Gold Prices Rise, Silver Gains, Bullion Coins Unchanged

by Bullion Prices Staff on March 7, 2011

U.S. bullion prices were mixed Monday as gold and silver gained and platinum and palladium declined. Silver was the best performer with its increase of 1.5%. Palladium was the worst as it dropped 2.4%.

April gold futures prices edged higher $5.90, or 0.4%, to settle the day at $1,434.50 an ounce on the Comex division of the New York Mercantile Exchange. Gold’s lowest price of the day was $1,428.30  and its highest was $1,445.70.

"Traders [are] pulling money out of equities and going to cash or safe-haven assets like precious metals in response to the deteriorating situation in the Middle East and North Africa," Ben Potter, strategist at City Index, was cited on MarketWatch.

May silver futures prices closed at $35.87 an ounce, a new 31-year high. The metal rose 53.8 cents on the day and at one point grasped a high of $36.75 an ounce.

In PGM futures prices, June palladium tumbled $19.70 to $790.10 an ounce and April platinum declined $17.50, or 1%, to finish at $1,820.40 an ounce.

American Silver Eagle bullion coin sales have remained unchanged from one week ago, according to the latest sales figures published on the United States Mint’s website. It is the longest drought for many months, if indeed the coins have not increased. American Gold Eagle bullion coins have not seen an increase since Wednesday.

In U.S. coin news, silver coin values are soaring thanks to 31-year high silver prices. The linked article recounts how a 1964 quarter was worth $6.39 based on the Friday closing price of silver at $35.33 an ounce. The value of the quarter and other US coins struck before 1965 (which contain 90 percent silver) has gone up even further Monday.

Daily, March and 2011 bullion coin sales figures follow:

2011 U.S. Mint Bullion Coin Sales
1 oz American Gold Eagle 9,000 0 209,000
1/2 oz American Gold Eagle 0 0 13,000
1/4 oz American Gold Eagle 0 0 18,000
1/10 oz American Gold Eagle 0 0 120,000
American Silver Eagle 0 0 9,662,000

Figures above are in coins, not ounces sold.

In London, precious metals prices were mixed as well when comparing the PM fix prices on Monday from Friday. The London gold fix price rose $10.50, or 0.7%, to $1,437.50 an ounce. The silver fixing jumped $2.17, or 6.3%, to $36.60 an ounce.

In PGM London metal prices, palladium declined $1, or 0.1%, to $810 an ounce and platinum gained $10, or 0.5%, to $1,838 an ounce.

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