Gold Prices Up, Silver Eagle Bullion Coin Sales Just Miss Record

by Bullion Prices Staff on February 1, 2012

U.S. gold prices rose for a second consecutive session Wednesday, supported by a weaker greenback. February gold futures gained $9.10, or 0.5%, to $1,749.50 an ounce on the Comex division of the New York Mercantile Exchange. Gold prices traded through an $18+ range, coming in at an intraday low of $1,735.40 an ounce and attaining a high of $1,754 an ounce.

"The weaker U.S. dollar index Wednesday was a bullish ‘outside market’ force supporting the precious metals markets. The dollar index bears have downside near-term technical momentum. Meantime, crude oil prices did back down from early-session highs, which did help to push gold down from its daily high," wrote Jim Wyckoff of Kitco.

"Crude oil bulls still have the overall near-term technical advantage, and that’s bullish for the precious metals. Crude oil and the U.S. dollar index will remain the two key ‘outside markets’ that have a daily influence on gold and silver price moves," Wyckoff added.

Other precious metals tracked gold, which were again supported weakness in the dollar. Silver performed second best, right behind platinum. March silver futures prices added 54.5 cents, or 1.6%, to $33.81 an ounce.

In PGM futures in New York, March palladium prices ended up $10.35, or 1.5%, to $696.70 an ounce and April platinum prices rallied $35.10, or 2.2%, to $1,623.20 an ounce.

United States Mint Bullion Coin Sales

The United States Mint did not have any bullion coin sales to report for the first day of February, but it did close out the month of January.

Levels were high for most of the Mint’s bullion coin offerings. Of course, sales were best for the American Silver Eagle bullion coin. It ended the month at 6,107,000, which was just 315,000 away matching the all-time monthly record of 6,422,000 set in January 2011. For a perspective of how strong those sales are, the next closest month in the series 26-year history was under 4.5 million (that occurred in September 2011). For a deeper analysis, read the SilverCoinsToday.com article Silver Eagle Bullion Coin Sales Top 6M.

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

Sales of United States Mint 2012 Bullion Coins
Monday Gains Tuesday Gains Wednesday Gains 2012 Sales
1 oz American Gold Eagle 1,500 3,500 0 84,500
1/2 oz American Gold Eagle 0 0 0 49,000
1/4 oz American Gold Eagle 0 0 0 38,000
1/10 oz American Gold Eagle 0 10,000 0 85,000
1 oz American Gold Buffalo 1,000 1,500 0 13,500
5 oz America the Beautiful Silver Coins 0 0 0 5,700
1 oz American Eagle Silver Coins 385,000 25,000 0 6,107,000

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 Friday, January 27, 2012. All other figures have an "as of date" of Wednesday, February 1, 2012, as published on the Mint website.

London Bullion Prices

London bullion prices were split, with mostly modest directional moves. From the Tuesday PM to Wednesday PM London Fix prices:

  • Gold prices declined $4, or 0.2%, to $1,740 an ounce,
  • Silver added 20 cents, or 0.6%, to $33.80 an ounce,
  • Palladium added $3, or 0.4%, to $695 an ounce, and
  • Platinum declined $13, or 0.8%, to $1,611 an ounce

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

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