Gold Prices Surge to Record High, Silver Rises, Bullion Coins Flat

by Bullion Prices Staff on August 2, 2011

U.S. bullion prices were mixed Tuesday as gold achieved a new record high, silver surged 2%, palladium dipped 0.3% and platinum fell modestly by 0.1%.

On the Comex division of the New York Mercantile Exchange, December gold prices added $22.80, or 1.4%, to $1,644.50 an ounce, ranging between $1,618.80 an ounce and $1,646.80 an ounce. The close was a new record high, as was the intraday level. Jim Wyckoff, from Kitco Metals, wrote the following about gold on Tuesday:

"Comex gold futures prices ended the U.S. day session sharply higher and set another new all-time record high of $1,647.80, basis December futures. Strong safe-haven investor demand amid several market place worries continues to boost the precious metals markets, and especially gold. It did not take traders and investors long to look past the U.S. debt limit drama that has drawn to at least a temporary close.

Not surprisingly, the market place has moved on to fresh worries regarding a potential U.S. debt downgrade by ratings agencies, the ongoing European Union debt crisis, and a worldwide economic slowdown. Gold will continue to see safe-haven investment demand amid the keener uncertainty and anxiety in the market place."

In other precious metals futures prices, September silver added 78.3 cents to $40.09 an ounce, September palladium lost $2.60 to $826.90 an ounce, and October platinum declined $1.10 to $1,793.50 an ounce.

London Bullion Prices

London bullion prices were split, moving the same direction as futures in New York and each in opposite of their individual paths on Monday. PM fixing prices included the following changes:

  • Gold prices added $14.75, or 0.9%, at $1,637.75 an ounce
  • Silver added 42 cents, or 1.1%, at $39.73 an ounce
  • Palladium declined $18, or 2.1%, at $824 an ounce
  • Platinum declined $5, or 0.3%, at $1,793 an ounce

U.S. Mint Bullion Coins

Sales levels for U.S. Mint bullion coins remained flat, having the same figures as Monday. In related U.S. Mint news on Tuesday, Silver Eagle sales for July are finalized. For a detailed analysis of their performance, read the Silver article 2011 Silver Eagle Bullion Coin Sales 2nd Best July.

The latest U.S. bullion coin figures are shown in the daily, August 2011 and YTD 2011 columns below.

United States Mint 2011 Bullion Coin Sales
1 oz American Gold Buffalo 500 92,000
1 oz American Gold Eagle 3,000 572,000
1/2 oz American Gold Eagle 1,000 59,000
1/4 oz American Gold Eagle 2,000 66,000
1/10 oz American Gold Eagle 5,000 270,000
5 oz America the Beautiful Silver 6,700 376,100
1 oz American Silver Eagle 258,500 25.53M


Notes. Figures above are in coins, not ounces sold. The United States Mint last updated the 5 oz. America the Beautiful Silver Bullion Coin sales on Monday, August 1.

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