Palladium Prices Continue Rally, US Mint Gold Bullion Sales Rise

by Bullion Prices Staff on December 7, 2011

Gains in bullion were limited to two of the major metals Wednesday. Palladium prices extended their streak of gains to eight sessions while gold prices rebounded after falling for two straight days. For the yellow metal, February gold prices added $13, or 0.8%, to $1,744.80 an ounce on the Comex division of the New York Mercantile Exchange. Gold traded between $1,723.60 an ounce and $1,747 an ounce.

"Bargain hunters stepped in to buy the recent dip in (gold) prices, as has been the case for quite some time during the uptrend bulls are enjoying in  the precious yellow metal. Short covering was also featured Wednesday," wrote Jim Wyckoff of Kitco News.

"The market place is still looking to the ongoing European Union debt crisis and the latest developments coming from EU and IMF. There is an important EU summit meeting Friday that is the latest ‘very important meeting’ to surface in this seemingly never-ending debacle," added Wyckoff.

As for palladium prices, March futures added $14.55, or 2.2%, to $685.45 an ounce — a sparkling $115.35 increase since palladium prices had last turned lower on November 25.

In other precious metals futures prices, March silver declined 11.7 cents, or 0.4%, to $32.63 an ounce while January platinum declined $2, or 0.1%, to $1,522 an ounce.

United States Mint Bullion Sales

Sales of United States Mint gold bullion coins advanced for a third straight day, although Wednesday’s totals were the weakest of the three. The 24-karat American Gold Buffalo added 500 while the 22-karat American Gold Eagle (1 oz.) added 1,500. The Mint’s other bullion products remained unchanged.

For performance summaries of other Mint products, read the latest sales article at CoinCollectingNews.

The latest United States bullion figures are provided below in the daily, December 2011 and YTD 2011 columns.

United States Mint 2011 Bullion Coin Sales
  Tuesday Gain Wednesday Gain December 2011 2011 Totals
1 oz American Gold Eagles 5,500 1,500 13,000 858,500
1/2 oz American Gold Eagles 0 0 0 65,000
1/4 oz American Gold Eagles 0 0 0 82,000
1/10 oz American Gold Eagles 0 0 0 370,000
1 oz American Gold Buffalo 1,000 500 7,500 161,000
5 oz America the Beautiful Silver not reported 393,900
1 oz American Silver Eagle 0 0 806,000 38,665,500


Notes. Figures above are in coins, not ounces sold. The United States Mint last updated 5 oz. America the Beautiful Silver Bullion Coin sales on Monday, December 5, 2011. All other figures have an "as of date" of Wednesday, December 7, 2011.

London Bullion Prices

London bullion prices bounced back Wednesday with gains ranging from 0.9% for platinum to a smashing 6.7% pick-up by palladium. From Tuesday PM to Wednesday PM London fixings:

  • Gold added $27, or 1.6%, to $1,735 an ounce,
  • Silver added 60 cents, or 1.9%, to $32.45 an ounce,
  • Palladium prices added $43 to $681 an ounce, and
  • Platinum added $13 to $1,518 an ounce

Check this site’s┬áhome page for the very latest bullion prices.

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