Gold Prices Rise, Bullion 2011 Silver Eagle Coins Break Record

by Bullion Prices Staff on January 18, 2011

U.S. bullion prices posted gains Tuesday following a recent bout of selling which brought metal prices down heavily on Friday. Weakness in the U.S. dollar and bargain hunting were reported as bullish factors.

February gold prices settled to $1,368.20 an ounce an ounce on the Comex division of the New York Mercantile Exchange, advancing $7.70, or 0.6%.

"Comex gold futures prices finished the day session Tuesday modestly higher on a corrective bounce and some bargain hunting following recent selling pressure," wrote Jim Wyckoff of Kitco News.

"The U.S. dollar index traded modestly lower Tuesday and hit a fresh two-month low as the greenback bulls have faded badly recently, while the Euro currency has rallied. This was bullish for the precious metals markets Tuesday. If the U.S. dollar index continues on a downward path in the near term, look for gold prices to halt their present near-term downtrend."

Gold reached an intraday low of $1,356.80 an ounce and a high of $1,376 an ounce.

In other New York futures prices, March silver closed to $28.91 an ounce for a gain of 59.2 cents, or 2.1%, March palladium ended at $811.75 an ounce for a pick-up of $20.10, or 2.5%, and April platinum finished at $1,828.30 an ounce for a gain of $12.30, or 0.7%.

Based on the latest United States Mint bullion coin sales figures, the recent weakness in bullion prices has presented buying opportunities for the Mint’s network of Authorized Purchasers. January 2011 is now the record for most bullion Silver Eagles ever sold in a month. That is a significant accomplishment considering the annual Silver Eagles were launched first launched back in October 1986. Their year-to-date sales are nearing 4.6 million.

Although the bullion Gold Eagles are not quite as hot, the one-ounce 22-karat gold coins are 12,000 away from matching sales from January 2010. They rose by that amount on Tuesday alone, and there is still nearly two weeks left in the month.

The following are the most recent sales figures for United States Mint bullion coin products:

January 2011 U.S. Mint Bullion Coin Sales
  Previous Daily Gain Daily Gain 2011 Totals
1 oz American Gold Eagle 18,500 12,000 73,000
1/2 oz American Gold Eagle 1,000 0 1,000
1/4 oz American Gold Eagle 0 2,000 2,000
1/10 oz American Gold Eagle 14,000 0 15,000
American Silver Eagle 0 1,181,000 4,588,000

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

In earlier bullion prices, the London PM gold fixing was $1,369.50 an ounce for a gain of $9, or 0.7%, from the PM Fix price on Monday. Silver was $28.79 an ounce, higher by 60 cents, or 2.1%. In London PGM metals, palladium rose $15, or 1.9%, to $805 an ounce and platinum gained $21, or 1.2%, to $1,824 an ounce.

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