Gold Prices Rise Above $1,510; Silver Surges; 1 Oz. Bullion Coins Advance

by Bullion Prices Staff on June 29, 2011

U.S. bullion prices rallied Wednesday with gains ranging from a low of 0.7% for gold to a high of 3.3% for silver. Palladium and platinum were in the middle with respective pick-ups of 2.3% and 2%.

August gold prices settled up $10.20 to $1,510.40 an ounce on the Comex division of the New York Mercantile Exchange. Gold prices hit an intraday low of $1,500.80 an ounce and a high of $1,513.80 an ounce.

"Comex gold and silver futures prices ended the U.S. day session higher Wednesday. The key ‘outside markets’ were fully bullish for the precious metals Wednesday, as crude oil prices were sharply higher while the U.S. dollar index was solidly lower," noted Jim Wyckoff of Kitco Metals. "There was also some safe-haven investment demand for gold and silver due to the violent riots occurring in Athens Greece."

In other New York futures prices, September silver rallied $1.12 to $34.77 an ounce, September palladium gained $16.75 to $751.90 an ounce, and October platinum rose $33.10 to $1,726.60 an ounce.

London Bullion Prices

London bullion prices advanced as a group Wednesday. London PM fixing prices included the following changes:

  • Gold climbed $5.25, or 0.4%, at $1,504.25 an ounce
  • Silver rose 43 cents, or 1.3%, at $34.39 an ounce
  • Palladium gained $9, or 1.2%, at $743
  • Platinum added $24, or 1.4%, at $1,716 an ounce

U.S. Mint Bullion Coins

U.S. Mint bullion coin sales levels rose Wednesday for the American Silver Eagle and the 1 oz. American Gold Eagle. Topping another milestone, the .999 fine silver coins passed 22 million in year-to-date sales with its daily advance of 426,000. The Silver Eagles are nearing 3.4 million for the month of June.

On the numismatic front, the U.S. Mint on Wednesday released the 5 oz. Grand Canyon silver coin. It is the second to last 2010-dated issue for release this year. The coin may be purchased directly from the U.S. Mint (http://www.usmint.gov) for $279.95.

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

United States Mint 2011 Bullion Coin Sales
  Daily
Gains
June
2011
2011
Totals
1 oz American Gold Buffalo 0 4,000 78,000
1 oz American Gold Eagle 3,500 52,000 503,500
1/2 oz American Gold Eagle 0 0 55,000
1/4 oz American Gold Eagle 0 8,000 64,000
1/10 oz American Gold Eagle 0 35,000 250,000
5 oz America the Beautiful Silver 0 19,000 345,800
1 oz American Silver Eagle 426,000 3.374M 22.2755M

 

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 June 27. All other sales figures are as of Wednesday, June 29.

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