Gold Prices Reach $1,800; Biggest Bullion Gainer is Silver Eagle

by Bullion Prices Staff on November 8, 2011

U.S. gold prices on Tuesday returned to $1,800 an ounce, a threshold not seen in seven weeks (since Sept. 21). Gold did come down a tad from the key level. December gold futures on the Comex division of the New York Mercantile Exchange closed to $1,799.20 an ounce, up $8.10, or 0.5%, on the day. Gold prices ranged on an intraday basis from 1,778.30 an ounce to $1,804.40 an ounce.

"Gold backed off its daily highs in late trading Tuesday when news reports said Italian Prime Minister Berlusconi would resign soon. That was deemed by the market place as a bit of a positive sign, regarding the Italian debt mess," wrote Jim Wyckoff of Kitco News. "Traders and investors worldwide are pondering what will be next in the EU debt crisis saga, but most believe it won’t be positive for the market place. This heightened uncertainty remains a bullish underlying factor for the precious metals markets, and especially gold."

In other precious metals futures prices, December silver futures edged up 32.2 cents, or 0.9%, to $35.15 an ounce, December palladium futures rose $15.35, or 2.3%, to $677.25 an ounce and January platinum futures added $15.10, or 0.9%, to $1,673.10 an ounce.

United States Mint Bullion Coins

On Tuesday, each of the United States Mint 1 oz. bullion coins added to their sales totals. As typical, the American Silver Eagle was the biggest gainer at 140,000. A healthy daily increase except for the fact that sales have been skipping days, making the current November total of 516,000 extremely light given eight days have passed.

In related news, the United States Mint on Tuesday starting shipping Silver Eagle anniversary sets. The highly sought after five-coin set includes one bullion Silver Eagle and four collector versions which commemorate the 25th anniversary of the American Silver Eagle series. The sets were released on October 27. All 100,000 sold out within five hours.

In returning to bullion sales, the latest United States figures are provided below in the daily, November 2011 and YTD 2011 columns.

United States Mint 2011 Bullion Coin Sales
  Tuesday Gains November 2011 2011 Totals
1 oz American Gold Eagles 1,500 7,000 813,000
1/2 oz American Gold Eagles 0 0 65,000
1/4 oz American Gold Eagles 0 2,000 80,000
1/10 oz American Gold Eagles 0 0 355,000
1 oz American Gold Buffalo 1,000 1,500 146,500
5 oz America the Beautiful Silver not reported 390,000
1 oz American Silver Eagle 140,000 516,000 36,991,500

 

Notes. Figures above are in coins, not ounces sold. The United States Mint last updated 5 oz. America the Beautiful Silver Bullion Coin sales on Friday, November 4, 2011. All other figures have an "as of date" of Tuesday, November 8, 2011.

London Bullion Prices

For a second consecutive day, London bullion prices rose across the board. From Monday PM to Tuesday PM fixings:

  • Gold prices added $13, or 0.7%, to $1,795 an ounce,
  • Silver added 16 cents, or 0.5%, to $34.64 an ounce,
  • Palladium added $14, or 2.1%, to $673 an ounce, and
  • Platinum added $27, or 1.7%, to $1,661 an ounce

Check this site’s home page for current metal prices.

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