Gold Prices Hit New Record, Silver Jumps $2.52, 5 Oz. Bullion Coin News

by Bullion Prices Staff on July 13, 2011

U.S. bullion prices rose sharply Wednesday. Gold notably stopped at a new record over $1,585 an ounce and silver jumped ahead $2.52 to above $38 an ounce. European debt issues and talk of new quantitative easing measures from the Federal Reserve were factors analysts cited for gains.

August gold prices added $23.20, or 1.5%, to $1,585.50 an ounce on the Comex division of the New York Mercantile Exchange. The yellow metal traded between $1,564.60 an ounce and $1,588.90 an ounce.

"We have fear and contagion risks in Europe, and we are getting a rally of risk assets on the back of Bernanke alluding to the Fed trying to stimulate the economy, what people refer to as QE3," Jeffrey Sherman, commodities portfolio manager at DoubleLine Capital, was quoted on Reuters.

Silver ended at a six-week high. September silver prices gained 7.1% to $38.15 an ounce. The white metal’s increase lifted its year-to-date gain to 23%.

In PGM futures, September palladium prices added $16.55, or 2.2%, to $784.00 an ounce while October platinum prices gained $30.70 or 1.8%, to $1,767.00 an ounce.

London Bullion Prices

London bullion prices also move sharply higher on Wednesday. Silver led, followed by palladium, gold and then platinum. PM fixing prices included the following changes:

  • Gold prices gained $28.50, or 1.8% at $1,579 an ounce
  • Silver added $1.84, or 5.3%, at $36.75 an ounce
  • Palladium gained $21, or 2.8%, at $778 an ounce
  • Platinum added $27, or 1.6%, at $1,750 an ounce

U.S. Mint Bullion Coins

Two U.S. Mint bullion coins showed gains Wednesday. The 1 oz. American Gold Eagle added 2,000 and has reached 16,500 for the month while the 1 oz. American Silver Eagle scored an increase of 206,500, bringing its July total to more than 1.3 million.

In coin news related to the U.S. Mint’s 5 oz. coins, two articles of note:

The first article, from CoinNews.net, indicates that the last 2011 America the Beautiful Silver Bullion Coin will be released on July 18. The coin honors Chickasaw National Recreation Area in Oklahoma. The Mint will issue up to 126,700 of the bullion coins, which is the same amount as the previous four issues.

The second article, from SilverCoinsToday.com, is about the collector Yosemite America the Beautiful Silver Uncirculated Coin. The coin had previously been reported as being on a waiting list, indicating the Mint has received the maximum amount of orders for it. However, the waiting list notification from the Mint was published in error. About 1,660 of the coins were still available as of Sunday.

The newest U.S. Mint bullion coin sales figures are shown in the daily, July 2011 and YTD 2011 columns below.

United States Mint 2011 Bullion Coin Sales
Daily
Gains
July
2011
2011
Totals
1 oz American Gold Buffalo 0 2,500 82,000
1 oz American Gold Eagle 2,000 16,500 524,000
1/2 oz American Gold Eagle 0 1,000 56,000
1/4 oz American Gold Eagle 0 0 64,000
1/10 oz American Gold Eagle 0 5,000 255,000
5 oz America the Beautiful Silver 0 2,800 348,600
1 oz American Silver Eagle 206,500 1,320,000 23.6235M

 

*Notes. Figures above are in coins, not ounces sold. The United States Mint last updated the 5 oz. America the Beautiful Silver Bullion Coin sales on Monday, July 11. All other sales figures are as of Wednesday, July 13.

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