Gold Rises 1.9%, Silver Gains 3.7% and Palladium Prices Advance 3.3%

by Bullion Prices Staff on February 21, 2012

Following the extended U.S. holiday weekend, gold and other precious metals rallied Tuesday on news that Greece secured its second round of debt bailout funds. Gold prices gained $32.60, or 1.9%, to $1,758.50 an ounce on the Comex division of the New York Mercantile Exchange, trading between $1,727 an ounce and $1,759 an ounce.

"Comex April gold futures prices ended the U.S. day session sharply higher and near the daily high Tuesday. The precious metals markets were boosted by news that Greece and the European Union have finally secured a debt-restructuring deal," wrote Jim Wyckoff of Kitco News.

"The key ‘outside markets’ were also in a bullish daily posture for gold and silver, as the U.S. dollar index was lower and crude oil prices were sharply higher. The gold and silver market bulls regained upside near-term technical momentum with Tuesday’s solid price gains."

Silver performed the best of the precious metals on Tuesday. March silver futures prices added $1.21, or 3.7%, to $34.43 an ounce. Palladium came in second. March palladium prices advanced $22.65, or 3.3%, to $710.75 an ounce. Wrapping up the major metals, April platinum futures prices added $51, or 3.1%, to $1,684.90 an ounce.

United States Mint Bullion Sales

United States Mint bullion sales on Tuesday included gains across each of the bureau’s 1 oz. bullion coins. Matching increases of 1,000 were reported by the Mint for American Gold Eagle and American Gold Buffalo. Rising the most, as usual, was the American Silver Eagle, up 115,000. That was just 10,000 short if its entire pick-up last week (which was weak), but the amount also pushed year-to-date sales of the Silver Eagle above 7,000,000.

The most recent bullion figures are provided below in the daily, monthly and 2012 columns.

Sales of United States Mint 2012 Bullion Coins
  Tues. 2012 Sales
1 oz American Gold Eagle 1,000 100,000
1/2 oz American Gold Eagle 0 49,000
1/4 oz American Gold Eagle 0 40,000
1/10 oz American Gold Eagle 0 85,000
1 oz American Gold Buffalo 1,000 18,000
5 oz America the Beautiful Silver Coins 0 5,700
1 oz American Eagle Silver Coins 115,000 7,057,000


Notes: Figures above are in coins, not ounces sold. The United States Mint last updated sales of its 5 oz. America the Beautiful Silver Bullion Coins on Friday, January 27, 2012. Since no gains have been published for well over three weeks, levels have likely remained the same. All other bullion sales have an "as of date" of Tuesday, February 21, 2012, as published on the Mint website.

London Bullion Prices

London bullion prices also advanced. From the Monday PM to Tuesday PM London Fix:

  • Gold added $15, or 0.9%, to $1,748 an ounce,
  • Silver added 9 cents, or 0.3%, to $33.65 an ounce,
  • Palladium added $15, or 2.2%, to $709 an ounce, and
  • Platinum added $26, or 1.6%, to $1,673 an ounce

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

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