Gold Prices Drops Under $1,800, Bullion Silver Eagle Coin Advances

by Bullion Prices Staff on September 15, 2011

U.S. gold prices dropped under $1,800 an ounce Thursday as concerns over European debt eased after the ECB stepped in an announced a coordinated central banks plan to make it easier to borrow U.S. dollars. December gold prices fell $45.10, or 2.5%, to $1,781.40 an ounce on the Comex division of the New York Mercantile Exchange. The yellow metal had not settled below $1,800 an ounce since August 29.

"The next target for bullion as projected by polled traders in New York is near the $1,688.00 area — something that is still $100 away but a possibility that has nevertheless increased significantly as the risk-off trade makes its presence felt in various asset classes," noted Jon Nadler, Senior Analyst at Kitco Metals Inc. "Do note that gold declined on a day when an increase in initial jobless claims filings, a dip in the Empire State’s manufacturing activity index, and a rise of 0.4% in August US consumer prices might have otherwise lent more than just a helping hand to bullion values."

December silver futures prices ended down $1.03, or 2.5%, to $39.50 an ounce.

In PGM futures prices, palladium bucked the precious metals trend. December futures added $2.50, or 0.3%, to $723.50 an ounce while October platinum futures declined $35.30, or 1.9%, to $1,780.60 an ounce. Still, palladium is down 10% on the year while platinum, albeit small, has gained 0.1%.

"Palladium is the only precious metal to have fallen in price in the year to date. Its fundamentals have steadily deteriorated during the year," BNP Paribas said. "We now expect the market to be in surplus in 2011 and into the first half of 2012.

London Bullion Prices

Earlier fixed London precious metals moved lower with losses ranging from 1% to 2.2%. PM fixing prices included the following daily changes:

  • Gold prices declined $36.50, or 2% at $1,782 an ounce
  • Silver declined 89 cents, or 2.2% at $40.34 an ounce
  • Palladium declined $7, or 1%, at $716 an ounce
  • Platinum declined $23.50, or 1.3%, at $1,792 an ounce

Sales and News on United States Mint Bullion Coins

Only one United States Mint bullion product improved its numbers Thursday. The American Silver Eagle bullion coin had its sales total advance 42,000. That brought it 32,000 shy of 1 million for September and 81,000 short of 30 million for the year. In related coin news, the Mint at noon ET began selling the American Silver Eagle Uncirculated coin. With the exception of its finish and "W" mint mark, it is exactly like the bullion version. The uncirculated Silver Eagle, however, is intended for coin collectors. Its price is $60.45 and it may be purchased directly from the United States Mint website at http://www.usmint.gov.

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

United States Mint 2011 Bullion Coin Sales
  Thursday
Gain
September
2011
2011
Totals
1 oz American Gold Buffalo 0 5,000 124,500
1 oz American Gold Eagle 0 23,000 695,500
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 15,000 335,000
5 oz America the Beautiful Silver not reported 300 381,200
1 oz American Silver Eagle Bullion Coin 42,000 968,000 29,919,000

 

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 Monday, September 12, 2011. All other figures have an "as of date" of Thursday, September 15, 2011.

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