Gold, Silver Prices Decline, Bullion Coins Unchanged

by Bullion Prices Staff on September 7, 2011

Gold and silver prices fell in New York for a second straight day. Silver’s decline was modest at 0.6%. but gold was pounded 3% lower. The yellow metal suffered from profit-taking and as riskier equities trading rebounded.

"Comex December gold futures ended the U.S. day session Wednesday sharply lower on profit-taking pressure and weak long liquidation.  No near-term chart damage was inflicted Wednesday," noted Jim Wyckoff of Kitco Metals News.

"However, follow-through selling pressure on Thursday would produce significant near-term chart damage. It was a gold-bearish “risk on” day in the market place Wednesday as the U.S. and European stock indexes traded higher and U.S. Treasury prices and the U.S. dollar index were lower," he added.

December gold prices declined $55.70 to $1,817.60 an ounce on the Comex division of the New York Mercantile Exchange. Prices ranged from a low of $1,793.80 an ounce to a high of $1,883.20 an ounce.

In other precious metals, December silver prices ended down 23.7 cents to $41.63 an ounce, December palladium added $3.15, or 0.4%, to $752.70 an ounce and October platinum declined $29.50, or 1.6%, to $1,828.70 an ounce.

London Bullion Prices

Losses were greater in earlier fixed London bullion prices. PM fixing prices included the following daily changes:

  • Gold declined $85, or 4.5% at $1,810 an ounce
  • Silver prices declined 87 cents — a penny more than the previous day, or 2.1%, at $40.98 an ounce
  • Palladium declined $14, or 1.8%, at $747 an ounce
  • Platinum declined $44, or 2.4%, at $1,822 an ounce

United States Mint Bullion Coin Sales

Increases were muted Wednesday for American bullion coin sales, according to United States Mint published figures. The unchanged United States Mint bullion sales are provided below in the daily, September 2011 and YTD 2011 columns.

United States Mint 2011 Bullion Coin Sales
1 oz American Gold Buffalo 0 0 119,500
1 oz American Gold Eagle 0 3,000 675,500
1/2 oz American Gold Eagle 0 0 61,000
1/4 oz American Gold Eagle 0 0 70,000
1/10 oz American Gold Eagle 0 0 320,000
5 oz America the Beautiful Silver not reported 380,900
1 oz American Silver Eagle Bullion Coin 0 175,000 29,126,000


Notes. Figures above are in coins, not ounces sold. The United States Mint last updated 5 oz. America the Beautiful Silver Bullion Coin sales on Friday, September 2, 2011. All other figures have an "as of date" of Wednesday, September 7, 2011.

In recent news, read about Gold Eagle bullion sales for August at More of the bullion coins were sold in August than each of the previous six months.

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