Gold Retreats from Record, Silver Plunges, Eagle Coins Advance

by Bullion Prices Staff on August 4, 2011

U.S. bullion prices turned lower Thursday as gold dipped 0.4% and away from a record. Other precious metals plunged, including losses of 5.6% for silver, 5.3% for palladium and 3.1% for platinum. Gold and silver losses were attributed to margin calls as the U.S. stock market recorded its worst day since 2008.

"When you get outside markets down significantly, some investors liquidate their winning positions in the gold and silver market longs to raise margins and support their losing trades," Phillip Streible, senior market strategist with futures broker MF Global, said according to Reuters.

December gold futures prices lost $7.30 to $1,659 an ounce on the Comex division of the New York Mercantile Exchange. Intraday gold prices traded between $1,642.20 an ounce and $1,684.90 — a new all-time record high.

In other metals, September silver tumbled $2.33 to $39.43 an ounce, September palladium declined $42.15 to $752.95 an ounce, and October platinum lost $55.60 to $1,729.40 an ounce.

London Bullion Prices

London bullion prices were split, moving in the same direction as the previous day. PM fixing prices included the following changes:

  • Gold prices added $10.25, or 0.6%, at $1,679.50 an ounce
  • Silver added 58.0 cents, or 1.4%, at $41.62 an ounce
  • Palladium fell $25.50, or 3.2%, at $782.50 an ounce
  • Platinum declined $29, or 1.6%, at $1,753 an ounce

U.S. Mint Bullion Coins

U.S. Mint bullion sales on Thursday included advances across all 1 oz. gold and silver coins and a modest addition to the 1/2 oz. American Gold Eagle. The latest U.S. bullion coin figures are provided below in the daily, August 2011 and YTD 2011 columns below.

United States Mint 2011 Bullion Coin Sales
1 oz American Gold Buffalo 500 2,500 94,000
1 oz American Gold Eagle 2,000 9,000 578,000
1/2 oz American Gold Eagle 1,000 2,000 60,000
1/4 oz American Gold Eagle 0 2,000 66,000
1/10 oz American Gold Eagle 0 10,000 275,000
5 oz America the Beautiful Silver - 7,500 376,800
1 oz American Silver Eagle 169,500 428,000 25,699,500


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 Tuesday, August 2. All other figures are as of Thursday, August 4.

For an analysis on both bullion and collector coin performances, read the latest U.S. Mint sales article.

{ 0 comments… add one now }

Leave a Comment

Previous post:

Next post: