Gold Prices Top $1,700; Proof American Silver Eagle Sold Out

by Bullion Prices Staff on November 22, 2011

After tumbling below the $1,700 an ounce level on the previous day, gold prices rallied Tuesday to above the mark with the help of a weakened U.S. dollar and bargain hunters. December gold futures rose $23.80, or 1.4%, to $1,702.40 an ounce on the Comex division of the New York Mercantile Exchange. Gold prices touched an intraday low of $1,667.50 an ounce and hit an intraday high of $1,705.60 an ounce.

"Comex December gold futures prices ended U.S. day session higher and nearer the daily high Tuesday," wrote Jim Wyckoff if Kitco Metals. "Precious metals saw bargain hunting and short covering following the strong selling pressure seen on Monday that did produce some fresh near-term technical damage for both gold and silver. A generally higher commodity market sector Tuesday was also bullish for the metals."

Silver easily scored with the best performance in major metals. December silver futures prices surged 5.9%. In dollar terms, silver jumped $1.84 to $32.95 an ounce.

PGM metals were in the middle of the percentage gains for precious metals. December palladium futures added $15.35, or 2.6%, to $601.15 an ounce while January platinum futures added $27.20, or 1.8%, to $1,571.00 an ounce.

United States Mint Bullion Coins, Proof American Silver Eagle Sells Out

Gains were seen across most of the United States Mint’s major bullion coins. Rising 40,000 was the bullion American Silver Eagle. It is a rather modest increase for the coin, but the first in three days. With a bit over one week left in the month, the American Silver Eagle total for November is just 884,000. As a perspective, the slowest full month this year for the coins was in March at 2.767 million.

Speaking of Eagles, one more sold out on Tuesday — just a few weeks after the 25th American Silver Eagle Anniversary Set sold out. The proof version, which is the Mint’s most popular numismatic offering, is no longer available. Its individual sales reached 850,000. For more on the story, read the SilverCoinsToday.com article entitled 2011 Silver Eagle Proof Coin Sells Out.

In returning to bullion coins, all but the one-half ounce American Gold Eagle advanced Tuesday. Those figures and more are shown below in the latest United States Mint bullion product sales daily, November 2011 and YTD 2011 columns.

United States Mint 2011 Bullion Coin Sales
  Tuesday Gains November 2011 2011 Totals
1 oz American Gold Eagles 4,000 20,000 826,000
1/2 oz American Gold Eagles 0 0 65,000
1/4 oz American Gold Eagles 2,000 4,000 82,000
1/10 oz American Gold Eagles 5,000 15,000 370,000
1 oz American Gold Buffalo 1,500 5,500 150,500
5 oz America the Beautiful Silver not reported 3,300 393,300
1 oz American Silver Eagle 40,000 884,000 37,359,500

 

Notes. Figures above are in coins, not ounces sold. The United States Mint last updated 5 oz. America the Beautiful Silver Bullion Coin sales on Friday, November 18, 2011. All other figures have an “as of date” of Tuesday, November 22, 2011.

London Bullion Prices

Silver was an outliner in London bullion prices, rising while other precious metals fell. From Monday PM to Tuesday PM fixings:

  • Gold prices declined $3 or 0.2%, to $1,699 an ounce,
  • Silver added 95 cents, or 3.1%, to $31.85 an ounce,
  • Palladium declined $4, or 0.7%, to $588 an ounce, and
  • Platinum fell $13, or 0.8%, to $1,554 an ounce

Check this site’s home page for current metal prices.

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