Gold Prices Nearly Unchanged, Bullion Silver Eagles Sail

by Bullion Prices Staff on November 17, 2010

It was a mixed day in bullion prices on Wednesday. Gold and platinum prices edged lower during a more relaxed day of trading, but silver and palladium prices cruised higher with respective gains of 1.1% and 1.4%.

In New York futures prices, December gold closed to $1,336.90 an ounce, dipping $1.50 or 0.1%. The yellow metal reached a low of $1,330.10 and a high of $1,344.60. Gold prices are up 22.0% in 2010.

"The recent rebound in the U.S. dollar index has limited buying interest in the precious metals," said Jim Wyckoff of Kitco News. "Precious metals traders are still closely watching for news coming out of China, regarding monetary policy and inflationary price pressures. On Tuesday rumors surfaced regarding Chinese monetary officials becoming more aggressive in tightening monetary policy, including possible restraints on trader speculation in commodity markets. Chinese economic officials are worried about rising inflationary pressures. This situation has also led to selling pressure in the precious metals and other commodity markets."

Silver futures for December delivery gained 27.8 cents to end at $25.511 an ounce. The metal is 51.4% higher this year.

In PGM metals, December palladium rose $8.95 to $654.85 an ounce, and January platinum ended down $4.80, or 0.3%, to $1,640.90 an ounce. Respectively, the white metals have jumped 60.2% and 11.5% in 2010.

The London PM gold fixing price was $1,337.50 an ounce for a loss of $11.50, or 0.9%. Silver was $25.20 an ounce, marking a decline of 28 cents, or 1.1%. In PGMs, palladium fell to $649 for a declination of $12, or 1.8%, and platinum lost $21, or 1.3%, to $1,637 an ounce.

In gold news that popped up last night, the World Gold Council released its third quarter 2010 report. The WGC said demand for the yellow metal advanced 12% compared to the third quarter in 2009. On the flip side, overall gold demand was down 10% in the third quarter of 2010 as compared to the second quarter.

Bullion coins have been racing out U.S. Mint doors, despite the pullback in gold and silver prices — or perhaps because of the declines.

Daily sales of bullion 1 oz American Gold Eagles were the best so far this week, rising 10,500. Bullion American Silver Eagles are on fire, with 1.235 million more sold since Friday. 460,000 were added on Wednesday alone, bringing their November sales to 3,175,000. That is above October sales. In fact, November already ranks as the 4th best month in 2010. May 2010 is the currently monthly leader at 3,636,500.

November 2010 US Mint Bullion Coin Sales
November 2010 Tuesday Gain 2010 Totals
American Buffalo Gold Sold Out 209,000
1 oz American Gold Eagle 59,500 10,500 1,036,500
1/2 oz American Gold Eagle 4,000 0 43,000
1/4 oz American Gold Eagle 2,000 0 58,000
1/10 oz American Gold Eagle 5,000 0 385,000
American Silver Eagle 3,175,000 460,000 31,805,500


Figures above are in coins, not ounces of gold sold.

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