Gold Prices Rise to Fresh Record, Silver Advances, Bullion Coins Unchanged

by Bullion Prices Staff on April 20, 2011

U.S. bullion prices rose Wednesday. Gold reached a new record, silver attained a fresh 31-year high, and, after days of drops, palladium and platinum surged.

June gold prices added $3.80, or 0.3%, to $1,498.90 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold has been acting as a currency in its own right, and that is why we are up at $1,500," Simon Weeks, head of precious metals at the Bank of Nova Scotia, was cited on Reuters. "There is an awful lot of bad news in the price. The S&P comment the other day has given us the final kicker to get up here."

Gold prices hit an intraday low of $1,493.80 an ounce and a high of $1,506.50 an ounce.

May silver prices rose 54.8 cents, or 1.2%, to $44.46 an ounce, its highest level since January 1980.

"The metals are being led by silver," Frank McGhee, the head dealer at Integrated Brokerage Services in Chicago, was quoted on Bloomberg. "You’ve got a parabolic market forming. The general opinion is that silver is undervalued, and that feeds the rally."

In PGM futures prices, June palladium advanced $27.80, or 3.8%, to $758.90 an ounce and July platinum rose $31.50, or 1.8%, to $1,802.80 an ounce.

In comparing current to previous London bullion PM fixing prices:

  • Gold advanced $10.50, or 0.7%, at $1,501 an ounce
  • Silver added $1.57, or 3.6%, at $44.79 an ounce
  • Palladium rose $22, or 3.0%, at $759 an ounce
  • Platinum advanced $24, or 1.3%, at $1,804 an ounce

The PM gold fix rose $10.50 at $1,501.00 an ounce. Silver added $1.57 at $44.790 an ounce. The platinum fix climbed $24.00 at $1,804.00 an ounce. Palladium advanced $22.00 at $759.00 an ounce.

United States Mint bullion coins levels remained unchanged from the previous day.

2011 U.S. Mint Bullion Coin Sales
  April
2011
Daily
Gain
2011
Totals
1 oz American Gold Buffalo 12,500 0 50,500
1 oz American Gold Eagle 56,000 0 319,500
1/2 oz American Gold Eagle 0 0 22,000
1/4 oz American Gold Eagle 0 0 40,000
1/10 oz American Gold Eagle 15,000 0 175,000
American Silver Eagle 2,101,000 21,500 14,530,000

Figures above are in coins, not ounces sold.

For a more detailed look at United States Mint bullion and numismatic coin sales, read the article Grand Canyon Three Coin Set Debuts, Silver Eagles 14M.

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