Gold Prices Inch Lower, Silver Eagle Bullion Nears 3 Million

by Bullion Prices Staff on May 26, 2011

U.S. bullion prices were mixed Thursday. Gold broke away from its string of four session gains, slipping a modest 0.3%. But silver fell further, dropping 0.8% after two straight days of sharp gains. The PGM metals split. Palladium rallied 1.3% while platinum lost 0.1%.

In closing, June gold prices dipped $3.90 to $1,522.80 an ounce on the Comex division of the New York Mercantile Exchange. Gold prices reached their intraday low at $1,514.60 an ounce and their high at $1,531.10 an ounce.

"Comex gold and silver futures prices closed weaker Thursday as prices pulled back from recent gains on some profit-taking and on a downside technical correction. However, losses in precious metals were limited by a weaker U.S. dollar index," noted Jim Wyckoff of Kitco News.

"Crude oil prices traded modestly lower Thursday, but the bulls have gained some fresh upside technical momentum after Wednesday’s solid gains. The fact that crude oil prices are hovering around $100.00 a barrel is an underlying bullish factor for the precious metals, due to its inflationary implications," added Wyckoff.

In other precious metals closing prices, July silver declined 31.2 cents to $37.33 an ounce, July platinum fell $1.70 to $1,778.10 an ounce and June palladium added $9.85 to $757.20 an ounce.

London Bullion Prices

London bullion prices were mixed when comparing current to previous PM fix prices.

  • Gold prices lost $7.75, or 0.5%, at $1,518.50 an ounce
  • Silver declined 22 cents, or 0.6%, at $36.95 an ounce
  • Palladium rose $11, or 1.5%, at $755 an ounce
  • Platinum gained $5, or 0.3%, at $1,779 an ounce

United States Mint Bullion Coins

American Silver Eagle bullion coins are 1,000 away from the 3 million marker for May. The Silver Eagle advanced 25,000 Thursday, matching its previous daily gain. Year-to-date sales are just above 18.2 million. The other United States Mint bullion coin to advance Thursday was the American Gold Buffalo, rising 2,000 to 15,500 for the month.

For a closer look at both bullion and numismatic coin sales, read the latest US Mint sales report.

Daily, May 2011 and YTD 2011 bullion sales are shown in the table below:

United States Mint 2011 Bullion Coin Sales
1 oz American Gold Buffalo 2,000 15,500 74,000
1 oz American Gold Eagle 0 92,500 450,500
1/2 oz American Gold Eagle 0 22,000 55,000
1/4 oz American Gold Eagle 0 4,000 56,000
1/10 oz American Gold Eagle 0 15,000 215,000
5 oz America the Beautiful Silver 0 88,700 314,100
1 oz American Silver Eagle 25,000 2.999M 18.247M

Figures above are in coins, not ounces sold.

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