Gold Prices End at New Record, Silver Higher

by Bullion Prices Staff on August 16, 2011

U.S. bullion prices moved higher Tuesday. From high to low, Gold finished up 1.5% to a new record high, palladium climbed 1.4%, silver added 1.3%, and platinum ended up 1.2%.

December gold prices rose $27 to $1,785 an ounce on the Comex division of the New York Mercantile Exchange. Gold’s record close was nearer its intraday high of $1,789.80 an ounce as the low came in at $1,763.60 an ounce.

"Gold is the quintessential hedge when there are worries about the economy," Dave Meger, the director of metal trading at Vision Financial Markets in Chicago, said in a telephone interview that was recounted on Bloomberg. "The comments from Sarkozy provided further support."

In other bullion prices, September silver added 51.2 cents to $39.82 an ounce, September palladium added $10.15 to $756.50 an ounce, and October platinum added $20.90 to $1,818.10 an ounce.

London Bullion Prices

Bullion prices in London were higher for all but palladium. PM fixing prices included the following daily changes:

  • Gold added $43.50, or 2.5%, at $1,782.50 an ounce
  • Silver added 18 cents, or 0.5%, at $39.36 an ounce
  • Palladium declined $3, or 0.4%, at $749 an ounce
  • Platinum added $21, or 1.2%, at $1,811 an ounce

U.S. Mint Bullion Coins

While nearly all U.S. bullion coins advanced Monday, it was only the 1 oz. sizes that improved on Tuesday, according to U.S. Mint sales figures. Gains were highest for the American Silver Eagle at 25,000. The 1 oz. American Gold Eagle came in second best with an increase of 3,500. The American Gold Buffalo followed with 1,000.

For a breakdown of recent bullion and numismatic silver coin performances, read the article US Mint Sales: Grand Canyon Silver Coin Nears Sell Out.

The latest available bullion coin totals are provided below in the daily, August 2011 and YTD 2011 columns.

United States Mint 2011 Bullion Coin Sales
1 oz American Gold Buffalo 1,000 15,500 107,000
1 oz American Gold Eagle 3,500 73,000 642,000
1/2 oz American Gold Eagle 0 3,000 61,000
1/4 oz American Gold Eagle 0 4,000 68,000
1/10 oz American Gold Eagle 0 40,000 305,000
5 oz America the Beautiful Silver - 10,300 380,400
1 oz American Silver Eagle 25,000 1,984,500 27,256,000


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, August 15, 2011. All other figures have an "as of date" of Tuesday, August 16, 2011.

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