Gold Prices Drop, Bullion American Silver Eagles Continue Surge

by Bullion Prices Staff on September 28, 2011

U.S. bullion prices gave back much or more than their previous day’s winnings on Wednesday. December gold prices lost $34.40, or 2.1%, to $1,618.10 an ounce on the Comex division of the New York Mercantile Exchange. Gold prices ended near their sessions low, which was at $1,617.40 an ounce. Gold hit an earlier intraday high at $1,672 an ounce.

"More liquidation from funds today were adding to month-end selling," said George Gero, vice president of RBC Capital Markets, according to Reuters. "It was because of disappointment over a lack of follow-through buying after Tuesday’s large rally, lower industrial demand outlook and continued euro zone worries."

Silver futures turned out to be the worst performing precious metal with a 4.4 percent drop Wednesday. In dollar terms, the white metal for December delivery fell $1.40 to $30.13 an ounce.

PGM futures each declined 2.3 percent. December palladium fell $15.20 to $634.75 an ounce while October platinum fell $35.90 to $1,538.10 an ounce.

London Bullion Prices

With the exception of silver, London bullion fell harder than futures in New York. Changes from the Tuesday PM to Wednesday PM fixing prices show that:

  • Gold declined $16, or 1%, to $1,643 an ounce
  • Silver lost $2.46, or 7.3%, at $31.04 an ounce
  • Palladium declined $3, or 0.5%, to $644 an ounce
  • Platinum lost $12, or 0.8%, at $1,556 an ounce

United States Mint Bullion Coins

Sales of American Silver Eagles were again on fire Wednesday. United States Mint authorized buyers snapped up 300,000. In one more milestone, their September tally moved above 3.7 million which makes this month the third best ever since the series started in 1986. The feat is more impressive when considering that bullion American Silver Eagles stood at a touch over 1.4 million on Wednesday of last week.

On the bullion gold coin side, the 1 oz. American Gold Buffalo added 2,000 for the day while the 1 oz. American Gold Eagle rose 7,000.

In related gold coin news, the United States Mint on Wednesday cut prices for over a dozen collector products. For more, read the article: US Mint Collector Gold Coins Poised for Deeper Price Cuts.

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 2,000 12,000 131,500
1 oz American Gold Eagle 7,000 79,000 751,500
1/2 oz American Gold Eagle 0 1,000 62,000
1/4 oz American Gold Eagle 0 2,000 72,000
1/10 oz American Gold Eagle 0 20,000 340,000
5 oz America the Beautiful Silver not reported 1,900 382,800
1 oz American Silver Eagles 300,000 3,725,500 32,676,500


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 26, 2011. All other figures have an "as of date" of Wednesday, September 28, 2011.

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