Gold Falls from $1,600, Silver Prices Decline, Gold Bullion Coins Advance

by Bullion Prices Staff on July 20, 2011

U.S. bullion prices on Wednesday moved modestly lower, with the exception of silver which took a heavier daily blow of 1.6%. Platinum declined the least, dropping a slight 20 cents.

August gold prices fell $4.20, or 0.3%, to $1,596.90 an ounce on the Comex division of the New York Mercantile Exchange. The yellow metal traded between $1,581.10 an ounce and $1,600.80 an ounce.

"Comex gold and silver futures prices ended weaker Wednesday on profit-taking pressure from recent gains. However, both precious metals did move well off their daily lows by the close, as bargain hunters stepped in to buy the dip in prices," noted Jim Wyckoff of Kitco Metals.

"The profit taking is not unexpected nor is it unhealthy during a bull market move. Investor risk appetite in the market place is on the upswing, which has pulled away safe-haven demand for the precious metals."

In other bullion prices, September silver declined 66.3 cents to $39.56 an ounce, September palladium fell $4.65, or 0.6%, to $793.65 an ounce, and October platinum closed to $1,776.10 an ounce.

London Bullion Prices

London precious metals were down across the board as well. PM fixing prices included the following changes:

  • Gold declined $15, or 0.9% at $1,586 an ounce
  • Silver declined $1.73, or 4.3%, at $38.59 an ounce
  • Palladium declined $3, or 0.4%, at $789 an ounce
  • Platinum declined $9, or 0.5%, at $1,764 an ounce

U.S. Mint Bullion Coins

Wednesday gains in U.S. Mint bullion coins were held to two American Gold Eagles. The 1 oz. advanced 5,500 and the 1/2 oz. increased 2,000.

Although gold and platinum prices have declined since Tuesday, the U.S. Mint raised coin prices on Wednesday for its numismatic coins containing the metals. The increases came as a result of previous days of sharp gains. In all, 13 coins had their prices bumped higher. Read the linked article above for more information on those coins.

The latest U.S. Mint bullion coin sales figures are shown in the daily, July 2011 and YTD 2011 columns below.

United States Mint 2011 Bullion Coin Sales
1 oz American Gold Buffalo 0 8,500 88,000
1 oz American Gold Eagle 5,500 29,500 537,000
1/2 oz American Gold Eagle 2,000 3,000 58,000
1/4 oz American Gold Eagle 0 0 64,000
1/10 oz American Gold Eagle 0 5,000 255,000
5 oz America the Beautiful Silver 0 11,400 364,500
1 oz American Silver Eagle 0 1,969,500 24.273M


*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, July 18. All other sales figures are as of Wednesday, July 20.

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