Gold Prices to $1,600, Silver Under $30, Gold American Eagle Cruises

by Bullion Prices Staff on May 8, 2012

Gold prices as well as other precious metals declined Tuesday, pressured by a stronger U.S. dollar that was supported by euro zone debt crisis issues.

June gold prices fell $34.60, or 2.1%, to $1,604.50 an ounce on the Comex division of the New York Mercantile Exchange. The yellow metal traded between $1,595.50 an ounce and $1,639.50 an ounce.

"With stocks slumping and with treasuries rallying and risks generally rising … investors are withdrawing from the gold market, perhaps as margin calls are made, forcing investors to liquidate precisely when they don’t want to," Andrew Wilkinson, chief economic strategist at Miller Tabak & Co said in a note cited on Reuters.

In other precious metals futures, July silver prices declined 66.3 cents, or 2.2%, to $29.459 an ounce, June palladium prices fell $24.95, or 3.9%, to $622.85 an ounce and July platinum prices declined $21.80, or 1.4%, to $1,508.30 an ounce.

New York Futures – Bullion Prices
  Mon Tue Daily Gain
($/%)
May Gain
($/%)
Silver Prices $30.122 $29.459 -$0.663
-2.2%
-$1.56
-5.0%
Gold Prices $1,639.10 $1,604.50 -$34.60
-2.1%
-$59.70
-3.6%
Platinum Prices $1,530.10 $1,508.30 -$21.80
-1.4%
-$63.60
-4.0%
Palladium Prices $647.80 $622.85 -$24.95
-3.9%
-$59.50
-8.7%

 

United States Mint Bullion Coin Sales

Gold American Eagle bullion coins are the story for May, at least through the first eight days of the month. Their sales advanced 6,000 this week already, which puts them at 26,000 for May. The month is currently the third best this year, ahead of last month by 7,000 and above February by 6,000.

The most recent bullion coin totals are offered in the daily, monthly and 2012 sales columns below.

United States Mint 2012 Bullion Coin Sales
  Mon Tue May 2012 Sales
1 oz Gold American Eagle 2,500 3,500 26,000 207,000
1/2 oz Gold American Eagle 0 0 0 51,000
1/4 oz Gold American Eagle 0 0 0 42,000
1/10 oz Gold American Eagle 0 0 0 135,000
1 oz American Buffalo Gold Coins 1,000 0 1,000 56,500
5 oz America the Beautiful Silver Coins 0 0 0 8,000
1 oz American Silver Eagle 235,000 0 335,000 11,994,000

 

Notes: The sales figures above are in coins, not ounces sold. The United States Mint last updated sales of its 5 oz. America the Beautiful Silver Bullion Coins on Monday, April 9, 2012. All other bullion figures have an "as of date" of Tuesday, May 8, 2012, as published on the Mint website.

For a recap of bullion silver coin sales last month, read this American Silver Eagle sales article.

London Bullion Prices

Bullion prices in London fell just as heavily as precious metals futures in New York. The UK markets were closed Monday for the annual May Day holiday, so comparisons below are from Friday to Tuesday.

The following grid offers London PM Fix daily bullion prices with gains and losses over the most recent two-day period as well as for April.

London Bullion Prices and Their Fixings (PM)
  Mon Tue Daily Gain
($/%)
May Gain
($/%)
Silver Prices $29.90 $29.58 -$0.32
-1.1%
-$1.62
-5.2%
Gold Prices $1,643.75 $1,602.50 -$41.25
-2.5%
-$48.75
-3.0%
Platinum Prices $1,530.00 $1,514.00 -$16.00
-1.0%
-$56.00
-3.6%
Palladium Prices $663.00 $633.00 -$30.00
-4.5%
-$46.00
-6.8%

 

Refer to this site’s home page for always updated bullion prices and news.

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