Gold Prices Rally to 3-Week High; 60,700 Olympic Silver Bullion Coins Sold

by Bullion Prices Staff on May 24, 2011

U.S. bullion prices rallied Tuesday, with gold moving higher and staying above the $1500 an ounce level for a third straight session. The yellow metal closed at its best price in three weeks, advancing 0.5%.

June gold prices added $7.90 to $1,523.30 an ounce on the Comex division of the New York Mercantile Exchange. Gold prices last saw a higher close on May 3. During the day, the metal ranged between $1,513.20 an ounce and $1,529.00 an ounce. Gold prices have gained 7.2% in 2011.

"Comex gold and silver futures prices ended higher Tuesday on safe-haven buying interest and on support from bullish “outside markets”– a weaker U.S. dollar index and higher crude oil prices. Importantly, the precious metals market bulls are regaining upside near-term technical momentum, too," wrote Jim Wyckoff of Kitco News.

"The simmering European Union sovereign debt crisis has again injected heightened investor uncertainty into the market place so far this week. Ratings agencies have recently issued fresh downgrades and warnings regarding the debt and financial conditions of the so called “PIG” countries in the EU. This time its Greece that is garnering the most scrutiny in the market place. However, Belgium’s financial outlook was also downgraded this week. The EU debt crisis is not going to disappear and is an underlying bullish factor for safe-haven assets like gold."

July silver rallied $1.22, or 3.5%, to $36.13 an ounce, its highest closing price dating back to May 10. Silver has gained 16.8% in 2011.

In PGM metals prices, June palladium advanced $3.45, or 0.5%, to $735.25 an ounce and July platinum rose $6.60, or 0.4%, to $1,762.50 an ounce.

London Bullion Prices

London bullion prices advanced as a group when comparing PM fixings on Tuesday from those on Monday:

  • Gold prices rose $16.50, or 1.1%, at $1,527 an ounce
  • Silver gained $1.15, or 3.3%, at $35.85 an ounce
  • Palladium advanced $16, or 2.2%, at $739 an ounce
  • Platinum rose $9, or 0.5%, at $1,759 an ounce

United States Mint Bullion Coins

United States Mint buyers on Tuesday ordered 1 oz. gold and silver American Eagle bullion coins, marking a third straight day of increases for the issues. However, for the first day in three, the Mint did not sell any American Buffalo Gold bullion coins.

Also, the United Sates Mint has provided debuting sales figures for the ATB Olympic National Park Five Ounce Silver Bullion Coin which were released on Monday. Yesterday, Mint buyers ordered 60,700 of the expected 126,700 mintage. For a more detailed article about the new issue, visit sister and read about the bullion coin’s debut.

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

US Mint 2011 Bullion Coin Sales
1 oz American Gold Buffalo 0 13,500 72,000
1 oz American Gold Eagle 3,000 87,500 445,500
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* 60,700 88,700 314,100
1 oz American Silver Eagle 52,500 2.949 M 18.197M

Figures above are in coins, not ounces sold. *Debuting sales as of Monday are represented by the "Daily Gains" column for the ATB Olympic Silver Bullion Coin.

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