Gold Hits New Record, Silver Advances Slightly, 5 Oz Bullion Coins Gain

by Bullion Prices Staff on July 26, 2011

U.S. bullion prices climbed across the board on Tuesday, although advances were mostly mild. Palladium was the exception, by far the biggest gainer in precious metals. It soared 3.3%.

August gold prices rose $4.60, or 0.3%, to $1,616.80 an ounce on the Comex division of the New York Mercantile Exchange. The level scored a new all-time closing record high, a second straight for gold.

Jim Wyckoff, of Kitco Metals Inc., wrote the following of gold and silver on Wednesday.

"Comex gold and silver futures prices ended higher Monday as bargain hunters stepped in to buy the weaker prices seen earlier in the trading session. August gold closed at a new record high close. The U.S. dollar index extended its early losses as the day progressed, which also added to investor demand for the safe-haven precious metals… Gold and silver futures were under mild profit-taking pressure in the early going, but traders and investors viewed the weakness as only temporary and ‘bought the dip’."

In other bullion prices, September silver added 33.7 cents, or 0.8%, to $40.698 an ounce, September palladium added $27.10 to $836.10 an ounce and October platinum added $13.20, or 0.7%, to $1,807.20 an ounce.

London Bullion Prices

London bullion prices were mixed yet again on Tuesday as all but palladium fell. PM fixing prices included the following changes:

  • Gold lost 75 cents at $1,612.75 an ounce
  • Silver fell 44 cents, or 1.1%, at $40.34 an ounce
  • Palladium added $9.50, or 1.2%, at $812 an ounce
  • Platinum fell $4, or 0.2%, at $1,787 an ounce

U.S. Mint Bullion Coins

Demand has been strong this month for the 1 oz. American Gold Eagles, based on U.S. Mint bullion sales figures. The bullion coin rose 15,000 on Tuesday, which put its July total, now at 57,000, above the previous month.

The Mint also reported new sales figures for its America the Beautiful 5 oz. Silver Bullion Coins. They gained 4,900, although that total is likely a combination of multiple days. The U.S. Mint normally releases 5 oz. sales updates just once a week. The previous update occurred on July 18. The Mint publishes sales for its other bullion products almost every business day.

In the category of five ounces silver coins from the Mint, two recent stories of interest include:

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*
Daily
Gains
July
2011
2011
Totals
1 oz American Gold Buffalo 0 10,500 90,000
1 oz American Gold Eagle 15,000 57,000 564,500
1/2 oz American Gold Eagle 0 3,000 58,000
1/4 oz American Gold Eagle 0 0 64,000
1/10 oz American Gold Eagle 0 15,000 265,000
5 oz America the Beautiful Silver 4,900 16,300 369,400
1 oz American Silver Eagle 0 2,510,000 24,813,500

 

*Notes. Figures above are in coins, not ounces sold.

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