Gold Prices Rise Slightly, Silver Plummets, ATB Coins Nearly Gone

by Bullion Prices Staff on May 2, 2011

US bullion prices¬†were mixed to start the month of May. Gold prices on Monday rose a modest 70 cents and platinum climbed 0.5% while silver plunged 5.2% and palladium dropped 1%. Silver’s decline was made easier by the CME Group Inc. (CME), which operates the Nymex. It raised its margin requirements for a second time in a week.

June gold prices ended at $1,557.10 an ounce on the Comex division of the New York Mercantile Exchange. That was a new closing record, a fourth straight. Gold prices traded at a high of $1,577.40 an ounce.

"The U.S. military operation that took out al Queda leader Bin Laden did put initial downside pressure on crude oil prices and rallied the U.S. dollar index, the U.S. stock market and other European stock markets," wrote Jim Wyckoff of Kitco News. "However, the psychological boost for those markets was short-lived as the bigger geopolitical picture in the market place has changed little and traders soon got back to trading the fundamentals that have been impacting markets for the past several weeks."

Wyckoff added "Silver futures were again the market leader Monday. The CME exchange’s Comex division raised trading margin requirements twice last week, which did curb bullish enthusiasm in that market, at least temporarily. Look for the silver market to continue to lead the precious metals in the near term."

July silver prices plummeted $2.52 to $46.08 an ounce. Silver hit an intraday low of $42.20 an ounce and reached as high as $48.19 an ounce. Last week the white metal soared 5.5%.

In PGM futures prices, June palladium fell $8.05 to $784.10 an ounce and July platinum advanced $10.20 $1,875.70 an ounce.

UK markets have been closed since Friday, which means there was no change to the London Fix bullion prices.

United States Mint bullion coins continue their trend of posting their biggest gains on Monday, as the below table of sales show. The smallest Gold Eagle was the only bullion coin that remained unchanged.

In other coin news, the three newly released numismatic and bullion five-ounce America the Beautiful Silver Coins are almost gone. For more, read about how the Hot Springs, Gettysburg and Glacier silver coins have nearly sold out on sister site

2011 United States Mint Bullion Coins
1 oz American Gold Buffalo 2,000 60,500
1 oz American Gold Eagle 11,000 369,000
1/2 oz American Gold Eagle 6,000 39,000
1/4 oz American Gold Eagle 2,000 54,000
1/10 oz American Gold Eagle 0 200,000
5 oz America the Beautiful Silver 12,400 237,800
American Silver Eagle 654,000 15,902,000

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