Gold Prices Rises Modestly, Fractional US Mint Bullion Coins Surge

by Bullion Prices Staff on February 15, 2011

U.S. bullion prices rose modestly Tuesday, but increases were enough to lift gold prices to a four-week high and silver prices to a fresh six-week high.

April¬†gold futures prices¬†settled to $1,374.10 an ounce on the Comex division of the New York Mercantile Exchange, rising $9.00, or 0.7%, from the previous session. The closing was gold’s best since Jan. 13. Gold prices hit an intraday low at $1,361.30 and a high at $1,377.50 an ounce.

Jim Wyckof of Kitco News noted that:

"A reported rise in U.K. consumer price inflation that was double the Bank of England’s target rate helped push gold prices higher Tuesday. While gold was boosted on the U.K. inflation data, the more highly anticipated Chinese inflation data, also issued Tuesday, came in lower than expected. Still, with the Continuous Commodity Index at a record high level this week and with world economies growing more rapidly coming out of recessions, the specter of problematic consumer price inflation worldwide is very real, and many believe very likely, in the coming months. Throw in the fact that major central banks of the world have been "printing money" and that’s significantly gold-market-bullish."

March silver prices ended up 16.2 cents, or 0.5%, to $30.70 an ounce. It was the best settlement price for silver since Jan. 3

Palladium peformed better than other precious metals on Wednesday, rising 0.9%. It climbed $7.10 to close at $839.90 an ounce.

Platinum was the weaker metal for the day, advancing just 0.2%. It gained $4.00 to settle at $1,831.60 an ounce.

The smaller sized U.S. Mint bullion coins shined on Tuesday. Each of the fractional sizes — 1/2 oz through the 1/10 oz — had gains. The biggest mover was the 1/10 oz which jumped by 75,000, its biggest one-day gain this year.

There are two included links of the day from sister sites about U.S. Mint coins. The first, ATB 5-Ounce Silver Bullion Coin Prices Decline, discusses how secondary market prices for the new bullion series have fallen as compared to when they first launched. The second, US Mint Numismatic Gold Coins Poised for Price Increases, relays an expected Wednesday price increase for the U.S. Mint’s First Spouse Gold Coins and its American Buffalo Gold Proof Coin. As a result of higher gold prices, the Mint is expected to increase the Gold Buffalo by $50 and the first lady coins by $25.

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

2011 U.S. Mint Bullion Coin Sales
1 oz American Gold Eagle 39,000 0 169,500
1/2 oz American Gold Eagle 5,000 5,000 6,000
1/4 oz American Gold Eagle 16,000 14,000 18,000
1/10 oz American Gold Eagle 100,000 75,000 120,000
American Silver Eagle 1,705,500 0 8,127,500

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

In London bullion prices, the PM gold fix was $1,372.75 an ounce for a $7.75, or 0.6%, improvement over the prior PM fixing. The London silver fix was $30.72 an ounce, which improved by 56 cents, or 1.9%, over Monday. In London PGM metal prices, palladium gained $21, or 2.5%, with its fixing at $845 and platinum added $12, or 0.7%, at $1,842 an ounce.

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