Gold Prices Attain New Record, March Bullion Coin Sales Mixed

by Bullion Prices Staff on April 5, 2011

U.S. bullion prices bounced to fresh highs Tuesday — gold to an all-time record and silver to a more than three-decade peak.

June gold prices rallied $19.50, or 1.4%, to end at $1,452.50 an ounce on the Comex division of the New York Mercantile Exchange. Gold prices touched an intraday low of $1,431 an ounce and ran up to $1,455.50 an ounce. Both the ending and session highs were new all-time records for the yellow metal.

"Gold prices surged to a new record high just before midday Tuesday, when pre-placed buy stop orders were triggered as prices began to rally after a weaker-than-expected U.S. ISM report was released, which put downside price pressure on the U.S. dollar index, wrote Jim Wyckoff of Kitco News.

"The inflationary implications of crude oil prices around $108.00 a barrel, other commodity market prices that are at or near all-time highs and very stimulative monetary policies from the world’s major central banks have produced heightened inflation concerns among investors. This is very bullish for the precious metals markets. Also, from a safe-haven demand perspective, precious metals traders will continue to look to the crude oil futures market as a gauge of the present world geopolitical tension, especially in the volatile Middle East."

May silver futures prices jumped 68.9 cents, or 1.8%, to $39.18 an ounce. Silver has scored 31-year highs for a second straight day.

In PGM futures prices on Tuesday, June palladium added $8.70, or 1.1%, to $793.10 an ounce and July platinum closed up $9.80, or 0.5%, to $1,796.80 an ounce.

In comparing London bullion PM fixing prices on Tuesday to those on Monday, precious metals were mixed.

  • Gold lost $2, or 0.1%, to $1,433.50 an ounce
  • Silver declined 38 cents, or 1%, to $38.08 an ounce
  • Palladium fell $5, or 0.6%, to $780 an ounce
  • Platinum advanced $6, or 0.3, to $1,787 an ounce

The sales pace slowed Tuesday for U.S. Mint bullion coins as compared to Monday. The only coin to move higher was the 1 oz American Gold Eagle with a pick-up of 3,000.

Mint bullion sales figures have been closed for March. In summary, U.S. Mint buyers ordered 2,767,000 American Silver Eagle bullion coins during the month and 115,000 ounces of Gold bullion coins. March was the 15th best ever for Silver Eagles, which is lower than the 7th ranking in February and the #1 ranking in January.

While levels were lower for silver coins in March, more gold bullion coins were sold during the month than in February or during the same period last year. Sales were down from January, however. The following articles from parent site CoinNews.net offer deeper details on demand for the bullion coins during the month:

The latest published daily, April and 2011 bullion coin sales figures follow:

2011 U.S. Mint Bullion Coin Sales
  April
2011
Daily
Gain
2011
Totals
1 oz American Gold Buffalo 3,000 0 41,000
1 oz American Gold Eagle 28,500 3,000 292,000
1/2 oz American Gold Eagle 0 0 21,000
1/4 oz American Gold Eagle 0 0 38,000
1/10 oz American Gold Eagle 5,000 0 165,000
American Silver Eagle 658,500 0 13,087,500

Figures above are in coins, not ounces sold.

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