Gold Tops $1500, Silver Prices Touch $44

by Bullion Prices Staff on April 19, 2011

U.S. bullion prices were again mixed on Tuesday, with gold and silver prices at fresh highs and palladium and platinum moving lower.

June gold futures rose $2.20, or 0.1%, to $1,495.10 an ounce on the Comex division of the New York Mercantile Exchange. It was the best ever close for the yellow metal. Earlier in the day, gold topped a milestone by hitting $1,500.50 an ounce.

"The fact that gold hit the much-anticipated $1,500 mark will now garner even more general media attention, which in turn will likely draw even more general investor demand to the precious yellow metal," noted Jim Wyckoff of Kitco News. "With the $1,500 mark now being hit for gold futures, traders and investors are now eyeing the next major upside technical price objective, which is $1,600 an ounce."

Wyckoff added that "the U.S. dollar index traded solidly lower Tuesday, following good short-covering gains scored on Monday. The still-weak overall technical posture of the U.S. dollar index remains a bullish factor for the precious metals markets."

May silver price rose 95.7 cents, or 2.2%, to $43.91 an ounce. That was a new high that had not been seen since 1980. Silver reached as high at $44.175 an ounce in after-hours trading.

In PGM futures prices, June palladium declined $8, or 1.1%, to $731.10 an ounce and July platinum finished down $11.50, or 0.6%, to $1,771.30 an ounce.

In comparing London bullion PM fixing prices on Tuesday from those on Monday:

  • Gold fell $2.50, or 0.2%, at $1,490.50 an ounce
  • Silver added 43 cents, or 1%, at $43.22 an ounce
  • Palladium declined $12, or 1.6%, at $737 an ounce
  • Platinum added $2, or 0.1%, at $1,780 an ounce

United States Mint bullion coins were nearly quiet Tuesday. The only bullion coin to advance was the Silver Eagle, up 21,500. The latest published daily, April and 2011 bullion coin sales figures follow:

2011 U.S. Mint Bullion Coin Sales
1 oz American Gold Buffalo 12,500 0 50,500
1 oz American Gold Eagle 56,000 0 319,500
1/2 oz American Gold Eagle 0 0 22,000
1/4 oz American Gold Eagle 0 0 40,000
1/10 oz American Gold Eagle 15,000 0 175,000
American Silver Eagle 2,101,000 21,500 14,530,000

Figures above are in coins, not ounces sold.

In other news about United States Mint coins, four of its silver products are unavailable due to the rising cost of silver. The Silver Proof Sets and America the Beautiful Quarters Silver Proof Sets are currently "unavailable," presumably awaiting upward price adjustments.

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