Palladium Prices Fall from Streak, Bullion American Silver Eagles Awake

by Bullion Prices Staff on December 8, 2011

Bullion settled lower Thursday. Palladium prices notably dropped, snapping a string of gains that had lasted for eight sessions and brought the metal higher by more than $115. On the gold front, February gold prices fell $31.40, or 1.8%, to $1,713.40 an ounce on the Comex division of the New York Mercantile Exchange. Gold ranged from a low of $1,707.80 an ounce to a high of $1,760.50. Jitters and frustrations of European debt talks ranked as the leading factor in declines across most markets Thursday.

"If the ECB can’t figure out a way to provide liquidity, that creates deflation fears. If deflation takes hold, gold is not an attractive asset," Reuters quoted said Jeffrey Sherman, commodities portfolio manager of DoubleLine Capital, a Los Angeles-based investment manager with $20 billion in assets.

Silver was the biggest loser in percentage for precious metals. March silver prices declined $1.09, or 3.3%, to $31.54 an ounce.

In PGM futures, palladium prices for March delivery declined $10.15, or 1.5%, to $675.30 an ounce while January platinum prices declined $27.60, or 1.8%, to $1,494.40 an ounce.

United States Mint Bullion Sales

United States Mint gold bullion coins climbed Thursday for a fourth straight day of increases. The 24-karat American Gold Buffalo advanced 500 — matching its previous day rise, while the 22-karat American Gold Eagle (1 oz.) added 2,000, or 500 more than the previous day.

For the first time since Monday, bullion American Silver Eagles made an appearance. The .999 fine silver coin added 100,000, bringing their December total to 906,000. Another 478,000 and they will match their entire sales total achieved in all of November. December, so far, has been strong for Silver Eagles.

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 1,500 2,000 16,000 860,500
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 500 500 8,000 161,500
5 oz America the Beautiful Silver not reported 393,900
1 oz American Silver Eagle 0 100,000 906,000 38,765,500


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 Thursday, December 8, 2011.

London Bullion Prices

London bullion prices split on the day. From Wednesday PM to Thursday PM London fixings:

  • Gold declined $20, or 1.2%, to $1,715 an ounce,
  • Silver added 19 cents, or 0.6%, to $32.64 an ounce,
  • Palladium prices declined $6, or 0.9%, to $675 an ounce, and
  • Platinum declined $1, or 0.1%, to $1,517 an ounce

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

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