Gold, Silver Prices Rally; Silver Eagle Anniversary Set Sells Out

by Bullion Prices Staff on October 27, 2011

U.S. gold and silver futures prices pushed higher for a fifth consecutive day Thursday, supported by a weaker U.S. dollar and a general rally in commodities. December gold futures climbed $24.20, or 1.4%, to $1,747.70 an ounce on the Comex division of the New York Mercantile Exchange, trading between $1,707.20 an ounce and $1,749 an ounce.

"You’ve got the return of risk appetite in full force today and you’ve got a U.S. dollar that really is getting beaten up badly," MarketWatch cited Matt Zeman, a trader with Kingsview Financial in Chicago.

In other New York futures, December silver prices added $1.80, or 5.4%, to $35.11 an ounce, December palladium prices added $23.85, or 3.7%, to $669.90 an ounce and January platinum prices added $44.20, or 2.8%, to settle at $1,641.40 an ounce.

London Bullion Prices

London bullion prices have moved higher for five straight days — not just gold and silver, like in New York, but palladium and platinum as well. Changes from the Thursday PM to Wednesday PM fixings in London show that:

  • Gold advanced $3, or 0.2%, to $1,718 an ounce
  • Silver added 25 cents, or 0.8%, to $33.55 an ounce
  • Palladium advanced $17.50, or 2.7%, to $667 an ounce
  • Platinum added $28, or 1.8%, to $1,608 an ounce

United States Mint Bullion Coins, Eagle Anniversary Set

The United States Mint on Thursday did not publish increases for its bullion coins, although the level for the American Silver Eagle had to shoot higher. That is because the Mint, at noon, released the Silver Eagle Anniversary Set which commemorates the 25th anniversary of the series which debuted in 1986. While produced for coin collectors as the set features four collectible Silver Eagle coins, it also has a bullion Silver Eagle. After about five hours on sale, the Mint indicated that it had sold all its anniversary sets. Given they have a product limit of 100,000, at least the bullion coin sales levels should be higher by that amount.

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 0 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 Silver Eagle 0 2,964,000 36,375,500


Notes. Figures above are in coins, not ounces sold. All figures have an “as of date” of Thursday, October 27, 2011.

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