Gold Gains, Silver Prices Flat, 1 oz Bullion Eagles Rise

by Bullion Prices Staff on August 3, 2010

U.S. gold prices inched higher Tuesday as the U.S. dollar fell against other world currencies and news broke that China intends to ease rules on trading the yellow metal.

"Investors are ready to flock into gold," Michael K. Smith, the president of T&K Futures & Options in Port St. Lucie, Florida, said and was relayed on Bloomberg. "The dollar is going to stay weak. The news out of China is very bullish for the market. It’s a huge deal."

In New York precious metals prices, December gold was $1,187.50 an ounce for a pick up of $2.10 or 0.2%. The metal reached a low of $1,181.60 and a high of $1,193.00. Gold has climbed for five consecutive sessions — its biggest rally dating back to April 7, 2010.

September silver rose as well, but only by a sliver. It gained $0.003 to finish Tuesday at $18.422 an ounce.

Other metals, however, declined. Platinum for October delivery ended at $1,587.10 an ounce, falling $15.10 or 0.9%. And palladium for September delivery lost $9.40 or 1.8% to end the day at $506.45 an ounce.

InĀ London bullion prices, the afternoon gold fix was $1,187.50 an ounce for a loss of $1 or 0.1%.

"The seasonal weakness regarding gold should soon be over," said Eugen Weinberg, Commerzbank analyst. "We expect prices of gold to rise again in the medium term."

London silver was $18.420 an ounce, registering a gain of 31 cents or 1.7%. In PGM metals, platinum was $1,590.00 an ounce for an increase of $3 or 0.2% while palladium was $514.00 an ounce for an increase of $13 or 2.6%.

London silver was $18.160 an ounce, gaining 15 cents or 0.8%. Platinum was $1,560.00 an ounce for a pick up of $14.00 or 0.9%. Palladium was $478.00 an ounce, adding $1 or 0.2%.

United States Mint bullion coins rallied last month. Notably, July 2010 Silver Eagle Sales were the best ever for a July and they were in the top ten for best months since the series began in 1986.

August is yet to really kick off. Fractional American Gold Eagles have not yet moved. The one-ounce option increased by 1,000 on Monday, as did the Gold Buffalo coins. The bullion Silver Eagles jumped 275,000 on Monday. No new sales were reported by the U.S. Mint on Tuesday.

The latest totals for all Mint bullion offerings follow:

U.S. Mint Bullion Coin August 2010 Sales

American Buffalo Gold 23,000 1,000 184,500
American Eagle Gold 1 oz 147,500 1,000 767,000
American Eagle Gold 1/2 oz 2,000 0 33,000
American Eagle Gold 1/4 oz 2,000 0 46,000
American Eagle Gold 1/10 oz 30,000 0 310,000
American Eagle Silver 2,981,000 275,500 21,425,000


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

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