Gold Prices Top $1600, Silver Closes Above $40

by Bullion Prices Staff on July 18, 2011

U.S. bullion prices rallied on Monday with gains of 0.8% for gold on the low side to 3.3% for silver on the high side. Global debt concerns sparked safe-haven buying in precious metals.

On the Comex division of the New York Mercantile Exchange, August gold prices added $12.30 to $1,602.40 an ounce. The closing price was a new record for gold, marking a fifth straight. Gold prices had an intraday low at $1,591.40 an ounce. The high was at $1,607.90 an ounce.

"There’s just a lack of confidence in government and currency," Frank Lesh, a trader at FuturePath Trading LLC in Chicago, said in a telephone interview that was reported on Bloomberg. "There’s a flight-to-safety into gold. When Europe fixes their house and the U.S. fixes our house, maybe then there’ll be in a correction in gold."

September silver prices added $1.27 to $40.34 an ounce — its best close since May 3. In other bullion prices, September palladium climbed $13.95, or 1.8%, to $794.60 an ounce while October platinum added $19.90, or 1.1%, to $1,775.40 an ounce.

London Bullion Prices

London precious metals also moved higher. PM fixing prices included the following changes:

  • Gold prices added $12, or 0.8% at $1,599 an ounce
  • Silver gained $2.16, or 5.7%, at $40.33 an ounce
  • Palladium added $9, or 1.2%, at $786 an ounce
  • Platinum gained $5, or 0.3%, at $1,765 an ounce

U.S. Mint Bullion Coins

U.S. Mint bullion product increases on Monday were limited to the American Gold Buffalo bullion coin (+2,000) and the American Silver Eagle bullion coin (+508,000).

On the numismatic front, the U.S. Mint on Friday indicated that it removed order limits for its collector American Silver Eagle proof coin. The coin initially had limits of 100 per household. The coin is priced at $59.95.

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

United States Mint 2011 Bullion Coin Sales
Daily
Gains
July
2011
2011
Totals
1 oz American Gold Buffalo 2,000 6,000 85,500
1 oz American Gold Eagle 0 21,500 529,000
1/2 oz American Gold Eagle 0 1,000 56,000
1/4 oz American Gold Eagle 0 0 64,000
1/10 oz American Gold Eagle 0 5,000 255,000
5 oz America the Beautiful Silver 0 2,800 348,600
1 oz American Silver Eagle 508,500 1,969,500 24.273M

 

*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, July 11. All other sales figures are as of Monday, July 18.

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