adolph Alexander Weinman. Numismatic versions would include the typical proof and uncirculated option. The bill is entitled the American Eagle Palladium Bullion Coin Act of 2010 and has been referred to the House Committee on Financial Services. For it to become law, it must pass in the House, Senate and get signed by the President.

In London bullion prices, the gold PM Fix was $1,290.75 an ounce for a loss of $2.75 or 0.2%. Silver was unchanged at $21.080 an ounce. In PGM metals, platinum was $1,631.00 an ounce, down $1 or 0.1%. Palladium was $541.00 an ounce for a loss of $2 or 0.4%.

In returning to more coin news, one-ounce United States Mint gold bullion coins advanced for a second straight day on Thursday. The American Gold Buffalo and American Gold Eagle each added 1,500 in sales. There was no change to the fractional eagles. On the bullion silver front, American Silver Eagles surged 50,000. The latest bullion coin figures as published by the Mint follow:

September 2010 US Mint Bullion Coin Sales
September 2010 2010 Totals
American Buffalo Gold 10,000 209,000
American Eagle Gold 1 oz 55,000 860,000
American Eagle Gold 1/2 oz 1,000 35,000
American Eagle Gold 1/4 oz 2,000 50,000
American Eagle Gold 1/10 oz 15,000 340,000
American Buffalo Gold 1 oz 10,000 209,000
American Eagle Silver 1,095,000 24,695,500


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

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