Gold Prices Retreat, U.S. Silver Bullion Coins Soar

by Bullion Prices Staff on October 12, 2010

U.S. bullion prices gave up ground on Tuesday, with gold, silver and palladium dropping for the first time since Thursday. Platinum retreated for a second straight day. A stronger dollar was among the cited reasons for losses.

In precious metals prices, gold futures for December delivery closed at $1,346.70 an ounce for a loss of $7.70 or 0.6%. Gold reached an intraday low of $1,341.40 and a high of $1,356.30.

"Comex gold prices ended the day session modestly lower Tuesday, on a corrective, profit-taking pullback amid a slightly higher U.S. dollar index," noted Jim Wyckoff of Kitco News. Wyckoff said the the dollar was higher on "some short covering in a bear market," but that it sill is weak technically, making it a "bullish underlying factor for the gold market that will continue to invite bargain-hunting buying interest on dips in the precious yellow metal."

In other U.S. metal prices, silver for December delivery lost 20.2 cents or 0.9% to close the day at $23.147 an ounce. January platinum dipped $7.50 or 0.4% to $1,683.30 an ounce. And December palladium declined $8.10 or 1.4% to finish at $580.65 an ounce.

InĀ London bullion prices, gold was fixed to $1,348.50 an ounce for a loss of $3 or 0.2%. Silver dropped the most in percent terms, falling 1.2% or 28 cents to $23.03 an ounce. Platinum barely moved with its fix at $1,685.50 an ounce, down 50 cents. Palladium was the only precious metal to gain in London. It was fixed at $585.00 an ounce for an increase of $1.

United States Mint bullion coins showed mixed performances on Tuesday. Bullion Silver Eagle coins soared, jumping 475,000. Totals sale figures this year are fast approaching the 27 million milestone. Bullion Gold Eagles, as is generally the case, moved slower. But sales did rise for all but one of them. The quarter-ounce size has yet to hit the sales board in October.

The latest Mint sales figures for bullion coins and their daily increases follow:

October 2010 US Mint Bullion Coin Sales
October 2010 Tuesday Gain 2010 Totals
American Buffalo Gold Sold Out 209,000
1 oz American Gold Eagle 38,000 3,000 925,500
1/2 oz American Gold Eagle 3,000 2,000 39,000
1/4 oz American Gold Eagle 0 0 54,000
1/10 oz American Gold Eagle 15,000 5,000 370,000
American Silver Eagle 1,225,000 475,000 26,705,500


Figures above are in coins, not ounces of gold sold.

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