Gold Prices Rise, American Eagle Palladium Bullion Coin Act Law

by Bullion Prices Staff on December 20, 2010

Gold and other precious metals prices rose slightly Monday. On the bullion coin front, an Act became law last week which authorizes American Palladium Eagle Coins.

Gold futures prices for February delivery advanced $6.90, or 0.5%, to $1,386.10 an ounce on the Comex division of the New York Mercantile Exchange. A combination of safe-haven and fund buying were commonly cited as factors for gains.

"Fresh fund-originated buying was noted in the wake of the … EU debt situation and Korean peninsula-inflated jitters," wrote Jon Nadler, senior analyst at Kitco Metals Inc.

Gold prices hit an intraday low of $1,376.60 and a high of $1,388.90. It is up 26.4% in 2010.

In other New York bullion prices, March silver added 22.2 cents, or 0.8%, to $29.35 an ounce, March palladium rose $6.15, or 0.8%, to $744.75 an ounce, and January platinum added $12.20, or 0.7%, to $1,710.70 an ounce.

In United States bullion coins, the biggest news in the last several days is the American Eagle Palladium Bullion Coin Act of 2010 becoming law. President Obama signed the bill into Public Law 111-303 on Tuesday, December 14. Upon the completion of a market study to determine their demand and viability, the Act authorizes the United States Mint to produce American Eagle Palladium coins in bullion for investors and in proof and uncirculated for coin collectors. The earliest the bullion coins would likely be minted is in 2012.

In already available American Eagle Gold and Silver bullion coins — released way back in 1986 and issued annually ever since, the numbers for 1 oz sizes advanced Monday. The Silver Eagles had not gained in sales since last Monday, and the Gold Eagles had stayed unchanged since Wednesday. The following are the latest available bullion coin sales figures from the U.S. Mint:

December 2010 US Mint Bullion Coin Sales
  December 2010 Daily Gain 2010 Totals
American Buffalo Gold Sold Out 209,000
America the Beautiful Silver Bullion Coins 75,000 0 75,000
1 oz American Gold Eagle 51,000 8,500 1,135,500
1/2 oz American Gold Eagle 0 0 45,000
1/4 oz American Gold Eagle 0 0 60,000
1/10 oz American Gold Eagle 5,000 0 390,000
American Silver Eagle 1,747,000 325,000 34,637,500

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

In earlier bullion prices, the London PM gold fixing price was $1,380 an ounce — $11.50, or 0.8%, higher than the prior PM Fix of $1,368.50.

In other London metal prices, silver rose 43 cents, or 1.5%, to $29.21, palladium gained $9, or 1.2%, to $747, and platinum added $8, or 0.5% to $1,704 an ounce.

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