Gold, Silver Prices Hit Highs; Buffalo Bullion Coins Rise

by Bullion Prices Staff on March 23, 2011

U.S. bullion prices rose Wednesday. Gold prices settle at a new record with a 0.7% increase and silver prices closed to a new 31-year high with a 2.6% increase. In terms of streaks, gold has advanced for six consecutive sessions while silver has gained for four straight sessions.

April gold futures prices ended up $10.40 to $1,438 an ounce on the Comex division of the New York Mercantile Exchange. The yellow metal’s intraday low was $1,425.80 an ounce and its high was $1,441.20 an ounce.

"Major world events of late are still underpinning the precious metals markets on safe-haven investment demand … While the markets, in general, do have calmer dispositions this week, the recent unsettling world market events have not disappeared by any means," noted Jim Wyckoff of Kitco News. "This is keeping a bid under precious metals market prices and limiting selling interest among traders and investors."

Wyckoff added " Don’t be surprised to see new, unexpected and market-moving twists and turns regarding the Middle East and Japan situations, which will continue to be closely eyed by all traders. Also, the European Union’s major sovereign debt problems are an underlying bullish factor for the precious metals. This week, Portugal is in the spotlight as an austerity measure vote may or may not be taking place."

May silver advanced 92.9 cents to $37.20 an ounce, its best price since 1980 when silver reached above $50 an ounce.

In PGM futures prices, June palladium rose $11.45, or 1.6%, to finish at $749.30 an ounce and April platinum climbed $20.60, or 1.2%, to $1,760 an ounce.

London bullion prices advanced as well, with the exception of palladium which remained unchanged at $739 an ounce. In comparing PM fixing prices on Wednesday to those on Tuesday:

  • Gold rose $13.50, or 0.9%, to $1,439.50 an ounce
  • Silver added 63 cents, or 1.8%, to $36.58 an ounce
  • Platinum rose $8, or 0.5%, to $1,744 an ounce

There was not a lot of action in U.S. Mint bullion coins, although a bit more than on Tuesday when sales levels remained unchanged. On Wednesday, the 1 oz Gold Buffalo bullion coin rose 1,000 and the 1 oz American Gold Eagle bullion coins advanced 2,000. The daily, March and 2011 bullion sales figures follow:

2011 U.S. Mint Bullion Coin Sales
1 oz American Gold Buffalo 32,000 1,000 32,000
1 oz American Gold Eagle 46,500 2,000 249,500
1/2 oz American Gold Eagle 4,000 0 17,000
1/4 oz American Gold Eagle 20,000 0 38,000
1/10 oz American Gold Eagle 30,000 0 150,000
American Silver Eagle 2,069,500 0 11,731,500

Figures above are in coins, not ounces sold.

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