Gold Prices Rise Modestly, Silver Advances

by on December 1, 2010 · 0 comments

Fine Gold Bars

US gold prices rose slightly Wednesday as a weaker dollar provided support along with a round of better-than-expected economic data from China and the U.S. that drove stocks higher and lifted commodities.

"We have a weaker dollar, and that certainly helps," Bill O’Neill, one of the principals with LOGIC Advisors, said and was cited on Kitco News. "There is a pretty buoyant tone in commodities in general," spilling over into gold, O’Neill said.

"It also raises the specter, if we continue to see these growth patterns, of inflation lurking in the background… And in general, we’re continuing to see demand for gold as the ultimate currency alternative."

Palladium was the biggest gainer in precious metals, surging 4.2 percent. Platinum followed with an increase of 1.1 percent. Silver and gold trailed with respective daily advances of 0.7 and 0.2 percent.

New York precious metals closing prices follow:

  • Gold prices for February delivery advanced $2.20 to $1,388.30 an ounce — the highest level since November 12. Prices ranged between $1,383.00 and $1,398.30.
  • March silver prices added 20.1 cents to end at $28.413 an ounce. It ranged from $28.020 to $28.880.
  • Platinum prices for January delivery jumped $17.60 to $1,684.00 an ounce. It ranged between $1,658.40 and $1,692.30.
  • Palladium prices for March delivery soared $29.30 to $732.30 an ounce. It ranged from $694.15 to $738.70.

In PM London gold prices, the benchmark gold Fix was up $2.00 to $1,385.50 an ounce. London silver was fixed to $28.740 an ounce, advancing $1.61 from the price on Tuesday.

Platinum was $1,675.00 an ounce, rising $17.00. Palladium rose $14.00 with its fixing at $716.00 an ounce.

The biggest news from the U.S. Mint today was not about the bullion coins it sold for the day, but about the new series of bullion coins that will soon be issued for the very first time. The Mint provided release details for the new America the Beautiful Silver Bullion Coin series. On Monday, December 6, it will begin selling up to 165,000 of the five ounce .999 fine silver bullion coins to its Authorized Purchasers.

In terms of bullion coin sales, Wednesday was quiet. U.S. Mint data shows buyers ordered 2,000 more of the one-ounce American Gold Eagles coins. The other bullion coin totals remain unchanged, as the following table illustrates:

U.S. Mint 2010 Gold & Silver Bullion Coin Sales
December 2010 Totals
American Eagle Gold Coin (1 oz) 2,000 1,086,500
American Eagle Gold Coin (1/2 oz) 0 45,000
American Eagle Gold Coin (1/4 oz) 0 60,000
American Eagle Gold Coin (1/10 oz) 0 385,000
American Buffalo Gold Coin (1 oz) Sold Out 209,000
American Eagle Silver (1 oz) 0 32,890,500


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