Palladium Prices Rally for 7 Sessions, US Mint Bullion Sales Jump

by Bullion Prices Staff on December 6, 2011

Despite on and off again results for other precious metals, palladium prices continue to extend their gains. On Tuesday, the PGM metal scored a streak of seventh straight session increases that have put it up nearly $101 since November 25. Palladium prices for March delivery rallied $24.40, or 3.8%, to $670.90 an ounce. The bullish attitude toward the metal is due largely to concerns of supply.

"The noble metal turned in its best performance since December of 2010, in large part due to fears that supplies of it will be adversely impacted by dwindling state-owned inventories in Russia," noted Jon Nadler of Kitco Metals Inc. "The country has been the biggest supplier of palladium up to now. Sales from state stockpiles in Russia, (the levels of which are a government secret), will probably total 750,000 ounces this year, according to refiner Johnson Matthey’s report issued last month. Russia now plans to export only about 144,000 ounces in 2012 and perhaps the same amount in 2013."

As for other bullion prices on Tuesday, March gold fell $2.70, or 0.2%, to $1,731.80 an ounce on the Comex division of the New York Mercantile Exchange. Gold prices traded between $1,705.70 an ounce and $1,734 an ounce.

Rounding out the metals, March silver prices gained 37.2 cents, or 1.1%, to $32.74 an ounce while January platinum prices declined $8.50, or 0.6%, to $1,524 an ounce.

United States Mint Bullion Sales

United States Mint bullion coins climbed nicely Monday and Tuesday after ending last week with two days of zero increases. Jumping the most was the American Silver Eagle. Although the Mint did not publish any increases for it on Tuesday, the .999 fine coin rallied 806,000 on Monday. That was more than half of the amount it registered during all of last month. (See the article about Silver Eagle bullion sales in November.)

In United States Mint gold bullion coins, the American Gold Buffalo added 6,000 on Monday and 1,000 on Tuesday. The 7,000 December total is just 1,500 shy from matching its sales in all of November. And finally, the 1 oz. American Gold Eagle added 7,000 on Monday and 5,500 on Tuesday for 12,500 in December. That is nearly one-third of the entire amount sold by the United States Mint in November. (See the article about Gold Eagle bullion sales in November)

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
  Monday Gain Tuesday Gain December 2011 2011 Totals
1 oz American Gold Eagles 7,000 5,500 12,500 857,000
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 6,000 1,000 7,000 160,500
5 oz America the Beautiful Silver not reported 393,900
1 oz American Silver Eagle 806,000 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 Tuesday, December 6, 2011.

London Bullion Prices

London bullion was pressured Tuesday. Even palladium prices declined, albeit modestly. They had been rolling in London since November 29. From Monday PM to Tuesday PM London fixings:

  • Gold declined $36, or 2.1%, to $1,708 an ounce,
  • Silver declined 63 cents, or 1.9%, to $31.85 an ounce,
  • Palladium prices declined $4, or 0.6%, to $638 an ounce, and
  • Platinum declined $29, or 1.9%, to $1,505 an ounce

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

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