Gold, Silver Prices Extend Gains; 1 oz. Gold Bullion Coins Advance

by Bullion Prices Staff on May 10, 2011

U.S. bullion prices on Tuesday continued their advance which began on Friday (Monday for silver). Precious metal gains were 3.7% for silver, 0.9% for gold, 0.5% for palladium and 0.3% for platinum.

June gold prices rose $13.70 to $1,516.90 an ounce on the Comex division of the New York Mercantile Exchange. It touched a low of $1,505.20 an ounce and a high of $1,519.30.

"Inflation has already been on the rise in many emerging market countries, some say due to the U.S. quantitative easing policies, and many commodity markets remain at historically high levels. Gold, long considered a traditional hedge against inflation, could continue to garner strength if price pressures continue to build," according to Kitco News.

"On the economic data front this week, metals traders are awaiting Wednesday’s release of the Chinese inflation and industrial production figures, which could provide clues as to that government’s next move to battle the rising prices seen there. Higher-than-expected inflation figures could be supportive to gold prices."

July silver prices ended up $1.37 to $38.49 an ounce, recovering 9.1% of their losses since last week’s more than 27% free fall.

In PGM futures prices, June palladium added $3.65 to $732.65 an ounce and July platinum added $5.80 to $1,800.90 an ounce.

In comparing current to previous London bullion PM fixing prices:

  • Gold rose $11.50, or 0.8%, at $1,513.50 an ounce
  • Silver climbed 40 cents, or 1.1%, at $38.40 an ounce
  • Palladium declined $34, or 4.4%, at $733 an ounce
  • Platinum added $2, or 0.1%, at $1793 an ounce

While nearly all United States Mint bullion coins advanced Monday, only the 1 oz. gold issues rose Tuesday. The 22-karat Gold Eagle and 24-karat Gold Buffalo enjoyed respective daily gains of 1,500 and 500.

For a recap of how American Eagle bullion sales were in April, read:

The latest bullion coin gains are shown in the below table.

2011 United States Mint Bullion Coins
  Daily
Gains
May
2011
2011 Totals
1 oz American Gold Buffalo 500 5,000 63,500
1 oz American Gold Eagle 1,500 67,000 425,000
1/2 oz American Gold Eagle 0 17,000 50,000
1/4 oz American Gold Eagle 0 4,000 56,000
1/10 oz American Gold Eagle 0 15,000 215,000
5 oz America the Beautiful Silver 0 54,400 237,800
American Silver Eagle 0 1,421,000 16,669,000

Figures above are in coins, not ounces sold.

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