Gold, Silver, Palladium and Platinum Prices Drop Sharply

by Bullion Prices Staff on June 23, 2011

U.S. bullion prices fell sharply Thursday in a general commodities selloff as the U.S. dollar strengthened. Silver took the biggest hit, diving 4.7%. Gold held the best, but still fell 2.1%. August gold futures prices ended down $32.90 to $1,520.50 an ounce on the Comex division of the New York Mercantile Exchange.

"The precious metals are suffering from the strength of the dollar. It looks like a classic risk-off market, and what you are seeing today is complete inverse correlation with the dollar," Jeffrey Sherman, commodities portfolio manager of DoubleLine Capital, said according to Reuters.

Gold hit an intraday low of $1,515 an ounce and touched a high of $1,549.60 an ounce.

In other bullion prices, July silver declined $1.74 to $35 an ounce, September palladium lost $27.30, or 3.5%, to $743.35 an ounce, and July platinum declined $57.90, or 3.3%, to $1,694.50 an ounce.

London Bullion Prices

On Wednesday, silver was the only precious metal to fall in London. On Thursday, it was the only one to rise. London PM fixing prices included the following changes:

  • Gold lost $29.50, or 1.9%, at $1,523 an ounce
  • Silver prices added 10 cents, or 0.3%, at $36.01 an ounce
  • Palladium declined $23.50, or 3.1%, at $744
  • Platinum lost $42, or 2.4%, at $1,707 an ounce

U.S. Mint Bullion Coins

Action was limited to Silver Eagles on Thursday when it came to U.S. Mint bullion coins. U.S. Mint Authorized Purchasers 30,000 more, and that takes the year-to-date total for the .999 fine silver coins to 3,000 shy of 21,500,000.

In numismatic coin news, the U.S. Mint reduced proof Platinum Eagle prices from $2,092 to $1,992, or by $100. The reduction was in response to platinum prices that consistently fell below $1,750 an ounce during the previous seven days.

Daily, June 2011 and YTD 2011 bullion sales are shown in the table below:

United States Mint 2011 Bullion Coin Sales
Daily
Gains
June
2011
2011
Totals
1 oz American Gold Buffalo 0 2,000 76,000
1 oz American Gold Eagle 0 38,500 490,000
1/2 oz American Gold Eagle 0 0 55,000
1/4 oz American Gold Eagle 0 4,000 60,000
1/10 oz American Gold Eagle 0 25,000 240,000
5 oz America the Beautiful Silver 0 0 326,800
1 oz American Silver Eagle 30,000 2.5955M 21.497M

 

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 June 17. All other sales figures are as of Thursday, June 23.

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