Gold Prices Dip; Silver Eagle Anniversary Set Launches Oct. 27

by Bullion Prices Staff on October 13, 2011

U.S. gold and silver prices fell Thursday. Silver led losses in precious metals, snapping its string of three consecutive session gains. As for the gold, December futures prices fell $14.10, or 0.8% to $1,668.50 an ounce on the Comex division of the New York Mercantile Exchange.

"Ultimately, given the ongoing government-debt-related crisis, safe-haven gold is still appealing to investors and buying should push the price higher over the rest of the quarter," said Nikos Kavalis, an analyst at Royal Bank of Scotland Group Plc in London, according to Businessweek.

As mentioned, silver lost the most (in percentage terms) out of the major metals. December silver futures prices dropped $1.12, or 3.4% to $31.67 an ounce. The loss was silver’s first since Friday.

In PGM’s, December palladium futures prices declined $17.00, or 2.8% to close at $594.10 an ounce while January platinum futures prices dipped $22.00, or 1.4% to settle at $1,532.40 an ounce.

London Bullion Prices

London bullion prices also declined across the board. Changes from the Wednesday PM to Thursday PM fixings show that:

  • Gold prices declined $26, or 1.5%, to $1,656 an ounce
  • Silver declined 92 cents, or 2.8%, to $31.97 an ounce
  • Palladium declined $8, or 1.3%, to $604 an ounce
  • Platinum declined $11, or 0.7%, to $1,535 an ounce

United States Mint Bullion Coins

United States Mint 1 oz. Gold Buffalo and Gold Eagle bullion coins advanced for a second straight day. Sales of the Buffalo rose 1,000 while the Eagle gained 1,500.

The latest available bullion sales are provided below in the daily, October 2011 and YTD 2011 columns.

Sales of United States Mint 2011 Bullion Coins
1 oz American Buffalo Gold 1,000 8,500 141,000
1 oz American Eagle Gold 1,500 25,500 785,500
1/2 oz American Eagle Gold 0 2,000 64,000
1/4 oz American Eagle Gold 0 4,000 76,000
1/10 oz American Eagle Gold 0 0 345,000
5 oz America the Beautiful Silver not reported 388,600
1 oz American Silver Eagle 0 1,880,000 35,291,500


Notes. Figures above are in coins, not ounces sold. The United States Mint last updated 5 oz. America the Beautiful Silver Bullion Coin sales on Monday, October 10, 2011. All other figures have an "as of date" of Wednesday, October 13, 2011.

American Silver Eagle Anniversary Set

In United Sates Mint news of the day, the government agency has published the Anniversary Silver Eagle Set release date. The Mint said the five-coin set, which celebrates the 25th anniversary of the American Silver Eagle coin, would be released on October 27. That is two weeks from today. The anniversary set includes one bullion Silver Eagle, two uncirculated Silver Eagles (from West Point and San Francisco Mints), and two proof versions (from West Point and Philadelphia Mints).

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