Gold Prices Edge Lower, Silver Keeps 31-Year High, Bullion Coins Rally

by Bullion Prices Staff on April 11, 2011

U.S. bullion prices were mixed on Monday as silver inched ahead while gold, palladium and platinum declined. Gold retreated for the first time in five days. Silver squeaked out a gain which put its prices at another 31-year high — a sixth consecutive time.

June gold prices dipped $6, or 0.4%, to $1,468.10 an on the Comex division of the New York Mercantile Exchange. Its intraday low was at $1,465.40 an ounce while its high was a new record at $1,478.00 an ounce.

"People are quick to take profit when gold reaches a record," Matthew Zeman, a strategist at Kingsview Financial in Chicago, was quoted on Bloomberg. "The silver market is the one everyone is in love with and afraid of missing the boat. People fully expect silver to get to $50."

May silver prices added four-tenths of a cent to close at $40.61 an ounce. While gaining on the day, the metal fell significantly from its intraday high of $41.98 an ounce.

Jim Wyckoff of Kitco News wrote in his daily precious metals coverage that silver:

"Prices closed near the session low on profit-taking after hitting a fresh 31-year high of $41.975 early on. Bulls still have the solid overall near-term technical advantage. A 2.5-month-old uptrend is in place on the daily bar chart. There are still no early clues to suggest a market top is close at hand. The next downside price breakout objective for the bears is closing prices below solid technical support at $39.00. Bulls’ next upside price objective is producing a close above solid technical resistance at $42.50 an ounce. First resistance is seen at $41.00 and then at $41.50. Next support is seen at Monday’s low of $40.56 and then at $40.00."

In PGM futures prices on Monday, both palladium and platinum declined. June palladium ended down $5.95, or 0.7%, to close the day at $788.25 an ounce. July platinum finished lower by $19.30, or 1.1%, at $1,792.80 an ounce.

In comparing London bullion PM fixing prices on Monday to those on Friday, all but silver declined.

  • Gold fell $1.50, or 0.1%, to $1,468 an ounce
  • Silver rose $1.15, or 2.9%, to $41.37 an ounce
  • Palladium declined $3, or 0.4%, to $795 an ounce
  • Platinum stepped back $1, or 0.1, to $1,802 an ounce

Mondays continue to remain the most active day of the week for United States Mint bullion coin sales. All but two of the U.S. Mint bullion coins advanced for the day — the same two that have remained unchanged during all of April. The latest published daily, April and 2011 bullion coin sales figures follow:

2011 U.S. Mint Bullion Coin Sales
1 oz American Gold Buffalo 6,000 3,000 44,000
1 oz American Gold Eagle 43,000 4,500 306,500
1/2 oz American Gold Eagle 0 0 21,000
1/4 oz American Gold Eagle 0 0 38,000
1/10 oz American Gold Eagle 10,000 5,000 170,000
American Silver Eagle 1,374,000 624,000 13,803,000

Figures above are in coins, not ounces sold.

For another perspective on the recent coin news about two upcoming bullion products from the U.S. Mint, read the article Gettysburg and Glacier ATB Silver Bullion Coins on Sale April 25.

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