Gold Prices Fall for 3rd Day, Gold Bullion Coin Sales Up

by Bullion Prices Staff on October 19, 2011

U.S. golf prices fell for a third straight day Wednesday as tame U.S. inflation data and pessimistic news on the U.S. economic front soured bullion investors’ mood. December gold prices lost $5.80, or 0.4%, to $1,647.00 an ounce on the Comex division of the New York Mercantile Exchange.

The U.S. Labor Department reported Wednesday that inflation in September rose 0.3% and the more watched core rate, which excludes volatile food and energy costs, climbed a modest 0.1%. Also in the news, the Fed’s latest beige book was less than optimistic on the outlook for improved growth in U.S. economy.

“The general consensus is that there is little in the beige book that would fire up hopes of QE3, and coupled with the no real resolution in Europe, investors are liquidating their positions,” Reuters noted Frank McGhee, head precious metals trader of Integrated Brokerage Services LLC in Chicago.

Silver suffered heavy losses with the December futures contract falling 55.4 cents, or 1.7%, to $31.28 an ounce

In platinum-group metals, December palladium futures prices fell $11.50, or 1.9%, to $608.40 an ounce while January platinum futures dropped $17.60, or 1.1%, to $1,523.10 an ounce.

London Bullion Prices

London bullion prices moved opposite of futures in New York. Changes from the Tuesday PM to Wednesday PM fixings in London show that:

  • Gold prices added $21.50, or 1.3%, to $1,652.50 an ounce
  • Silver added 97 cents, or 3.1%, to $31.97 an ounce
  • Palladium added $18, or 3%, to $624 an ounce
  • Platinum added $9, or 0.6%, to $1,532 an ounce

United States Mint Bullion Coins

Three United States Mint bullion coins rose Wednesday, and they were all composed of gold. From highest to lowest, the 1/10 oz. American Eagle Gold added 5,000; the 1 oz. American Eagle Gold advanced 2,500 and the American Gold Buffalo added 1,000.

The latest available bullion sales are provided below in the daily, October 2011 and YTD 2011 columns.

United States Mint 2011 Bullion Coin Sales Figures
1 oz American Buffalo Gold 1,000 11,500 144,000
1 oz American Eagle Gold 2,500 33,000 793,000
1/2 oz American Eagle Gold 0 2,000 64,000
1/4 oz American Eagle Gold 0 4,000 76,000
1/10 oz American Eagle Gold 5,000 5,000 350,000
5 oz America the Beautiful Silver not reported 388,700
1 oz American Silver Eagle 0 2,507,000 35,918,500


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, October 17, 2011. All other figures have an "as of date" of Wednesday, October 19, 2011.

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