Gold Prices Soar, New American Bullion Silver Coins in Fall

by Bullion Prices Staff on August 12, 2010

U.S. bullion prices kicked into high gear Thursday as safe-haven buying lifted gold to above $1,216 an ounce for a gain of $17.50. It was the largest daily pick up for the yellow metal in two months, and it happened despite a stronger greenback.

Gold "is drawing fresh safe-haven and speculative buying interest this week as worldwide investor risk appetite has decreased, noted Jim Wyckoff of Kitco News. "A sell off in European, Asian and U.S. stock markets Wednesday and overnight suggests investors are moving to perceived safe-haven assets, including the U.S. dollar, U.S. Treasuries and gold."

In New York precious metals prices, December gold closed to $1,216.70.00 an ounce for a gain of 1.5%. Gold’s low point of the day was $1,199.50 while its highest level was $1,218.50.

"The recent sell-off has left speculative long positions in gold oversold relative to U.S. real interest rates, which we believe has set the stage for a rally to our six-month gold price target of $1,300/ounce," Goldman Sachs said in a research note.

Other metals finished higher as well. New York silver for September delivery was $18.065 an ounce, rising 16.3 cents or 0.9%. In PGM metals, October platinum was $1,531.60 an ounce for a gain of $11 or 0.7% while palladium for September delivery finished at $471.05 an ounce for an increase of $6.35 or 1.4%.

In London bullion prices, the afternoon gold Fix was $1,213.00 an ounce, advancing $7.50 or 0.6%. In other precious metals, silver was $17.920 an ounce for a loss of 20 cents or 1.1% while platinum was $1,524.00 an ounce for a loss of $16 or 1% and palladium was fixed to $469.00 an ounce, down $6 or 1.3%.

In bullion coin news, United States Mint officials said that they expects to make 500,000 America the Beautiful 5 oz Silver Bullion Coins this year, and begin producing them this fall. There will be five issues for the year, with each design a duplicate of a corresponding 2010 circulating quarter. The bullion coins, however, will not only be different in there .999 fine silver composition, but also in their size. Each will have a diameter of 3 inches and weigh five ounces. Additionally, the bullion coins will have edge letterings indicating their fineness and weight — unlike quarters that have a reeded edge. U.S. Mint authorized buyers will resell the coins to the public once they are released.

In United States Mint bullion sales, no additional gold or silver coins were reported sold on Thursday, but three coins gained on Wednesday, including:

  • 1 oz Buffalo Gold Coins by 4,000
  • 1 oz Gold Eagles by 13,500
  • 1 oz Silver Eagles by 25,000

The following table shows the latest totals:

U.S. Mint Bullion Coin August 2010 Sales

July
2010
August
2010
2010
Total
American Buffalo Gold 23,000 8,500 192,000
American Eagle Gold 1 oz 147,500 25,500 791,500
American Eagle Gold 1/2 oz 2,000 1,000 34,000
American Eagle Gold 1/4 oz 2,000 0 46,000
American Eagle Gold 1/10 oz 30,000 15,000 325,000
American Eagle Silver 2,981,000 867,500 22,017,000

 

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

{ 1 comment… read it below or add one }

sell gold in clearwater fl August 14, 2010 at 10:17 am

I agree that purchasing mint safeguarded gold is the most cost effective rout, however owning a small amount of gold you physically possess is a very comforting feeling.

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