Gold Prices Retreat, Silver Eagle Bullion Coins Rise Modestly

by Bullion Prices Staff on October 4, 2011

U.S. gold prices retreated, snapping a string of two straight session increases which totaled $40.40. Those gains were erased Tuesday. December gold prices declined $41.70, or 2.5%, to $1,616 an ounce on the Comex division of the New York Mercantile Exchange. The yellow metal trading between $1,585 an ounce and $1,637.90 an ounce.

"Because of the general nervousness in the market, we have seen liquidation across all assets, including gold," William O’Neill, a partner at Logic Advisors in Upper Saddle River, New Jersey, said in a telephone interview that was relayed on Businessweek. "People are adopting a risk-off mentality."

In other precious metals, December silver futures prices lost 95.6 cents, or 3.1%, to $29.84 an ounce, December palladium futures fell $29.60, or 5%, to $564.15 an ounce and January platinum futures prices declined $48.50, or 3.2%, to $1,468.60 an ounce.

London Bullion Prices

London bullion prices moved lower as well, but to a lesser degree than New York futures. Changes from the Monday PM to Tuesday PM fixing prices show that:

  • Gold fell $17.50, or 1.1%, to $1,638 an ounce
  • Silver declined 45 cents, or 1.4%, at $30.60 an ounce
  • Palladium lost $7, or 1.2%, to $588 an ounce
  • Platinum fell $20, or 1.3%, at $1,481 an ounce

United States Mint Bullion Coins

Only one United States Mint bullion coin advanced Tuesday. Showing a modest increase following several days of sharp gains, the American Silver Eagle bullion coin added 50,000 to its total. In contrast, the bullion Silver Eagle advanced 737,000 on Monday. Other previous day bullion coin increases included 7,500 for the 1 oz. Gold Eagle; 1,000 for the 1/2 oz. Gold Eagle; 2,000 for the 1/4 oz. Gold Eagle and 3,000 for the American Gold Buffalo.

For an analysis of finalized sales of American Eagle bullion coins in September, read the articles:

The latest United States Mint bullion coins sales are provided below in the daily, October 2011 and YTD 2011 columns.

Sales of United States Mint 2011 Bullion Coins
  Thursday
Gain
October
2011
2011
Totals
1 oz American Gold Buffalo 0 3,000 135,500
1 oz American Gold Eagle 0 7,500 767,500
1/2 oz American Gold Eagle 0 1,000 63,000
1/4 oz American Gold Eagle 0 2,000 74,000
1/10 oz American Gold Eagle 0 0 345,000
5 oz America the Beautiful Silver not reported 1,900 386,600
1 oz American Silver Eagle 50,000 787,000 34,198,500

 

Notes. Figures above are in coins, not ounces sold. The United States Mint last updated the sales of 5 oz. America the Beautiful Silver Bullion Coins on Monday, October 3, 2011. All other figures have an "as of date" of Tuesday, October 4, 2011.

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