Gold Prices Retreat from Record, Bullion Gold Coins Advance

by Bullion Prices Staff on July 19, 2011

U.S. bullion prices were mixed Tuesday, with gold and silver slipping and palladium and platinum rising. All precious metals price movements were modest.

August gold prices lost $1.30, or 0.1%, to $1,601.10 an ounce on the Comex division of the New York Mercantile Exchange. The loss was gold’s first in ten sessions and broke a streak of five session records. Gold prices hit an intraday low of $1,597.50 an ounce and reached to $1,610.70 an ounce.

"Comex gold and silver futures prices ended moderately lower and nearer the daily lows Tuesday. Some profit-taking pressure set in after recent gains, and then some upbeat comments from President Obama regarding the U.S. debt-limit impasse did work to pressure the precious metals," noted Jim Wyckoff of Kitco Metals."

August gold futures hit another fresh all-time record high of $1,610.70 in overnight trading. The precious metals markets remain well-supported from an overall fundamental perspective, and the technical postures of gold and silver have also recently turned more near-term bullish."

In other precious metals prices, September silver ended down 12.1 cents, or 0.3%, to $40.22 an ounce, September palladium rose $3.70, or 0.5%, to $798.30 an ounce, and October platinum added 90 cents, or 0.1%, to $1,776.30 an ounce.

London Bullion Prices

London precious metals were also mixed. PM fixing prices included the following changes:

  • Gold prices added $2, or 0.1% at $1,601 an ounce
  • Silver declined 1 cent at $40.32 an ounce
  • Palladium added $6, or 0.8%, at $792 an ounce
  • Platinum added $8, or 0.5%, at $1,773 an ounce

U.S. Mint Bullion Coins

The U.S. Mint reported gains in its 1 oz. American Gold Buffalo bullion coin and American Gold Eagle bullion coin. Each added 2,500 for the day. The agency in a separate weekly report that was released on Tuesday also indicated its 5 oz. America the Beautiful Bullion Coins advanced 8,600 as of Monday.

In related U.S. Mint coin news, buyers should expect to see higher prices on several collector coins as soon as Wednesday. For more, read the article about expected price increases for platinum and gold coins.

The latest U.S. Mint bullion coin sales 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 2,500 8,500 88,000
1 oz American Gold Eagle 2,500 24,000 531,500
1/2 oz American Gold Eagle 0 1,000 56,000
1/4 oz American Gold Eagle 0 0 64,000
1/10 oz American Gold Eagle 0 5,000 255,000
5 oz America the Beautiful Silver 8,600* 11,400 364,500
1 oz American Silver Eagle 508,500 1,969,500 24.273M


*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. These figures were first reported on Tuesday, however. All other sales figures are as of Tuesday, July 19.

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