Palladium Prices Rally as Other Metals Fall, US Bullion Coins Gain

by Bullion Prices Staff on December 22, 2011

Palladium prices rallied Thursday, surging by more than $20 while other precious metals declined. Falling the least in percentage was gold. February gold prices declined $3, or 0.2%, to $1,610.60 an ounce on the Comex division of the New York Mercantile Exchange. Gold ranged between $1,599.10 an ounce and $1,618.60 an ounce.

"People are not looking at gold as a safe haven, and that is one of the reasons for this lackluster performance," said Commerzbank analyst Eugen Weinberg, according to Reuters. "I wouldn’t be surprised to see further weakness in gold prices going forward."

March silver futures declined more than other precious metals in percentage terms, down 0.7%, or 20.2 cents. The white metal settled at $29.05 an ounce.

As mentioned, palladium was the outlier. March palladium prices added 20.30, or 3.2%, to $654.40 an ounce. The other PGM metal, platinum, dropped 0.5%. In dollar terms, January platinum prices declined $7.30 to close at $1,424.40 an ounce.

United States Mint Bullion Sales

While there was no bullion coins sold Wednesday according to United States Mint reporting, two of its bullion products advanced Thursday. Increases included a 3,000 jump in the American Gold Buffalo bullion coin and a pick-up of 100,000 for the American Silver Eagle bullion coin. The Gold Buffalo is now at 20,000 for December, or more than double the 8,500 it scored in November. The Silver Eagle moved over the 2 million mark for the month, a stark contrast to the 1.384 million sold in November.

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

United States Mint 2011 Bullion Coin Sales
  Thursday Gain December 2011 2011 Totals
1 oz American Gold Eagles 0 65,500 910,000
1/2 oz American Gold Eagles 0 0 65,000
1/4 oz American Gold Eagles 0 0 82,000
1/10 oz American Gold Eagles 0 0 370,000
1 oz American Gold Buffalo 3,000 20,000 173,500
5 oz America the Beautiful Silver daily gains not reported 3,900 397,700
1 oz American Silver Eagle 100,000 2,009,000 39,868,500


Notes. Figures above are in coins, not ounces sold. The United States Mint last updated sales of its 5 oz. America the Beautiful Silver Bullion Coin on Monday, December 19, 2011. All other figures have an "as of date" of Thursday, December 22, 2011.

London Bullion Prices

Silver prices in London fell 1.5%, but losses were slighter to very slight in other metals. From Thursday PM to Wednesday PM London fixings:

  • Gold slipped $1.50, or 0.1%, to $1,606.50 an ounce,
  • Silver declined 45 cents to $29.30 an ounce,
  • Palladium prices declined $1, or 0.2%, to $631 an ounce, and
  • Platinum declined $11, or 0.8%, to $1,414 an ounce

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