Gold Prices Reclaim $1,600, 2012 Gold and Silver Eagle Bullion Coins Debut

by Bullion Prices Staff on January 3, 2012

In starting the new year Tuesday, gold prices returned to the $1,600 an ounce level, closing above the mark for the first time since December 24. February gold prices added $33.70, or 2.2%, to $1,600.50 an ounce on the Comex division of the New York Mercantile Exchange. Gold prices traded from a low of $1,566.80 an ounce to a high of $1,608.70 an ounce. A weakened U.S. dollar and bargain hunting were factors for the gains.

"Comex February gold futures prices ended the U.S. day session solidly higher Tuesday. On this first trading day of the new year, bargain hunters stepped in to buy the recent dip in prices," noted Jim Wyckoff of Kitco Metals Inc. "The precious metals markets also saw a corrective, short-covering technical bounce from the strong selling pressure seen last week. The key ‘outside markets’ were bullish for the precious metals Tuesday — a weaker U.S. dollar index and sharply higher crude oil prices."

In other New York precious metals futures, March silver prices added $1.66, or 5.9%, to $29.57 an ounce, March palladium prices added $7.35, or 1.1%, to $663.50 an ounce and April platinum prices added 27.60, or 2.0%, to $1,432.50 an ounce.

United States Mint Bullion Coins

United States Mint sales of American Gold and Silver Eagle bullion coins took of Tuesday, supported by the release of the new 2012 editions. Gaining the most were the Silver Eagle bullion coins, shooting up over 3 million. The one-day level easily surpassed the totals from each of the three previous months.

All sizes of the Gold Eagle bullion coins advanced. The largest one ounce gained the most at 20,000. Each of the fractional sizes, which were silent in December, also tipped higher.

2012-dated America the Beautiful Five Ounce Bullion Coins and America Gold Buffalos have yet to be released, but the 2011 issues rose. Those figures and that of the other coins are available below in the daily/January 2012 columns.

United States Mint 2012 Bullion Coins
  Tuesday Gain January 2012
1 oz American Gold Eagles 20,000 20,000
1/2 oz American Gold Eagles 6,000 6,000
1/4 oz American Gold Eagles 28,000 28,000
1/10 oz American Gold Eagles 75,000 75,000
1 oz American Gold Buffalo 2,000 2,000
5 oz America the Beautiful Silver 1,000 1,000
1 oz American Silver Eagle 3,197,000 3,197,000

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

In related United States Mint bullion news of the day, the following two articles provide more detail about debuting sales for the newly released 2012 Gold and Silver Eagle Bullion Coins.

London Bullion Prices

London bullion prices also showed solid gains. From the Friday AM to Tuesday PM London fixings:

  • Gold prices added $23.50, or 1.5%, to $1,598 an ounce,
  • Silver added 60 cents, or 2.1%, to $28.78 an ounce,
  • Palladium added $28, or 4.4%, to $664 an ounce, and
  • Platinum added $25, or 1.8%, to $1,406 an ounce

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

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