Gold Prices Fall Nearly 2%; Bullion Coins Unchanged

by Bullion Prices Staff on November 10, 2011

Gold prices stumbled deeper than other precious metals on Thursday. December gold futures declined $32, or 1.8%, to $1,759.60 an ounce on the Comex division of the New York Mercantile Exchange. It was a second straight session loss for the yellow metal. Gold prices hit an intraday low at $1,736.60 an ounce and reached a high at $1,776.90 an ounce.

"Momentum trading driven by technical triggers since Wednesday morning has driven continued downward pressure on the precious metals," Reuters quoted Miguel Perez-Santalla, vice president at Heraeus Precious Metals Management. "The fact that LCH Clearnet raised margins on the Italian Bonds may have caused liquidation of other assets to meet margin demands."

Silver declined the least, in percentage, of the major metals. December silver futures prices shed 25.5 cents, or 0.7%, to $34.11 an ounce.

In PGM futures prices, December palladium futures lost $7.05, or 1.1%, to $647.80 an ounce and January platinum futures declined $16.40, or 1%, to $1,627.30 an ounce.

United States Mint Bullion Coins

There were no gains for bullion coins Thursday, United States Mint sales data shows. It is the first time in three days that the 1 oz. American Gold and Silver Eagle bullion coins stayed unchanged. The latest United States figures are provided below in the daily, November 2011 and YTD 2011 columns.

United States Mint 2011 Bullion Coin Sales
  Thursday Gains November 2011 2011 Totals
1 oz American Gold Eagles 0 8,500 814,500
1/2 oz American Gold Eagles 0 0 65,000
1/4 oz American Gold Eagles 0 2,000 80,000
1/10 oz American Gold Eagles 0 0 355,000
1 oz American Gold Buffalo 0 1,500 146,500
5 oz America the Beautiful Silver not reported 391,500
1 oz American Silver Eagle 0 566,000 37,041,500


Notes. Figures above are in coins, not ounces sold.

For a more detailed analysis and breakdown of recent bullion and numismatic coin sales, read the article about weekly U.S. Mint Sales.

London Bullion Prices

London bullion prices declined across-the-board, a second consecutive day of same directional movement. From Wednesday PM to Thursday PM fixings:

  • Gold prices fell $28, or 1.6%, to $1,756 an ounce,
  • Silver lost 87 cents, or 2.5%, to $33.71 an ounce,
  • Palladium fell $14, or 2.1%, to $648 an ounce, and
  • Platinum lost $23, or 1.4%, to $1,627 an ounce

Check this site’s home page for current metal prices.

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