Gold Prices Retreat from Record, Gold and Silver Bullion Coins Adance

by Bullion Prices Staff on August 1, 2011

U.S. bullion prices¬†were mixed Monday as gold and silver fell and palladium and platinum rose. December gold prices stepped back $9.50, or 0.6%, to $1,621.70 an ounce on the Comex division of the New York Mercantile Exchange.¬†Gold prices traded from a low of $1,608.20 an ounce to a high of $1,634.50 an ounce. Gold’s loss marks a retreat from surging prices in July where the yellow metal gained 8.5% and ended the month at a record high.

"There is some short-term relief as the risk of an imminent default does seem to have been avoided," Caroline Bain, senior commodities economist at the Economist Intelligence Unit, said according to Reuters. "But very soon the market will start to factor in that there isn’t that much being done with the fiscal deficit and concerns will re-emerge."

In percent terms, silver fell further than gold . The September contract settled down 79.7 cents, or 2%, to $39.31 an ounce.

In PGM futures prices, platinum performed the best. It rose $9.30, or 0.5%, to $1,794.60 an ounce while palladium added $1.80, or 0.2%, to $829.50 an ounce.

London Bullion Prices

London bullion prices fell Monday. PM fixing prices included the following changes:

  • Gold prices declined $5.50, or 0.3%, at $1,623 an ounce
  • Silver declined 32 cents, or 0.8%, at $39.31 an ounce
  • Palladium gained $18, or 2.2%, at $842 an ounce
  • Platinum gained $19, or 1.1%, at $1,798 an ounce

U.S. Mint Bullion Coins

Sales of American Gold Buffalo, American Gold Eagle and American Silver Eagle bullion coins rose in unison, according to the latest U.S. Mint sales data. Even the mid-sized 1/4 oz. American Gold Eagle advanced, breaking a sales silence that had been ongoing for the bullion coin since late June.

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 500 92,000
1 oz American Gold Eagle 3,000 572,000
1/2 oz American Gold Eagle 1,000 59,000
1/4 oz American Gold Eagle 2,000 66,000
1/10 oz American Gold Eagle 5,000 270,000
5 oz America the Beautiful Silver - 369,400
1 oz American Silver Eagle 258,500 25.53M


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 Wednesday, July 27. All other bullion coin sales figures listed in the table above are as of Monday, August 1.

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