Gold Prices Rally 1.5%, Bullion Silver Eagles Pass 5.1M

by Bullion Prices Staff on January 17, 2012

Gold prices jumped 1.5% Tuesday after falling 1% on Friday. The U.S. dollar has been a driving force for prices lately, with the greenback higher Friday but lower Tuesday. February gold prices added $24.80 to $1,655.60 an ounce on the Comex division of the New York Mercantile Exchange. Gold traded from an intraday low of $1,609 an ounce to a high of $1,668 an ounce.

"Today’s rise is predominantly about what steps China will take to boost growth," Frank McGhee, the head dealer at Integrated Brokerage Services LLC in Chicago, said in a telephone interview that was cited on Bloomberg. "The dollar’s weakness also helped."

March silver prices added 61.3 cents, or 2.1%, to $30.14 an ounce.

PGM metals gained the most Tuesday. March palladium prices rose $20.45, or 3.2%, to $655.50 an ounce while April platinum prices added $39.90, or 2.7%, to $1,528.70 an ounce. In regards to the metals, analysts at Commerzbank noted:

"We expect platinum and palladium prices to recover noticeably this year. This should be driven both by robust demand and by problems on the supply side."

United States Mint Bullion Coins

The first business day in the shortened holiday week started off quick for United States Mint bullion coins. All but one of the American Gold Eagles climbed. The smallest 1/10 oz. remained frozen while the 1 oz. added 3,000 and the 1/2 oz and 1/2 oz. each gained 2,000. In terms of total ounces in January, 90,000 American Gold Eagle bullion coins have sold which is the highest since August 2011. In terms of total of number of coins, 191,500 have been ordered which is most since February 2011.

American Silver Eagles remained the hottest bullion coins with another 525,000 scooped up. That lifted the January sales total to 5,122,000 which is 1.3 million away from matching the all-time monthly record which was set in January 2011.

Also advancing for the day was the American Gold Buffalo and 5 oz. America the Beautiful Silver Bullion Coins. Their sales and those of the Eagles are found below.

United States Mint 2012 Bullion Coin Sales
  Monday Gains January 2012
1 oz American Gold Eagles 3,000 64,500
1/2 oz American Gold Eagles 2,000 200,000
1/4 oz American Gold Eagles 2,000 32,000
1/10 oz American Gold Eagles 0 75,000
1 oz American Gold Buffalo 1,500 9,500
5 oz America the Beautiful Silver 2,500 4,000
1 oz American Eagle Silver Coins 525,000 5,122,000

Notes: Figures above are in coins, not ounces sold.

In major United States Mint news this week, not necessarily related to bullion, the following article(s) are of note:

The article covers known or published United States Mint prices for upcoming numismatic products, including the proof and uncirculated Silver Eagles.

London Bullion Prices

Like futures, London bullion prices were also higher on the day. From the Monday PM to Tuesday PM London Fix prices:

  • Gold prices added $15 or 0.9%, to $1,656 an ounce,
  • Silver rose 51 cents, or 1.7 %, to $30.41 an ounce,
  • Palladium tacked on $16, or 2.5%, to $656 an ounce, and
  • Platinum gained $28, or 1.9%, to $1,523 an ounce

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

{ 0 comments… add one now }

Leave a Comment

Previous post:

Next post: