Gold Prices Close Below $1,780, Silver Eagle Bullion Coins Top 30 Million

by Bullion Prices Staff on September 19, 2011

U.S. gold prices ended lower Monday, dropping nearly $36 and to a more than three-week low as strength in the dollar hurt the yellow metal’s appeal. Fears of a looming Greek default headlined business news.

"What’s different about the euro zone crisis this time is people are moving straight to cash instead of looking at alternative safe assets like gold," said David Meger, metals trading director at Chicago’s Vision Financial Markets, according to Reuters.

On the Comex division of the New York Mercantile Exchange, December gold prices closed to $1,778.90 an ounce, down $35.80, or 2%. The settlement price was gold’s lowest since August 25.

In other New York futures prices, December silver lost $1.67, or 4.1%, to $39.16 an ounce, December palladium prices fell $20.85, or 2.8%, to $712.10 an ounce and October platinum prices declined $41.90, or 2.3%, to $1,772 an ounce.

London Bullion Prices

The latest London PM fixing prices showed two precious metals — gold and platinum — unchanged from their fixings on Friday. The other metals split. London PM fix bullion prices for Monday follow:

  • Gold unchanged at $1,794 an ounce
  • Silver up 49 cents, or 1.2% at $40.46 an ounce
  • Palladium down $11, or 1.5%, at $721 an ounce
  • Platinum unchanged at $1,798 an ounce

United States Mint Bullion Coins

In a change from each of the days of last week, the American Silver Eagle bullion coin rose sharply with an advance on Monday of 236,500. The increase lifted the Silver Eagle over 30 million in sales for the year. 4.67 million more and Silver Eagle sales will pass the annual record of 34,662,500 set in 2010.

In a rarity, the United States Mint also reported that each of its 22-karat American Gold Eagle coins advanced Monday. The 1 oz. size gained the most at 6,000 followed by the 1/10 oz. size at 5,000. For the first time in September, the middle 1/2 oz. and 1/4 oz. bullion coins also climbed with increases of 1,000 and 2,000, respectively.

For more information on these coins, check out at American Eagle Coins.

The latest United States Mint bullion sales are provided below in the daily, September 2011 and YTD 2011 columns.

Sales of United States Mint 2011 Bullion Coins
1 oz American Gold Buffalo 0 5,000 124,500
1 oz American Gold Eagle 6,000 29,000 701,500
1/2 oz American Gold Eagle 1,000 1,000 62,000
1/4 oz American Gold Eagle 2,000 2,000 72,000
1/10 oz American Gold Eagle 5,000 20,000 340,000
5 oz America the Beautiful Silver not reported 300 381,200
1 oz American Silver Eagle Bullion Coin 236,500 1,279,500 30,230,500


Notes. Figures above are in coins, not ounces sold. The United States Mint last updated the sales of 5 oz. America the Beautiful Silver Bullion Coins on Monday, September 12, 2011. All other figures have an "as of date" of Monday, September 19, 2011.

In other coin news, buyers can now order new bullion coins from Australia. The Perth Mint of Australia has released the bullion Year of the Dragon coins. The 2012-dated silver coins are available in seven sizes, ranging from the largest 10 kilo to the smallest 1/2 oz.

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