Gold Prices Shatter Record High, Bullion Coins Unchanged

by Bullion Prices Staff on August 18, 2011

U.S. bullion prices were split Thursday, as all but palladium rose. Gold was the standout, jumping 1.6% to a record high for a third consecutive session. December gold prices surged $28.20 to $1,822 an ounce on the Comex division of the New York Mercantile Exchange, trading between $1,786.80 an ounce and $1,829.70 an ounce.

In the news Thursday, Morgan Stanley cut its forecast for global growth this year, saying the U.S. and Europe are "dangerously close to recession." Also, the U.S. Labor Department said U.S. inflation rose 0.5% in July — the most in four months. These factors, along with weak job numbers and manufacturing data elicited safe-haven buying such as gold.

"We hold gold because we believe that inflation will be part of the solution to address the problems of the world," Axel Merk, portfolio manager of Merk Funds, which has $750 million in assets, was quoted on Reuters. "We are potentially entering a stagflationary period," Merk said, referring to persistent inflation combined with stagnant growth and high unemployment.

In other New York futures prices, September silver added 33.7 cents, or 0.8%, to $40.69 an ounce, September palladium declined $18.90, or 2.4%, to $757 an ounce, and October platinum added $6.90, or 0.4%, to $1,847.70 an ounce.

London Bullion Prices

Bullion prices in London were split, with gold and silver higher and palladium and platinum lower. PM fixing prices included the following daily changes:

  • Gold added $34, or 1.9%, at $1,824 an ounce
  • Silver added 30 cents, or 0.7%, at $40.32 an ounce
  • Palladium declined $12, or 1.5%, at $766 an ounce
  • Platinum declined $5, or 0.3%, at $1,836 an ounce

U.S. Mint Bullion Coins Unchanged

The United States Mint on Thursday did not report any sales of its bullion coins. As such, sales totals remain the same as Wednesday. For a detailed analysis of recent numismatic and bullion coin performances, read the article: American Eagles, Gold Commemorative Coins Spike.

The latest available bullion coin totals are provided below in the daily, August 2011 and YTD 2011 columns.

United States Mint 2011 Bullion Coin Sales
1 oz American Gold Buffalo 0 17,500 109,000
1 oz American Gold Eagle 0 76,500 645,500
1/2 oz American Gold Eagle 0 3,000 61,000
1/4 oz American Gold Eagle 0 4,000 68,000
1/10 oz American Gold Eagle 0 40,000 305,000
5 oz America the Beautiful Silver - 10,300 380,400
1 oz American Silver Eagle 0 2,134,500 27,406,000


Notes. Figures above are in coins, not ounces sold. The United States Mint last updated 5 oz. America the Beautiful Silver Bullion Coin sales on Monday, August 15, 2011. All other figures have an "as of date" of Thursday, August 18, 2011.

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