Gold Prices Rise Back Above $1,600, Buffalo Bullion Coin Gains

by Bullion Prices Staff on December 20, 2011

Bullion prices rebounded Tuesday as the greenback showed some weakness and bargain buyers came to scoop up precious metals at cheaper prices. February gold prices added $20.90, or 1.3%, to $1,617.60 an ounce on the Comex division of the New York Mercantile Exchange. It was gold’s first settlement price above $1,600 an ounce since December 13. Prices traded between $1,594.10 an ounce and $1,620.80 an ounce.

Gold prices are higher "due to dollar weakness and it is likely that some traders have viewed the recent selloff as excessive and are tentatively re-entering the gold market," said Mark O’Byrne, executive director at GoldCore. "Bullion demand remains robust in Europe and appears to be picking up in Asia again and this will likely support prices at these levels."

In other New York futures, March silver prices added 66.2 cents, or 2.3%, to $29.54 an ounce, March palladium prices added $10.90, or 1.8%, to $628.60 an ounce and January platinum prices added $19.30, or 1.4%, to $1,432.90 an ounce.

United States Mint Bullion Sales

The single gainer Tuesday in the United States Mint’s bullion product line up was the American Gold Buffalo coin. That extends its series of daily increases to 11 in the last 12. The bullion coin ended up 1,500 higher on the day after advancing 2,000 on Monday.

While no other coins improved Tuesday, two others series also rose Monday. The American Silver Eagle went up 350,000 and the 5 oz. silver bullion issues grew 1,000.

The latest United States bullion figures are provided below in the daily, December 2011 and YTD 2011 columns.

United States Mint 2011 Bullion Coin Sales
  Monday Gain Tuesday Gain December 2011 2011 Totals
1 oz American Gold Eagles 0 0 65,500 910,000
1/2 oz American Gold Eagles 0 0 0 65,000
1/4 oz American Gold Eagles 0 0 0 82,000
1/10 oz American Gold Eagles 0 0 0 370,000
1 oz American Gold Buffalo 2,000 1,500 17,000 170,500
5 oz America the Beautiful Silver daily gains not reported 3,900 397,700
1 oz American Silver Eagle 350,000 0 1,909,000 39,768,500

 

Notes. Figures above are in coins, not ounces sold. The United States Mint last updated sales of its 5 oz. America the Beautiful Silver Bullion Coin on Monday, December 20, 2011. All other figures have an "as of date" of Tuesday, December 20, 2011.

For United States Mint news of the day, if you missed seeing the images of next year’s America the Beautiful Quarter designs, follow the link and check them out. Also, be prepared for the Mint to cut gold coin prices on Wednesday in response to lower precious metals.

London Bullion Prices

London bullion prices split as gold, silver and platinum gained while palladium fell. From Monday PM to Tuesday PM London fixings:

  • Gold prices added $15.50, or 1%, to $1,613.50 an ounce,
  • Silver added 50 cents, or 1.7%, to $29.28 an ounce,
  • Palladium declined $7, or 1.1%, to $620 an ounce, and
  • Platinum added $6, or 0.4%, to $1,425 an ounce

Check this site’s home page for the very latest bullion prices.

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