Gold Prices Vault to $1,800, Silver Rebounds, Bullion Eagles Rise

by Bullion Prices Staff on August 10, 2011

U.S. bullion prices were mixed Wednesday. Gold prices rose sharply yet again to register a third straight record high. They topped the $1,800 milestone in intraday trading. Silver rebounded 3.8%, recouping almost all of its previous day losses. Platinum also gained, advancing 0.9% on the day. Palladium was the only precious metal to decline in New York with a daily loss of 1.1%.

In returning to gold prices, December futures added $41.30, or 2.4%, to close at a new record of $1,784.30 an ounce on the Comex division of the New York Mercantile Exchange. Gold prices traded between $1,740.20 an ounce and $1,801.00 an ounce, which was also an intraday record high.

"The race to debase currencies is on," James Dailey, who manages $185 million at TEAM Financial Management LLC, said in a telephone interview that was cited on Bloomberg. "Gold will continue to appreciate until there is a fundamental shift in government policies."

September silver added $1.44 to $39.33 an ounce. The pick-up took back all but 5.3 cents of the prior day losses.

In PGM futures prices, September palladium fell $7.75 to $726.80 an ounce while October platinum added $15.30 to $1,771.70 an ounce.

London Bullion Prices

In London Fix bullion prices, all but silver advanced. It was the second straight day precious metals in London moved in the same direction. PM fixing prices included the following changes:

  • Gold prices added $36, or 2.1%, at $1,772 an ounce
  • Silver declined 5 cents, or 0.1%, at $38.31 an ounce
  • Palladium added $6, or 0.8%, at $741 an ounce
  • Platinum added $20, or 1.2%, at $1,754 an ounce

U.S. Mint Bullion Coins

Three of four American Gold Eagle bullion coins advanced Wednesday, according to U.S. Mint sales figures. From biggest to smallest, the 1 oz. added 8,000, the 1/4 oz. added 2,000 and the 1/10 oz. added 10,000.

No other gains in bullion coins were reported by the Mint, to include the popular bullion Silver Eagles which topped 26 million in year-to-date sales on Monday. For a deeper analysis of their recent sales and performances for U.S. collector silver coins, read the article: US Mint Sales: 2011 Proof Silver Eagles Hottest.

The latest U.S. bullion figures are provided below in the daily, August 2011 and YTD 2011 columns.

United States Mint 2011 Bullion Coin Sales
1 oz American Gold Buffalo 0 10,000 101,500
1 oz American Gold Eagle 8,000 44,000 613,000
1/2 oz American Gold Eagle 0 2,000 60,000
1/4 oz American Gold Eagle 2,000 4,000 68,000
1/10 oz American Gold Eagle 10,000 25,000 290,000
5 oz America the Beautiful Silver - 8,500 378,600
1 oz American Silver Eagle 0 1,104,000 26,375,500


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, August 8. All other figures have an "as of date" of Wednesday, August 10.

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