Gold Prices Top $1,700 as US Bullion Silver Coins Silent

by Bullion Prices Staff on January 25, 2012

U.S. silver and gold prices rose sharply Wednesday while PGM metals enjoyed their own, albeit a bit smaller rally. The gains came after the Federal Reserve’s FOMC released its monthly monetary policy statement which indicated interest rates would not be raised to any significant degree "at least through late 2014."

February gold prices added $35.60, or 2.1%, to $1,700.10 an ounce on the Comex division of the New York Mercantile Exchange, ranging from $1,645.20 an ounce to $1,666.80 an ounce. The settlement price was the first above $1,700 an ounce since Dec. 9.

"From an equity standpoint, it’s not a good story as the Fed was anticipating a much slower rate of growth than the market was," said Frank McGhee, head precious metals trader at Integrated Brokerage Services LLC, according to Reuters.

"Gold was reacting to the Fed’s guidance of historically low rates all the way until 2014, which suggests that there will be plenty of investment money around for an extended period of time," he said.

March silver futures added $1.15, or 3.6%, to settle at $33.12 an ounce.

In PGM futures, March palladium prices climbed $12.80, or 1.9%, to $693.35 an ounce while April platinum prices gained $27.20, or 1.8%, to $1,579.60 an ounce.

United States Mint Bullion Coins

United States Mint bullion coin gains were limited to the 1 oz. American Gold Eagle, up 1,000. The Mint’s most popular silver coins, the Silver Eagle, has not seen an increase since Monday.

The latest bullion coin sales are provided below in the daily and January 2012 columns.

United States Mint 2012 Bullion Coin Sales
Monday Gains Tuesday Gains Wednesday Gains January 2012
1 oz American Gold Eagle 7,500 0 1,000 76,000
1/2 oz American Gold Eagle 0 0 0 46,000
1/4 oz American Gold Eagle 0 0 0 32,000
1/10 oz American Gold Eagle 0 0 0 75,000
1 oz American Gold Buffalo 1,000 0 0 10,500
5 oz America the Beautiful Silver Coins 0 0 0 4,000
1 oz American Eagle Silver Coins 250,000 0 0 5,547,000

 

Notes: Figures above are in coins, not ounces sold. The United States Mint last updated sales of its 5 oz. America the Beautiful Silver Coins on Tuesday, January 17, 2012. All other figures have an "as of date" of Wednesday, January 25, 2012, as published on the Mint website.

In major United States Mint news which is not necessarily related to bullion, the following articles are of note:

The first article provides a breakout of known prices for 2012 collector products. The United States Mint has reduced prices on many of them, or held levels the same as numismatic products released in 2011. The second article covers the latest silver product weekly sales statistics from the United States Mint, including bullion and collector silver coins.

London Bullion Prices

London bullion prices were mixed but mostly lower. From the Tuesday PM to Wednesday PM London Fix prices:

  • Gold prices declined $15.50, or 0.9%, to $1,650 an ounce,
  • Silver fell 28 cents, or 0.9 %, to $31.67 an ounce,
  • Palladium lost $1, or 0.1%, to $675 an ounce, and
  • Platinum added $5, or 0.3%, to $1,546 an ounce

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

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