Gold, Silver Extend Winning Streak to 4 Days, 1 Oz. Bullion Eagles Rise

by Bullion Prices Staff on October 26, 2011

U.S. gold and silver futures prices jumped ahead for a fourth consecutive day Wednesday, supported by fresh worries over the progress of a plan to address European Union debt woes.

"Fresh bargain hunting and safe-haven buying have rushed into the precious metals markets this week. Such has also significantly improved the overall near-term technical postures of gold and silver," wrote Jim Wyckoff of Kitco Metals.

"The market place has become disenchanted with the progress, or lack thereof, on the European Union sovereign debt crisis. An EU summit meeting Wednesday has so far produced no breakthrough developments. The market place is now expecting more of the same: kicking the can down the road on the matter. The safe-haven gold market has and will likely continue to garner at least some underlying investment demand from the EU debt crisis."

December gold futures rose $23.10, or 1.4%, to $1,723.50 an ounce on the Comex division of the New York Mercantile Exchange, trading between $1,696.50 an ounce and $1,728 an ounce. The intraday high was gold’s best since September 23.

In silver futures prices, the December contract added 25.8 cents, or 0.8%, to $33.31 an ounce.

And in PGM futures prices, December palladium fell $6.05, or 0.9%, to $646.05 an ounce while January platinum added $28.40, or 1.8%, to $1,597.20 an ounce.

London Bullion Prices

With their gains Wednesday, LondonĀ bullion prices have moved higher for four straight days. Changes from the Wednesday PM to Tuesday PM fixings in London show that:

  • Gold advanced $59, or 3.6%, to $1,715 an ounce
  • Silver added $1.30, or 4.1%, to $33.30 an ounce
  • Palladium advanced $12.50, or 2%, to $649.50 an ounce
  • Platinum added $37, or 2.4%, to $1,580 an ounce

United States Mint Bullion Coins

Sales increases for United States Mint bullion coins were limited Wednesday to the 1 oz. American Eagles. The Gold Eagles increased by 1,500 while the Silver Eagles picked up 40,000. The latest available bullion sales are provided below in the daily, October and YTD 2011 columns.

United States Mint 2011 Bullion Coin Sales Figures
1 oz American Buffalo Gold 0 12,500 145,000
1 oz American Eagle Gold 1,500 42,500 802,500
1/2 oz American Eagle Gold 0 3,000 65,000
1/4 oz American Eagle Gold 0 6,000 78,000
1/10 oz American Eagle Gold 0 10,000 355,000
5 oz America the Beautiful Silver not reported 389,700
1 oz American Eagle Silver 40,000 2,964,000 36,375,500


Notes. Figures above are in coins, not ounces sold. All figures have an “as of date” of Wednesday, October 26, 2011.

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