Gold Gains Modestly, Silver Prices Plummet

by Bullion Prices Staff on July 11, 2011

U.S. bullion prices were mixed for another day on Monday as gold rose slightly while other precious metals fell. August gold climbed $7.60, or 0.5%, to $1,549.20 an ounce on the Comex division of the New York Mercantile Exchange. The yellow metal traded between $1,542.10 an ounce and $1,557.60 an ounce.

"Concerns over unresolved debt issues in the monetary union continue to haunt investors," Andrey Kryuchenkov, an analyst at VTB Capital in London, said in a report quoted on Bloomberg. "A prolonged period of ultra-low currency yields and persistently dovish tone from the Federal Reserve will likely be supportive" for gold, he said.

In other futures prices, September silver declined 84.5 cents, or 2.3%, to $35.70 an ounce, September palladium fell $11.50, or 1.5%, to $767.45 an ounce, and October platinum declined $5.10, or 0.3%, to close at $1,728.30 an ounce.

London Bullion Prices

London bullion prices were also mixed on Monday. Gold and silver both gained. PM fixing prices included the following changes:

  • Gold gained of $14, or 0.9% at $1,555.50 an ounce
  • Silver climbed 8 cents, or 0.2%, at $36.36 an ounce
  • Palladium declined $6, or 0.8%, at $770 an ounce
  • Platinum declined $9, or 0.5%, at $1,731 an ounce

U.S. Mint Bullion Coins

Increases were seen across the 1 oz. U.S. Mint bullion coins on Monday. These coins typically experience a sizable bounce on the first day of a business week. The 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 500 2,500 82,000
1 oz American Gold Eagle 2,500 13,500 521,000
1/2 oz American Gold Eagle 0 1,000 56,000
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 0 326,800
1 oz American Silver Eagle 363,500 1,113,500 23.417M


*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 Tuesday, July 5. All other sales figures are as of Monday, July 11.

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