Gold Prices Dip Slightly, Silver Eagle Bullion Coin Rises

by Bullion Prices Staff on September 6, 2011

Bullion prices dipped in the first day of U.S. trading this week. December gold prices on Tuesday lost $3.60, or 0.2%, to $1,873.30 an ounce on the Comex division of the New York Mercantile Exchange. Gold actually achieved an intraday record of $1,923.70 earlier in the day when global economic worries elicited safe-haven buying. The metal came rushing down when the U.S. dollar strengthened after Switzerland’s central bank set an exchange rate cap of 1.20 between the Swiss franc and the euro.

Jim Wyckoff of Kitco Metals Inc. writes of gold:

"Gold prices soared to a new record in early trading Tuesday as the European Union debt crisis continues to fester. There have been ongoing negotiations among EU leaders, with the underlying theme that there is still not uniform agreement on specific near-term actions to be taken. Italy is the focus early this week, with Italian bond yields rising amid talk of worker strikes about to occur there. European stocks markets were under pressure Monday on this situation, as the U.S. markets were closed for a holiday. U.S. markets played catch up Tuesday.

The surprising news overnight that the Swiss National Bank announced it will peg the Swiss franc to the value of the Euro currency did coincide with gold prices backing well off the record high scored in earlier trading Tuesday. The uncertainty of that situation or the big down move in the Swiss franc may have prompted skittishness in the gold market, or produced some margin-related selling in gold."

In other New York futures prices, December silver declined $1.20, or 2.8%, to $41.87 an ounce, December palladium declined $33.65, or 4.3%, to $749.55 an ounce, and October platinum declined $26.60, or 1.4%, to $1,858.20 an ounce.

London Bullion Prices

Bullion prices in London on Tuesday dipped slightly, except for gold which remained unchanged from Monday. PM fixing prices included the following daily changes:

  • Gold prices remained at $1,895 an ounce
  • Silver declined 86 cents, or 2%, at $41.85 an ounce
  • Palladium declined $2, or 0.3%, at $761 an ounce
  • Platinum declined $6, or 0.3%, at $1,866 an ounce

United States Mint Bullion Coin Sales

In United States Mint bullion products, gains on Tuesday were held to the Silver Eagle bullion coin. It rose 81,000 to 175,000 for September. In recent news, Silver Eagle sales in August surged with 3,679,500 sold. That was higher than the previous month, better than the same time from a year ago (August 2010) and ranked the month as the fourth best all-time (going back to the series introduction in 1986).

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

United States Mint 2011 Bullion Coin Sales
1 oz American Gold Buffalo 0 0 119,500
1 oz American Gold Eagle 0 3,000 675,500
1/2 oz American Gold Eagle 0 0 61,000
1/4 oz American Gold Eagle 0 0 70,000
1/10 oz American Gold Eagle 0 0 320,000
5 oz America the Beautiful Silver not reported 380,900
1 oz American Silver Eagle Bullion Coin 81,000 175,000 29,126,000


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 Tuesday, August 30, 2011. All other figures have an "as of date" of Tuesday, September 6, 2011.

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