Gold Prices Retreat, Silver Climbs, 1 Oz. Bullion Eagles Advance

by Bullion Prices Staff on June 7, 2011

U.S. bullion prices were mixed Tuesday. Gold prices retreated modestly after two straight session increases. August gold prices fell $3.20, or 0.2%, to $1,544.00 an ounce on the Comex division of the New York Mercantile Exchange. The yellow metal traded between $1,537 an ounce and $1,551.40 an ounce.

"The risk premium has come out of gold," Matt Zeman, a strategist at Kingsview Financial in Chicago, was quoted on Bloomberg. "People are not quite as nervous about Greece."

Although gold prices declined, other precious metals advanced. July silver added 26.4 cents, 0.7%, to $37.05 an ounce, September palladium rose $10.80, or 1.4%, to $809.50 an ounce, and July platinum added $9.50, or 0.5%, to $1,830.70 an ounce.

London Bullion Prices

London bullion prices were mixed Tuesday, when comparing their current to previous PM fixing prices:

  • Gold prices declined $4, or 0.3%, at $1,545 an ounce
  • Silver rose 54 cents, or 1.5%, at $37.41 an ounce
  • Palladium added $15, or 1.9%, at $804 an ounce
  • Platinum rose $5, or 0.3%, at $1,824 an ounce

United States Mint Bullion Coins

The biggest, most popular United States Mint bullion coins enjoyed gains Tuesday. 1 oz. American Gold Eagles added 3,000 to 24,500 for June and American Silver Eagles jumped 770,000 to 817,000 for June. The silver bullion coins could potentially top 20 million in sales this year by the end of the week.

In related silver bullion news, Numismatic Guaranty Corporation (NGC) today said it would certify Silver Eagles minted in San Francisco. NGC is one of the major coin grading companies. The United States Mint began fulfilling bullion orders with Silver Eagles produced in San Francisco on May 31. Until then, the bullion silver coins had been solely sent out of the West Point Mint since 2001.

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

United States Mint 2011 Bullion Coin Sales
1 oz American Gold Buffalo 0 0 74,000
1 oz American Gold Eagle 3,000 24,500 476,000
1/2 oz American Gold Eagle 0 0 55,000
1/4 oz American Gold Eagle 0 0 56,000
1/10 oz American Gold Eagle 0 15,000 230,000
5 oz America the Beautiful Silver 0 0 326,800
1 oz American Silver Eagle 770,000 817,000 19,7185M

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 May 27. All other sales figures are as of Tuesday, June 7.

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