Gold Prices at Another Record, Four of Five US Bullion Coins Rise

by Bullion Prices Staff on September 29, 2010

Gold prices rose modestly Wednesday as the greenback dropped to another low. The yellow metal has placed together a string of record highs in the last two weeks — ten in the last twelve days, with Wednesday adding to the list.

In New York bullion closing prices, December gold futures ended at $1,310.30 an ounce, edging higher $2 or 0.2%. The metal reached a low of $1,306.10 an ounce while its highest level was $1,314.80 an ounce.

"A weaker U.S. dollar and safe-haven buying tied to worries about anemic economies in the U.S. and Europe produced fresh buying interest in gold," noted Jim Wyckoff of Kitco News.

"The U.S. dollar index hit another fresh eight-month low Wednesday, following a weaker-than-expected U.S. consumer confidence report Tuesday and ideas the Federal Reserve will soon initiate another round of quantitative easing of monetary policy," Wyckoff added. "As long as the U.S. dollar index is in an overall price downtrend on the charts, look for gold prices to continue to trend sideways to higher.

U.S. silver futures reached a fresh 30-year high Wednesday. Silver for December delivery closed at $21.952 an ounce, rising 24.5 cents or 1.1%.

Platinum and palladium rose as well. January platinum increased $15.90 or 1% to $1,656.60 an ounce — the best price since May. December palladium added $6.85 or 1.2% to to $567.30 an ounce — its best level since April.

In London bullion prices, the gold PM Fix was $1,307.50 an ounce, rising $13.50 or 1%. The London silver Fix was $21.870 an ounce, gaining 71 cents or 3.3%. In PGM metals, platinum was $1,647 an ounce for an increase of $33 or 2% and palladium was $564 an ounce for a daily gain of $12 or 2.2%.

Wednesday was unique for U.S. Mint bullion coins. Sales advanced across the board, with the exception of the quarter-ounce Gold Eagle which remained unchanged. As a reminder, the bullion American Buffalo is no longer available. They sold out with the United States Mint’s allocated inventory of 209,000 depleted. For more on the topic, read the article: 2010 Gold Buffalo Bullion Coins Sell Out.

The latest Mint sales figures for bullion coins and their daily increases follow:

September 2010 US Mint Bullion Coin Sales
September 2010 Wednesday Gain 2010 Totals
American Buffalo Gold Sold Out - 209,000
1 oz American Gold Eagle 78,000 5,000 883,000
1/2 oz American Gold Eagle 1,000 0 35,000
1/4 oz American Gold Eagle 4,000 2,000 52,000
1/10 oz American Gold Eagle 30,000 10,000 355,000
American Silver Eagle 1,880,000 200,000 25,480,500


Figures above are in coins, not ounces of gold sold.

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