Precious Metals Prices Rally, Bullion Eagles Jump

by Bullion Prices Staff on January 11, 2011

U.S. precious metals futures prices advanced as a group Tuesday. Safe-haven buying was in play due to increased concerns over Europe’s debt crisis, opined analysts.

Palladium was the biggest performer of the metals, registering a daily gain of 4.5%. Silver came in second at 2.2%, followed by platinum and then gold with their respective gains of 1.4% and 0.7%.

U.S. Mint bullion coins were unchanged for the day, but the bullion American Eagles did advance on Monday with Silver Eagles blasting off.

First, and in returning to bullion prices, February gold prices rose $10.20 to $1,384.30 an ounce on the Comex division of the New York Mercantile Exchange.

"Comex gold futures prices closed higher and nearer the session high Tuesday, on corrective short-covering and bargain-hunting buying after last week’s strong selling pressure. Higher crude oil futures prices also were positive for the gold market Tuesday," noted Jim Wyckoff of Kitco News.

"The U.S. dollar index traded on both sides of unchanged but near steady Tuesday, after hitting a six-week high Monday. The steady greenback allowed gold traders to focus more on the renewed European Union debt crisis that just won’t go away. There are some smaller EU countries’ bond auctions upcoming that have the market place concerned regarding investor demand for those bonds. This is bullish for the safe-haven gold market."

Gold’s intraday low was $1,372.40 an ounce. Its high was $1,386.80. The yellow metal has risen for two straight days, along with silver.

March silver prices closed to $29.50 an ounce, advancing 63.8 cents.

March palladium prices rose for the first time in four days. The metal gained $34.10 to $783.75 an ounce.

Platinum is enjoying its biggest streak in five weeks with its four-day gain. April futures platinum prices ended up $25.20 to $1,770.30 an ounce.

As mentioned, U.S. Mint bullion products froze Tuesday but the largest gold and silver once-ounce bullion coins advanced on Monday — American Silver Eagles soared 1,136,000 and American Gold Eagles added 5,000. The silver bullion coins are already at 3,357,000 in 2011. There were only four times in all of 2010 when the monthly tally was higher. With more than two weeks left in month, there appears to be a solid chance that January 2011 could pass the November 2010 sales record when buyers grabbed 4.26 million. November was the best month ever for the series.

Speaking of 2010, the final bullion sales numbers for the year are available. Two recommended articles from sister sites on the subject include:

In summary:

  • American Silver Eagles hit a new annual record at 34,662,500. That toppled the previous year record of 28,766,500.
  • 2010 was the sixth best year for American Gold Eagles with their annual total of 1,220,500 ounces.

The following are the most recent sales figures for U.S. Mint bullion coin products:

January 2011 U.S. Mint Bullion Coin Sales
  Previous Daily Gain Daily Gain 2011 Totals
1 oz American Gold Eagle 5,000 0 32,500
1/2 oz American Gold Eagle 0 0 0
1/4 oz American Gold Eagle 0 0 0
1/10 oz American Gold Eagle 0 0 1,000
American Silver Eagle 1,136,000 0 3,357,000

Figures above are in coins, not ounces of gold sold.

In earlier bullion prices, the London PM gold fixing was $1,374 an ounce which was $5.75, or 0.4%, higher than the previous day. The silver fixing was $29.54 an ounce, marking a gain of 75 cents, or 2.6%. In PGM London prices, palladium rose $25, or 3.3%, to $778 and platinum added $16, or 0.9%, to $1,758.

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