Gold Prices Rise, Silver Hits Multi-Week High, Bullion Coins Surge

by Bullion Prices Staff on February 14, 2011

U.S. bullion prices rose Monday. Major factors analysts cited for directing gold during the day was a rebounding dollar (bearish), caution over the potential for further political unrest overseas (bullish) and increased fund demand (bullish).

April gold futures prices ended up $4.70, or 0.3%, to $1,365.10 an ounce on the Comex division of the New York Mercantile Exchange. Gold’s lowest price of the day was at $1,354.40. Its best price was $1,367.50 an ounce.

"The news reports regarding the Bahrain unrest came in morning trading, and gold immediately moved from trading modestly below unchanged to trading modestly higher and at the session high," noted Jim Wyckoff of Kitco News (www.kitco.com).

"With U.S. stock indexes hitting fresh multi-year highs Monday and with U.S. Treasury yields rising, investors worldwide are generally becoming more emboldened and seeking out riskier assets at the expense of safe-haven gold. This could change in a hurry if fresh, serious civil unrest develops in any Middle Eastern country," Wyckoff added.

In other precious metal prices, March silver closed higher by 54 cents, or 1.8%, to a six-week high at $30.53 an ounce. It was silver’s best settlement price since Jan. 3.

Palladium enjoyed bigger gains on Monday than all other precious metals. March palladium futures prices jumped $18.10, or 2.2%, to $832.80 an ounce.

"There was a lot of commodities and metals buying this morning. Both silver and palladium, which have stronger fundamentals, are way ahead in the pack among the precious metals," Miguel Perez-Santalla, vice president of Heraeus Precious Metals Management, was cited on Reuters.com. "As for silver, it was primarily driven by industrial demand on expectations of strong consumption," he added.

Platinum came in third. The April contract rose $14.10, or 0.8%, to $1,827.60 an ounce.

The 1/10 oz bullion American Gold Eagle coins showed a surprise increase in the latest U.S. Mint sales stats. The coins advanced 20,000 on the day, marking their biggest one-day increase of the year. The 1 oz Gold Eagles improved by 1,000. The bullion American Silver Eagles rallied as well, advancing by more than 700,000. The also passed the 8 million milestone for the year.

In numismatic coin news of the day, the two major stories involve the next silver and gold commemorative coin issues and a sellout of an older 24-karat gold coin. For details, visit sister sites to read:

Daily, February and 2011 U.S. Mint bullion coin sales figures follow:

2011 U.S. Mint Bullion Coin Sales
  February
2011
Daily
Gain
2011
Totals
1 oz American Gold Eagle 39,000 1,000 169,500
1/2 oz American Gold Eagle 0 0 1,000
1/4 oz American Gold Eagle 2,000 0 4,000
1/10 oz American Gold Eagle 25,000 20,000 45,000
American Silver Eagle 1,705,500 719,000 8,127,500

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

In earlier fixed PM London bullion prices, gold was $1,365 an ounce, marking a slight gain of $1, or 0.1%, over the PM Fix of Friday. Platinum was also up by the same dollar and% amounts at $1,830 an ounce. The silver fixing came in 16 cents, or 0.5%, higher at $30.16 an ounce. Palladium rose $2, or 0.2%, to $824 an ounce.

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