Gold Ends Week Above $1,500; Silver Tops $46, Bullion Eagles Biggest Gainers

by Bullion Prices Staff on April 21, 2011

U.S. bullion prices surged higher this week, supported by a weaker greenback that lifted gold and silver to fresh heights before the three-day weekend. Platinum and palladium prices were driven higher as well. Weekly gains were 1.2% for gold, 8.2% for silver, 0.1% for palladium and 1.4% for platinum.

June gold futures on Thursday rose $4.90, or 0.3%, to $1,503.80 an ounce on the Comex division of the New York Mercantile Exchange. Gold prices hit a low of $1,500.40 and an all-time high of $1,509.60 an ounce. Gold has rallied 5.8% in 2011.

"The key element determining gold’s near-term direction right now is the U.S. dollar," Edel Tully, an analyst at UBS AG in London, said today in a report to clients that was quoted on Bloomberg. "Sovereign-debt concerns in U.S. and Europe along with inflation fears provide a good backdrop for gold."

May silver prices blasted off. They rose $1.60, or 3.6%, to $46.06 an ounce. Silver touched a low of $45.06 an ounce and reached as high as $46.36 an ounce, which was the best level since $50.35 was hit in January 1980.

"Silver continues to attract huge speculative interest. Even though silver is outperforming gold, the genesis of this rally is still related to the flight-to-safety factors supporting gold," Bill O’Neill, a principal with LOGIC Advisors, was quoted on Reuters.

Adding: "Should gold suddenly turn around and correct, the silver market would get pounded by a much higher percentage rate."

In PGM futures prices Thursday, June palladium rose $10.15, or 1.3%, to $769.05 an ounce and July platinum added $17.90, or 1.0%, to $1,820.70 an ounce.

Gains in United States Mint bullion coins ran the gamut last week, with all sizes registering weekly gains. This week increases were limited to the one ounce coins, as shown in the sales table below:

2011 U.S. Mint Bullion Coin Sales
  Daily
Gain
Weekly
Gain
April
2011
2011
Totals
1 oz American Gold Buffalo 1,000 3,500 13,500 51,500
1 oz American Gold Eagle 9,000 18,500 65,000 328,500
1/2 oz American Gold Eagle 0 0 1,000 22,000
1/4 oz American Gold Eagle 0 0 2,000 40,000
1/10 oz American Gold Eagle 0 0 15,000 175,000
American Silver Eagle 0 680,000 2,101,000 14,530,000

Figures above are in coins, not ounces sold.

In other coin news, the United States Mint released the 2011 American Gold Eagle Proof Coins Thursday. Unlike the bullion Gold Eagles intended for investors, these are the collector versions.

While the prices may change weekly, the coins started at $1,735 for the one ounce, $881 for the half once, $453 for the quarter once, $195.50 for the tenth ounce, and $3,215.50 for the four-coin set. Buyers can visit the the United States Mints website (http://www.usmint.gov/) or call toll free number 1-800-USA-MINT (872-6468) to place orders.

Additionally, sister site CoinNews.net discusses exploding silver coin values, like how a half dollar minted for circulation in 1964 has a melt value of nearly $17. For other examples, click on the link.

London Bullion Prices

In London, bullion prices advanced on the day but were mixed on the week. When comparing the PM fixing prices on Thursday from Wednesday:

  • Gold rose $3, or 0.2%, to $1,504 an ounce
  • Silver gained $1.47, or 3.3%, to $46.26 an ounce
  • Palladium climbed $6, or 0.8%, to $765 an ounce
  • Platinum advanced $8, or 0.4%, to $1,812 an ounce

Weekly gains were 8.6% for silver, 1.8% for gold and 1.4% for platinum. Palladium declined 0.9% on the week.

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