Gold Prices Rise, ATB Silver Bullion Coins Begin at 75,000

by Bullion Prices Staff on December 14, 2010

U.S. gold prices rose Tuesday, as did other precious metals prices. U.S. Mint bullion coins advanced as well, with the Mint today reporting the debuting sales of the 5 oz America the Beautiful Silver Bullion Coins at 75,000.

Returning to precious metals first, gold prices edged up on early dollar weakness but gains were limited as the greenback rebounded after stronger-than-expected economic data was reported, including retails sales which advanced 0.8% in November.

On Monday Goldman Sachs said they expect gold to reach $1,690 in 2011. Julien Garran, an analyst at UBS AG, said in a report also on Monday that gold prices will average $1,550 next year, which was up from a forecast of $1,400.

"We expect European debt concerns, continuing implications of quantitative easing and an ongoing safety drive to fuel investor demand," Garran was cited on Bloomberg. "Absolute faith in fiat currencies remains shaky. Gold is currently behaving as a currency rather than a commodity."

In the daily numbers, gold futures prices for February delivery added $6.30, or 0.5%, to settle at $1,404.30 an ounce on the Comex in New York. Its intraday low was $1,393.80. Its high was $1,405.60. Gold prices are 28.1% higher in 2010.

Silver futures prices for March delivery rose 16.4 cents, or 0.6%, to close at $29.788 an ounce. The metal has jumped 76.8% this year.

In PGM futures prices, March palladium gained $15.75, or 2.1%, to $768.20 an ounce, and January platinum added $16.60, or 1%, to $1,713.90 an ounce. The precious metals this year are up 87.9% and 16.5%, respectively.

Returning to U.S. Mint bullion coins, the 1 oz Gold Eagles were the sole coins to rise Tuesday. They added a hefty 13,000 which was only 500 lower than the gain on Monday. Both increases are exceptionally high.

The US Mint on Tuesday reported the first day sales figures for the debuting America the Beautiful Silver Bullion Coins. The Mint opened ordering for the five 2010 coins on Friday. Its authorized dealers grabbed 75,000 of the available 165,000.

As the America the Beautiful Silver Bullion Coins Program is new and the Mint implemented unique terms and conditions for their sale, it is highly unlikely that all 11 of the authorized resellers have ordered their allotted amounts. Reports indicate several are still deciding if they will offer them at all.

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 35,000 13,000 1,119,500
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 1,422,000 0 34,312,500

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

In earlier bullion prices, the London PM gold fixing price was $1,394.50, which was down $4.50, or 0.3%. Silver was fixed at $29.88. That is 55 cents, or 1.9%, higher than on Monday. In PGM metals, palladium was $758, down $3, or 0.4%, and platinum was $1,701 an ounce, up $2, or 0.1%.

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