Gold Prices Fall Modestly, Silver Drops 1%, US Bullion Coins Unchanged

by Bullion Prices Staff on December 21, 2011

Gold prices declined slightly Wednesday as the greenback firmed. February gold prices fell $4, or 0.2%, to $1,613.60 an ounce on the Comex division of the New York Mercantile Exchange. The yellow metal traded from an intraday low of $1,607.70 an ounce to a high of $1,643.70 an ounce.

"The gold market was holding modest gains in very early trading Wednesday and got a further boost when the European Central Bank saw very strong demand for its first offering of longer-term funding for European banks," noted Jim Wyckoff of Kitco News.

"However, as traders digested that news they reckoned it was more of a bearish development for the EU debt crisis than a bullish one. The Euro currency backed well down from its daily high while the U.S. dollar index moved well off its daily low. U.S. stock indexes also weakened. Gold, in turn, backed off from its session high to trade near steady and then saw some slight further deterioration as the day wore on.

March silver prices declined 28.7 cents, or 1%, to $29.25an ounce. And in PGM metals, March palladium prices added $5.50, or 0.9% — the only major metal to rise, to $634.10 an ounce while January platinum prices declined $1.20, or 0.1%, to $1,431.70 an ounce.

United States Mint Bullion Sales

There was no United States Mint bullion action to report Wednesday as sales remained unchanged from Tuesday. The latest bullion figures are provided below in the daily, December 2011 and YTD 2011 columns.

United States Mint 2011 Bullion Coin Sales
  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 17,000 170,500
5 oz America the Beautiful Silver daily gains not reported 3,900 397,700
1 oz American Silver Eagle 0 1,909,000 39,768,500


Notes. Figures above are in coins, not ounces sold. The United States Mint last updated sales of its 5 oz. America the Beautiful Silver Bullion Coin on Monday, December 20, 2011. All other figures have an "as of date" of Wednesday, December 21, 2011.

For United States Mint news of the day, check out the latest weekly stats for silver products, including the ending commemorative coin sales.

London Bullion Prices

London bullion prices split as gold declined modestly while the other major rose or stayed unchanged. From Wednesday PM to Tuesday PM London fixings:

  • Gold prices lost $5.50, or 0.3%, to $1,608 an ounce,
  • Silver added 47 cents, or 1.6%, to $29.75 an ounce,
  • Palladium added $12, or 1.9%, to $632 an ounce, and
  • Platinum was the metal to stay unchanged at $1,425 an ounce

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