Gold Ends April at Record, Silver Prices Soar, All US Mint Bullion Coins Advance

by Bullion Prices Staff on April 29, 2011

U.S. bullion prices soared for a second straight week and added to their substantial April increases. Weakness in the U.S. dollar, which fell to its lowest level since July 2008, was attributed to gains in gold and silver. Gold closed Friday and April at a new record, bringing year-to-date gains to 9.5%. Silver pricers shot higher, rallying on the day and month to cap a 57.1% increase in 2011.

June gold prices ended up $25.20, or 1.6%, to $1,556.40 an ounce on the Comex division of the New York Mercantile Exchange. Gold prices hit a low of $1,532.10 an ounce and a high of $1,569.80 an ounce.

"I’d say the precious metals, in the aftermath of the FOMC meeting and consequent Fed statement, will continue to worry about inflation in the U.S. There are questions if the U.S. central bank is behind the curve. That will likely put pressure on the dollar which will help out gold and silver," said Bart Melek, vice president and director, head of commodity strategy, rates and foreign exchange research at TD Securities.

The yellow metal rose 3.5% this week and 8.1% in April.

July silver prices soared, rising $1.058, or 2.2%, to $48.599 an ounce. The level was a new 31-year high close. Silver has been the hottest precious metal, advancing 5.5% this week and an incredible 28.3% in April.

"Silver’s run is related to the rise in gold," Michael Cuggino, who helps manage about $12 billion at Permanent Portfolio Funds in San Francisco, said and was cited on Bloomberg. "There’s a lot of speculation in silver. Anytime you’ve had a run like silver, you’re going to get a correction."

In PGM futures prices, June palladium rose $16.85, or 2.2%, to $792.15 an ounce and July platinum added $25.60, or 1.4%, to $1,865.50 an ounce. Palladium gained 3% this week and 3.2% in April. Platinum gained 2.5% this week and 4.6% in April.

United States Mint Bullion Coins

For a second straight week, sales advances were made across the entire United States bullion product line. And this week, two additional were added into the mix with the 5 oz 2011 Gettysburg and Glacier America the Beautiful Silver Bullion Coins. These coins feature the same designs as the circulating quarters, but instead weigh five ounces, have a diameter of three inches, and are composed of .999 fine silver.

Daily, weekly, April and 2011 bullion con sales figures follow:

2011 U.S. Mint Bullion Coin Sales
1 oz American Gold Buffalo 500 7,000 20,500 58,500
1 oz American Gold Eagle 1,000 29,500 94,500 358,000
1/2 oz American Gold Eagle 0 11,000 12,000 33,000
1/4 oz American Gold Eagle 0 12,000 14,000 52,000
1/10 oz American Gold Eagle 5,000 25,000 40,000 200,000
5 oz America the Beautiful Silver* - 183,400 183,400 183,400
1 oz American Silver Eagle 0 718,000 2,819,000 15,248,000

Figures above are in coins, not ounces sold.

*ATB silver bullion coin sales are as of Wednesday. These figures are generally reported by the United States Mint once a week instead of the normal daily updates published for other bullion coins.

In other coin news this week, the United States Mint released another 5 oz coin. The collector 5 oz Hot Springs National Park Silver Uncirculated Coin made its debut on Thursday. With a mintage of 27,000, it is nearing a sell out already with 70% purchased by Thursday evening. This coin is priced at $279.95. Buyers can visit the the United States Mints website ( or call toll free number 1-800-USA-MINT (872-6468) to place orders.

London Bullion Prices

In London, markets were closed for the royal wedding of Prince William and Miss Catherine Middleton.

When comparing the PM fixing prices on Thursday from Wednesday:

  • Gold rose $24.50, or 1.6%, at $1,535.50 an ounce
  • Silver gained $3.40, or 7.5%, at $48.70 an ounce
  • Palladium added $23, or 3.1%, at $777 an ounce
  • Platinum rose $23, or 1.3%, at $1,835 an ounce

Weekly/monthly gains were 5.3/28.6% for silver, 2.1/6.7% for gold and 1.6/1.4% for palladium and 1.3/3.5% for platinum.

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