Gold Prices Rally Atop $1,600, Silver Jumps, American Bullion Eagle Coins Surge

by Bullion Prices Staff on July 22, 2011

U.S. bullion prices were mixed on the final trading day of the week. Gold prices rallied, snapping a string of three session losses. August gold futures gained $14.50, or 0.9%, to $1,601.50 an ounce on the Comex division of the New York Mercantile Exchange. The metal reached as high as $1,607.70 an ounce.

"There are still strong fundamental reasons why gold remains attractive to investors," said Ong Yi Ling, and investment analyst at Phillip Futures in Singapore, according to Reuters in an article titled Gold price forecasts rise as jitters intensify: Reuters poll.

"They include persistent euro zone debt concerns, a weak dollar — as monetary policy of the Fed remains loose — and increased demand from emerging economies (and) central banks."

Silver was the biggest gainer in precious metals — on Friday and on the week. September silver added $1.18, or 3%, to $40.12 an ounce, lifting its weekly increase to 2.7% and its 2011 increase to a whopping 29.7%.

In PGM futures prices on Friday, September palladium fell $2.60, or 0.3%, to $806.40 an ounce while October platinum rose $10.60, or 0.6%, to $1,798.40 an ounce. Both metals climbed for the week, with palladium gaining 3.3% and platinum rising 2.4%. The hefty increases put them up for the year as well, with palladium advancing a modest 0.4% and platinum a better 1.1%.

U.S. Mint Bullion Coins

U.S. Mint bullion coin sales surged Friday and for the week. American Silver Eagles jumped 347,500 for the day, bringing their weekly total to 711,000. That in turn not only lifted them over 24 million this week but brought them closer to 25 million.

In American Gold Eagle bullion coins, all but the 1/4 oz. size rose. The 1 oz. Eagle enjoyed one of its biggest weekly increases of the year. The same goes for the American Gold Buffalo.

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

United States Mint 2011 Bullion Coin Sales
1 oz American Gold Buffalo 2,000 2,000 6,500 10,500 90,000
1 oz American Gold Eagle 3,500 10,500 15,500 37,000 544,500
1/2 oz American Gold Eagle 0 0 2,000 3,000 58,000
1/4 oz American Gold Eagle 0 0 0 0 64,000
1/10 oz American Gold Eagle 10,000 0 10,000 15,000 265,000
5 oz America the Beautiful Silver 0 2,800 8,600 11,400 364,500
1 oz American Silver Eagle 347,500 711,000 856,000 2.317M 24.6205M


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 18. All other sales figures are as of Friday, July 22.

For an analysis on weekly U.S. Mint numismatic coin sales, read US Mint Sales: Proof Silver Eagles Still Most Desired.

For news on U.S. Mint $1 circulating coins, read Proposed Legislation Would End Presidential Dollar Coins.

London Bullion Prices

London bullion prices were mixed on Friday but higher for the week. PM fixing prices included the following daily changes:

  • Gold prices gained $1, or 0.1% at $1,602 an ounce
  • Silver fell 11 cents, or 0.3%, at $39.67 an ounce
  • Palladium gained $8, or 1%, at $807 an ounce
  • Platinum added $13, or 0.7%, at $1,793 an ounce

Weekly precious metals improvements included gains of 0.9% for gold, 3.9% for silver and palladium, and 1.9% for platinum.

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