Gold Up Slight, Silver Rallies to 31-Year High, Bullion Coins Improve

by Bullion Prices Staff on April 4, 2011

U.S. bullion prices advanced as a group Monday. Gold rose modestly but silver rallied to a fresh 31-year high.

June gold futures prices climbed $4.10, or 0.3%, to settle the day at $1,433 an ounce on the Comex in New York. Gold ranged from a low of $1,429.10 an ounce to a high of $1,440.30 an ounce.

"Crude oil has led most other commodity futures markets higher recently, which has produced heightened inflationary concerns. There is also increasing rhetoric coming from some of the major central bankers of the world, regarding the tightening of monetary policy to ward off price inflation," wrote Jim Wyckoff of Kitco News.

"There is a key European central bank meeting taking place later this week, and traders will be looking for any fresh pronouncements on EU interest rates and/or monetary policy. Inflation has historically been bullish for the precious metals markets."

May silver futures prices jumped 76.2 cents, or 2%, to $38.49 an ounce — its best closing level since the Hunt brothers attempted to corner the silver market in 1980 and drove the metal above $50 an ounce.

In PGM futures prices on Monday, June palladium gained $9.35, or 1.2%, to $784.40 an ounce and July platinum picked up $10.10, or 0.6%, to $1,787 an ounce.

In comparing London bullion PM fixing prices on Monday to those on Friday, all metals were higher.

  • Gold advanced $17.50, or 1.2%, to $1,435.50 an ounce
  • Silver rose 83 cents, or 2.2%, to $38.46 an ounce
  • Palladium added $13, or 1.7%, to $785 an ounce
  • Platinum advanced $8, or 0.5, to $1,781 an ounce

U.S. Mint Authorized Purchasers were busy Monday, buying all but two of the Mint’s available bullion coins.
The latest published daily, April and 2011 bullion coin sales figures follow:

2011 U.S. Mint Bullion Coin Sales
  April
2011
Daily
Gain
2011
Totals
1 oz American Gold Buffalo 3,000 3,000 41,000
1 oz American Gold Eagle 25,500 6,500 289,000
1/2 oz American Gold Eagle 0 0 21,000
1/4 oz American Gold Eagle 0 0 38,000
1/10 oz American Gold Eagle 5,000 5,000 165,000
American Silver Eagle 658,500 608,500 13,087,500

Figures above are in coins, not ounces sold.

In other U.S. Mint coin news, the agency on Friday released its 2011 America the Beautiful Quarters Silver Proof Set. It contains five of the 2011-dated quarters minted in 90% silver, for a total silver weight of 0.904 ounces. The Mint priced that set at $41.95 and it may be ordered directly from http://www.usmint.gov/catalog.

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