Gold Prices Hit 3-Month High, Bullion Eagle Silver Dollars Surge

by Bullion Prices Staff on February 22, 2012

Gold prices rallied Wednesday after spending much of the day down. In the end, the metal gained $12.80, or 0.7%, to $1,771.30 an ounce on the Comex division of the New York Mercantile Exchange. The closing was the highest for gold since mid-November. Gold prices traded between $1,750.70 an ounce and $1,776.30 an ounce.

"We are seeing all the funds step in. It (technical buying) is the only thing at the moment that we can pin it on," said Frank McGhee, head precious metals trader at Integrated Brokerage Services LLC, according to Reuters.

Silver was the single precious metal to decline Wednesday. March silver futures prices fell 17.5 cents, or 0.5%, to $34.25 an ounce.

PGM metals enjoyed another healthy day of gains. March palladium futures prices added $7, or 1%, to $717.75 an ounce while April platinum futures prices gained $35.90, or 2.1%, to $1,720.80 an ounce.

United States Mint Bullion Sales

Following the worst weekly sales total of the year, United States Mint bullion Silver Eagles gained 100,000 on Tuesday and advanced another 300,000 on Wednesday. The amounts lifted the .999 fine silver coins well over the 1 million mark for February and near to 7.4 million for 2012.

As for the United States Mint’s other bullion coins, their sales levels were left unchanged for the day.

The most recent bullion figures are provided below in the daily, monthly and 2012 columns.

Sales of United States Mint 2012 Bullion Coins
  Tues. Wed. 2012 Sales
1 oz American Gold Eagle 1,000 0 100,000
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 0 0 85,000
1 oz American Gold Buffalo 1,000 0 18,000
5 oz America the Beautiful Silver Coins 0 0 5,700
1 oz American Eagle Silver Coins 115,000 300,000 7,357,000


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 Friday, January 27, 2012. Since no gains have been published for well over three weeks, levels have likely remained the same. All other bullion sales have an "as of date" of Wednesday, February 22, 2012, as published on the Mint website.

In recent United States Mint news, the following article is of note:

This article covers the opening sales figures for the 2012 Infantry Soldier Silver Dollars and 2012 Infantry Soldier Silver Dollar Defenders of Freedom Set. The silver dollars and set were released Thursday by the United States Mint.

London Bullion Prices

London bullion prices advanced. From the Tuesday PM to Wednesday PM London Fix:

  • Gold prices added $4, or 0.2%, to $1,752 an ounce,
  • Silver added 43 cents, or 1.3%, to $34.08 an ounce,
  • Palladium added $4, or 0.6%, to $713 an ounce, and
  • Platinum added $25, or 1.5%, to $1,698 an ounce

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

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