Gold Prices Drop for Sixth Day, Silver Rises, US Mint Bullion Coins Unchanged

by Bullion Prices Staff on December 29, 2011

Marking a sixth consecutive day of losses, February gold prices declined $23.20, or 1.5%, to $1,540.90 an ounce on the Comex division of the New York Mercantile Exchange. Gold prices traded from a low of $1,557.60 an ounce to a high of $1,595.00 an ounce. Losses incurred were described as the result of liquidation.

Traders are "liquidating their gold positions before year end, locking in last-minute profits in a mad rush to raise capital ahead of the last 2011 market close," MarketWatch quoted Seth Rabinowitz, who covers commodities as a partner at Silicon Associates.

"Traders don’t want to watch the ball drop while worrying they have insufficient capital to start the new year on their strongest foot, particularly while pondering otherwise uncertain profits from the previous year."

PGM metals declined the most, led by palladium. March palladium prices fell $23.40, or 3.6%, to $623.75 an ounce while April platinum prices declined $25.60, or 1.8%, to $1,366.80 an ounce.

Silver bucked other precious metals, with March silver futures rising 8.1 cents, or 0.3%, to $27.32 an ounce.

United States Mint Bullion Coins

No bullion coin gains were reported by the United States Mint on Thursday. The latest United States bullion figures are provided below in the daily, weekly, December 2011 and YTD 2011 columns.

United States Mint 2011 Bullion Coins
  Wednesday Gain December 2011 2011 Totals
1 oz American Gold Eagles 0 65,500 910,000
1/2 oz American Gold Eagles 0 0 65,000
1/4 oz American Gold Eagles 0 0 82,000
1/10 oz American Gold Eagles 0 0 370,000
1 oz American Gold Buffalo 0 21,000 174,500
5 oz America the Beautiful Silver 0 3,900 397,700
1 oz American Silver Eagle 0 2,009,000 39,868,500


Notes. Figures above are in coins, not ounces sold. The United States Mint last updated sales of 5 oz. America the Beautiful Silver Bullion Coins on Monday, December 19, 2011. All other figures have an “as of date” of Thursday, December 29, 2011.

In other United States Mint news of the day, not necessary related to bullion, the following articles are of note:

The first article is another reminder that six 2011-dated annual sets will be taken off sale by the United States Mint on Friday, December 30, at 5 PM ET. The second article offers a review of weekly sales for United States Mint numismatic products. Gold coins were of special notice, with sales surging following their price reductions last week.

London Bullion Prices

London bullion prices plummeted Thursday. From the Wednesday AM to Thursday PM London fixings:

  • Gold prices declined $40, or 2.5%, to $1,531 an ounce,
  • Silver declined $2.49, or 8.7%, to $26.16 an ounce,
  • Palladium declined $25, or 3.8%, to $630 an ounce, and
  • Platinum declined $54, or 3.8%, to $1,354 an ounce

Refer to this site’s home page for always updated bullion prices and the latest bullion news.

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