Gold Prices Rise, Silver Bullion Coins Slow

by Bullion Prices Staff on November 23, 2010

Gold prices increased on Tuesday, supported by continuing concerns over European-nation debt issues and safe-have demand following North Korea’s attach on South Korea.

In New York futures prices, December gold added $19.80, or 1.5%, to $1,377.60 an ounce. Its lowest intraday price was $1,355.60 while it reached a high of $1,382.90. Gold prices are 26% higher this year.

"It took gold a while to react, but (gold) prices shot higher at mid-morning Tuesday on safe-haven buying following overnight news that North Korea fired artillery rounds onto a South Korean island Tuesday, killing at least two people," noted Jim Wyckoff over at Kitco News. "Surprisingly, the gold market initially only saw tepid buying support from the Korea news. That quickly changed at mid-morning, however, which prices pushed solidly higher."

"Past geopolitical or financial uncertainty in the world has seen both gold and the U.S. dollar appreciate simultaneously. The dollar also saw residual upside support from ongoing worries about the sovereign debt problems facing the European Union," added Wyckoff.

Silver futures prices for December delivery closed at $27.572 an ounce, rising 11.1 cents, or 0.4% Silver prices are up 64% this year.

December palladium advanced $6.40, or 0.9%, to $691.10 an ounce. Palladium prices are 69% higher in 2010.

January platinum ended up $2.20, or 0.1%, to settle at $1,657.70 an ounce. Platinum prices are 13% higher this year.

Opening week demand for United State Mint bullion coins has slowed compared to prior days and weeks that have set November sales on fire and lifted 2010 Silver Eagles to three records. The bullion Silver Eagle coins climbed only 100,000 between Monday and Tuesday.

1 oz Gold Eagle bullion coins sold closer to their typical pace, rising 10,500 since Monday. Additionally, 1/2 oz Gold Eagle’s doubled their November total, advancing 2,000 on Tuesday.

Given the shortened American holiday week due to Thanksgiving, markets will be quieter as will buyers for US Mint coins.

November 2010 US Mint Bullion Coin Sales
November 2010 Daily Gain 2010 Totals
American Buffalo Gold Sold Out 209,000
1 oz American Gold Eagle 79,500 10,000 1,056,500
1/2 oz American Gold Eagle 4,000 0 43,000
1/4 oz American Gold Eagle 4,000 2,000 60,000
1/10 oz American Gold Eagle 5,000 0 385,000
American Silver Eagle 3,875,000 100,000 32,505,500


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

In other world bullion prices, the London PM gold fixing price was $1,377.50 an ounce, gaining $21, or 1.5%, from the $1,356.50 PM fixing on Monday. Silver was $27.31 an ounce for a loss of 11 cents, or 0.4%.

In London PGM prices, palladium was $674 an ounce for a loss of $26, or 3.7% and platinum was $1640 an ounce, down $17, or 1%.

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