Gold Prices Advance, Silver Rises to 2-Week High

by Bullion Prices Staff on June 6, 2011

U.S. bullion prices were mixed Monday, with all but platinum rising. Palladium was the best performing precious metal, advancing 1.7%. Silver followed at 1.6% and gold brought up the rear with an increase of 0.3%. In specific, August gold prices added $4.80 to $1,547.20 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold and silver futures ended higher and near the middle of their daily trading ranges Monday," noted Jim Wyckoff over at Kitco Metals Inc. "Recent weak U.S. economic data, unrest in the Middle East and the simmering European Union debt crisis have all combined to produce safe-haven investment demand for the precious metals. However, weaker crude oil prices and a firmer U.S. dollar index did limit buying interest in gold and silver Monday."

In other New York precious metals futures prices:

  • July silver prices added 59.1 cents to $36.78 an ounce — its biggest increase since May 25
  • September palladium added $13.30 to $798.70 an ounce
  • July platinum fell $2.50, or 0.1%, to $1,821.20 an ounce

London Bullion Prices

London bullion prices advanced on the day, when comparing their current to previous PM:

  • Gold added $9, or 0.6%, at $1,549 an ounce
  • Silver gained $1.68, or 4.8%, at $36.87 an ounce
  • Palladium added $19, or 2.5%, at $789 an ounce
  • Platinum gained $12, or 0.7%, at $1,819 an ounce

The United States Mint reported a sales increase of 3,500 for the 1 oz American Gold Eagle bullion coin. No other bullion coins showed gains. While Silver Eagles remained unchanged on the day, their May sales are finalized. U.S. Mint buyers scooped up 3,635,500, making it the second best month of the year and the fourth best month of all time for the silver bullion coins.

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 3,500 21,500 473,000
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 0 47,000 18.9485M

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 27. All other sales figures are as of Monday, June 6.

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