Gold Prices Slide from 1-Month High, Silver Bullion Coins Rise

by Bullion Prices Staff on June 2, 2011

U.S. bullion prices marked a day of global declines, with gold prices falling from their one-month high and silver crumbling in value with a near $1.50 loss.

August gold prices declined $10.50, or 0.7%, to $1,532.70 an ounce on the Comex division of the New York Mercantile Exchange. The yellow metal traded between $1,520.40 an ounce and $1,545.50 an ounce.

"Comex gold and silver futures markets closed a choppy trading session lower Thursday. However, prices ended up from their session lows as the U.S. dollar index sold off late and crude oil prices rebounded from their earlier lows," noted Jim Wyckoff of Kitco Metals Inc.

"Profit taking by shorter-term traders, from recent gains, was featured Thursday. Silver still posted strong losses on the day. Risk aversion is in the market place following a spate of weak U.S. economic data recently, and ahead of Friday morning’s key monthly U.S. jobs report."

In other precious metals futures prices, July silver plunged $1.49, or 4%, to $36.20 an ounce, September palladium declined $8.70, or 1.1%, to $770.40 an ounce, and July platinum declined $6.10, or 0.3%, to $1,817.80 an ounce.

London Bullion Prices

London bullion prices headed mostly lower. Gold was the exception. When comparing London PM Fix prices on Thursday from those on Wednesday:

  • Gold rose $5.75, or 0.4%, at $1,539.50 an ounce
  • Silver declined 73 cents, or 1.9%, at $37.22 an ounce
  • Palladium declined $5, or 0.6%, at $775 an ounce
  • Platinum declined $5, or 0.3%, at $1,823 an ounce

United States Mint Bullion Coins

Sales advanced 25,000 for the American Silver Eagle, the United States Mint reported in its latest bullion figures. No other coin additions were noted. For a recap of recent bullion and numismatic coin performances, read the latest US Mint sales article.

The daily, June 2011 and YTD 2011 bullion sales are shown in the table below:

United States Mint 2011 Bullion Coin Sales
1 oz American Gold Buffalo 0 0 74,000
1 oz American Gold Eagle 0 15,000 466,500
1/2 oz American Gold Eagle 0 0 55,000
1/4 oz American Gold Eagle 0 0 56,000
1/10 oz American Gold Eagle 0 0 215,000
5 oz America the Beautiful Silver 0 0 326,800
1 oz American Silver Eagle 25,000 25,000 18.9265M

Figures above are in coins, not ounces sold.

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