Gold Rises, Silver Retreats, Bullion Coins Unchanged

by Bullion Prices Staff on March 14, 2011

U.S. bullion prices were mixed Monday as the devastation in Japan elicited safe-haven buying for gold but drove down precious metals like palladium and platinum over concerns that their industrial use would decline.

April gold prices gained $3.10, or 0.2%, to end the day $1,424.90 an ounce on the Comex division of the New York Mercantile Exchange. It ranged from $1,418.20 to $1,433.50.

"Given the global political and financial uncertainty, you’re seeing investors shifting assets away from dollars and other currencies into hard assets," Stephen Platt, an analyst at Archer Financial Services Inc. in Chicago, was quoted on Bloomberg. "You’re still going to see a lot of excess liquidity being pumped into these markets that will encourage a flight to metals as a safe haven," added Platt.

Other U.S. bullion prices fell. May silver lost 9.5 cents, or 0.3%, to finish at $35.84 an ounce. June palladium declined $17.30, or 2.3%, to $748.20 an ounce. April platinum gave back $29.40, or 1.7%, to $1,752.30 an ounce.

"The disruption to industrial sector activity is likely to have a negative impact on the industrial metals and bulk commodity sectors," analysts at Deutsche Bank said in a note to clients.

Bullion coin sales levels from the U.S. Mint remained unchanged from Friday. However, that was likely a result of the Mint not publishing updated figures as Monday was the the first day of release for this year’s American Buffalo Gold Bullion Coin. Fresh sales numbers are expected on Tuesday.

2011 U.S. Mint Bullion Coin Sales
  March
2011
Daily
Gain
2011
Totals
1 oz American Gold Eagle 30,500 0 233,500
1/2 oz American Gold Eagle 4,000 0 17,000
1/4 oz American Gold Eagle 10,000 0 28,000
1/10 oz American Gold Eagle 5,000 0 125,000
American Silver Eagle 717,000 0 10,379,000

Figures above are in coins, not ounces sold.

London bullion prices were mixed. The fixing for gold was $1,422.25, up $10.75, or 0.8%, from the PM fixing price on Friday.

The silver fix rose $2.08, or 6.1%, to $36.18 an ounce.

In PGM London metal prices, the palladium fixing declined $2, or 0.3%, to $752 and the platinum fixing lost $15, or 0.8%, to $1,762 an ounce.

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