Gold Prices Advance, Silver Dips, 1 Oz. Bullion Coins Rise

by Bullion Prices Staff on May 23, 2011

U.S. bullion prices were mixed Monday. Gold edged up and toward a two-week high, but other metals declined modestly.

June gold prices rose $6.50, or 0.4%, to $1,515.40 an ounce on the Comex division of the New York Mercantile Exchange. It was the best closing price for gold since May 10 when prices settled at $1,516.90 an ounce.

MarketWatch relayed the following in its daily wrap-up of precious metals prices:

Fears of a European sovereign-debt debacle "were overriding strength in the dollar," said James Cordier, a portfolio manager at in Florida. "Investors are going to safe havens."

Traders also fretted about more signs global growth is cooling, pulling down metals more closely related to industrial activities, such as copper.

"The global economy bull run of 2009-10, it really appears to be slowing down," Cordier said.

For the day, gold prices traded from a low of $1,503.70 an ounce to a high of $1,519 an ounce.

In other precious metals futures trading, July silver prices ended lower by 18.3 cents, or 0.5%, to $34.90 an ounce, June palladium declined $3.70, or 0.5%, to $731.80 an ounce, and July platinum fell $13.50, or 0.8%, to $1,755.90 an ounce.

London Bullion Prices

London bullion prices were also mixed when comparing their PM fixings on Monday from those on Tuesday:

  • Gold rose $19.75, or 1.3%, at $1,510.50 an ounce
  • Silver fell 10 cents, or 0.3%, at $34.70 an ounce
  • Palladium declined $11, or 1.5%, at $723 an ounce
  • Platinum fell $17, or 1%, at $1,750 an ounce

United States Mint Bullion Coins

United States Mint buyers ordered 1 oz. gold and silver bullion coins on Monday, marking a second straight day of increases for the bigger bullion issues. American Silver Eagle bullion coins jumped 640,500, bringing their year-to-date total to over 18.1 million.

The United States Mint began selling the Olympic Five Ounce Silver Bullion Coin Monday. Their initial sales figures should be published by the U.S. Mint by Tuesday.

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

US Mint 2011 Bullion Coin Sales
1 oz American Gold Buffalo 500 13,500 72,000
1 oz American Gold Eagle 3,000 84,500 442,500
1/2 oz American Gold Eagle 0 22,000 55,000
1/4 oz American Gold Eagle 0 4,000 56,000
1/10 oz American Gold Eagle 0 15,000 215,000
5 oz America the Beautiful Silver 0 28,000 253,400
1 oz American Silver Eagle 640,500 2.8965 M 18.1445 M

Figures above are in coins, not ounces sold.

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