Gold Prices Gain, Silver Leaps and Eagle Bullion Coins Up

by Bullion Prices Staff on February 28, 2012

Gold prices rose Tuesday for the first time in three sessions as weakness in the dollar prompted buying. On the Comex division of the New York Mercantile Exchange, April gold prices gained $13.50, or 0.8%, to $1,788.40 an ounce for a 3.5- month high. The metal traded at a peak of $1,792.70 an ounce.

"The euro is stronger against the dollar and that’s one of the major supportive factors" for gold, Peter Fertig, owner of Quantitative Commodity Research Ltd. in Hainburg, Germany, said by telephone. Higher equities are "also supportive" for commodities to include gold, Fertig said.

Silver was the darling in precious metals on Tuesday. May silver prices rallied $1.60, or 4.5%, to $37.21 an ounce to score a 5.5-month high.

In PGM prices, June palladium futures added $14.80, or 2.1%, to $722.20 an ounce while April platinum futures added $9.20, or 0.5%, to $1,723.50 an ounce.

United States Mint Bullion Sales

American Buffalo and American Eagle bullion coins have gained for two straight days following a two-day slump, according to the latest sales from the United States Mint. The most recent bullion figures are provided below in the daily and 2012 columns.

Sales of United States Mint 2012 Bullion Coins
  Mon.. Tue. 2012 Sales
1 oz American Gold Eagle 3,000 500 103,500
1/2 oz American Gold Eagle 0 0 49,000
1/4 oz American Gold Eagle 0 0 40,000
1/10 oz American Gold Eagle 5,000 0 90,000
1 oz American Gold Buffalo 2,000 500 20,500
5 oz America the Beautiful Silver Coins 300 0 6,000
1 oz American Eagle Silver Coins 170,000 40,000 7,567,000


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 Coins on Monday, February 27, 2012. All other bullion sales have an "as of date" of Friday, February 27, 2012, as published on the Mint website.

In a major world coin news items, the following articles are of note:

The first article discusses the release of the 2012 Moose silver bullion coin, which is the 4th installment in the Royal Canadian Mint’s popular Wildlife Series.

The second article discusses the likely price increases of proof American Eagles (gold and platinum) and the First Spouse Gold Coins. Since gold has risen sharply during the last week, the United States Mint is expected to raise prices on the products around noon ET on Wednesday.

London Bullion Prices

London bullion prices also rose on the day. From the Monday PM to Tuesday PM London Fix:

  • Gold prices added $9, or 0.5%, to $1,781 an ounce,
  • Silver added 51 cents, or 1.5%, to $35.62 an ounce,
  • Palladium added $5, or 0.7%, to $712 an ounce, and
  • Platinum added $6, or 0.4%, to $1,712 an ounce

Refer to this site’s home page for always updated bullion prices and news.

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