Gold Jumps Over $1,700, Silver Prices Race, Silver Eagle Bullion Coin Passes 26M

by Bullion Prices Staff on August 8, 2011

U.S. bullion prices were split Monday, as gold and silver soared, platinum climbed modestly and palladium fell. December gold futures closed to a new record high, adding $61.40, or 3.7%, to $1,713.20 an ounce on the Comex division of the New York Mercantile Exchange.

"Comex gold futures prices ended the U.S. day session in very strong fashion and hit another all-time record high of $1,722.40, basis December futures, as of this writing," noted Jim Wyckoff of Kitco Metals Inc.

"The precious yellow metal saw strong safe-haven investment demand after the U.S. got a credit downgrade late Friday and as the European Union attempts to contain its own escalating debt crisis."

Gold hit an intraday low of $1,644.20 an ounce and reached as high as $1,673.30 an ounce. Prices have risen 20.5% this year.

In other bullion prices in New York:

  • Silver futures returned to rally mode, lifting their gains this year to 27.3%. On Monday, September silver prices added $1.169, or 3.1%, to $39.38 an ounce.

  • PGM futures prices split. September palladium fell $13.25, or 1.8%, to $728.50 an ounce while October platinum added $4.50, or 0.3%, to $1,723.60 an ounce.

London Bullion Prices

London bullion prices were mixed as they moved in the same direction as futures in New York. PM fixing prices included the following changes:

  • Gold added $34.25, or 2.1%, at $1,693 an ounce
  • Silver prices added 62 cents, or 1.6%, at $39.86 an ounce
  • Palladium declined $9, or 1.2%, at $733 an ounce
  • Platinum added $16, or 0.9%, at $1,725 an ounce

U.S. Mint Bullion Coins

U.S. Mint sales rose sharply Monday for 1 oz. gold and silver bullion coins. Single-day gains were each significantly higher than their respective weekly sales totals from last Monday through Friday.

The American Silver Eagle vaulted 611,000 and surpassed 26 million in sales this year. In contrast, the Silver Eagle rose 428,000 during all of last week — although it was one of the worst weekly performances for the silver coins this year.

Related to the bullion coin is the uncirculated American Silver Eagle which is minted for coin collectors. After an absence of two years, the United States Mint has scheduled the Silver Eagle release for September 29, 2011.

In gold bullion coins, the American Gold Buffalo added 3,500 and American Gold Eagle 1 oz. jumped 12,000. The latest U.S. bullion coin figures are provided below in the daily, August 2011 and YTD 2011 columns below.

United States Mint 2011 Bullion Coin Sales
Monday
Increase
August
2011
2011
Totals
1 oz American Gold Buffalo 3,500 6,000 97,500
1 oz American Gold Eagle 12,000 21,000 590,000
1/2 oz American Gold Eagle 0 2,000 60,000
1/4 oz American Gold Eagle 0 2,000 66,000
1/10 oz American Gold Eagle 0 10,000 275,000
5 oz America the Beautiful Silver - 7,500 376,800
1 oz American Silver Eagle 611,000 1,039,000 26,310,500

 

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, August 2. All other figures are as of Monday, August 8.

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