Gold Prices Advance, Bullion Silver Coins Rise

by Bullion Prices Staff on June 9, 2011

U.S. bullion prices lifted higher Thursday on a round of safe-haven buying. August gold prices advanced $4, or 0.3%, to $1,542.70 an ounce on the Comex division of the New York Mercantile Exchange. Gold prices touched an intraday low of $1,534 an ounce and reached a high of $1,550.80 an ounce.

"Comex gold and silver oil prices closed higher Thursday on fresh safe-haven investment demand and amid a rally in crude oil prices. A firmer U.S. dollar index Thursday did limit the upside in the precious metals markets," wrote Jim Wyckoff at Kitco Metals Inc.

"Thursday morning’s highly anticipated European Central Bank (ECB) meeting did not produce an immediate rate hike by the ECB, but the press conference that followed saw ECB head Trichet suggest EU rates will be hiked in July. Recent European Union economic data has been stronger and the U.S. data has been weaker. If such continues to be the case, it would be a bearish development for the U.S. dollar and bullish for the Euro currency–which would also be bullish for the precious metals," added Wyckoff.

In other bullion prices, July silver advanced 80.4 cents, or 2.2%, to $37.42 an ounce, September palladium rose $12.40, or 1.5%, to $818.10 an ounce, and July platinum advanced $13.50, or 0.7%, to $1,844.70 an ounce.

London Bullion Prices

London bullion prices rose Thursday, although gold prices remained unchanged. When comparing their current to previous PM fixing prices:

  • Gold prices stayed at $1,537.75 an ounce
  • Silver advanced 81 cents, or 2.2%, at $37.03 an ounce
  • Palladium advanced $11, or 1.4%, at $810 an ounce
  • Platinum advanced $13, or 0.7%, at $1,831 an ounce

United States Mint Bullion Coins

The United States Mint reported a pick-up in sales for its one-ounce, American Silver Eagle bullion coin. The Silver Eagle rose 25,000 and now sits at 842,000 for June. For an in depth look at recent numismatic and bullion coin performances, including the Silver Eagle, read the latest US Mint sales article.

Also in the news Thursday, the United States Mint released its latest collector five-ounce silver coin honoring Yosemite. Like the Silver Eagle, it is composed of .999 fine silver. Its starting price is $279.95 and it has a mintage limit of 27,000. The previous two coins which kicked off the series have already sold out. Buyers can visit the Mint website at http://www.usmint.gov to purchase the newest one.

Daily, June 2011 and YTD 2011 bullion sales are shown in the table below:

United States Mint 2011 Bullion Coin Sales
Daily
Gains
June
2011
2011
Totals
1 oz American Gold Buffalo 0 0 74,000
1 oz American Gold Eagle 0 24,500 476,000
1/2 oz American Gold Eagle 0 0 55,000
1/4 oz American Gold Eagle 0 0 56,000
1/10 oz American Gold Eagle 0 15,000 230,000
5 oz America the Beautiful Silver 0 0 326,800
1 oz American Silver Eagle 25,000 842,000 19,7435M

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 May 26. All other sales figures are as of Thursday, June 9.

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