Gold Prices Rally to $1,800 Record, Silver Rebounds 3.8%


Fine Gold BarsU.S. gold futures maintained momentum Wednesday, scoring a third straight record high and topping the $1,800 an ounce psychological level in intraday trading. Gold prices have rallied $132.50, or 8.0 percent, this week as the metal’s safe-haven appeal deepens on continual news of worrisome economic conditions across the globe.

"The skies would appear to be clear for these safe havens like gold," said Andrew Wilkinson, senior market analyst at Interactive Brokers Group, according to Reuters. With the debt woes spilling over into the world’s biggest economies, "we don’t know where this thing is going to stop anymore."

December gold prices rallied $41.30, or 2.4 percent, to settle at a fresh record of $1,784.30 an ounce on the Comex in New York. The yellow metal reached as high as $1,801.00 an ounce — an intraday record, and touched a low of $1,740.20.

Kitco News interviewed nearly a dozen veteran market watchers for their outlook for gold prices this year. Among the statements, Kitco reports the following from Kevin Grady, gold trader on Comex floor, MF Global:

"I think probably some profit-taking (will occur) at some point, but nothing major until we see some clearance in the other markets." He notes safe-haven demand continued as equities opened weaker.

"The need for a haven hasn’t extended too much to other assets because none of them are acting as well as gold. Money managers look for performing assets."

It’s hard saying where gold will go, he says. "This actually could turn on a dime, just the way the stock market turned on a dime yesterday a few times. Gold yesterday at one point dropped $50 in a very short period of time… Also, there are more worried people in gold who tend to make headline(-based) decisions instead of investment decisions."

Silver recovered all but 5.3 cents from its previous day loss. September silver prices rebounded $1.444, or 3.8 percent, to close at $39.327 an ounce. The precious metal traded from $37.615 to $39.370.

Platinum prices for October delivery rose $15.30, or 0.9 percent, to $1,771.70 an ounce. Platinum moved between $1,747.50 and $1,773.30.

Palladium prices for September delivery declined $7.75, or 1.1 percent, to $726.80 an ounce, trading between $723.50 and $749.90.

London Precious Metals

London precious metals moved in the same direction as the previous day, with all but silver rising. When comparing London Fix PM prices from Wednesday over Tuesday, gold advanced $36.00 to $1,772.00 an ounce, silver declined 5.0 cents to $38.310 an ounce, platinum gained $20.00 at $1,754.00 an ounce and palladium advanced $6.00 at $741.00 an ounce.

United States Mint Bullion Coin Sales

Gains in United States Mint bullion coins were limited to the one-ounce, fourth-ounce and tenth-ounce American Gold Eagles. The biggest Gold Eagle climbed 8,000 while the smaller one jumped 10,000. The fourth-ounce Gold Eagle advanced 2,000. The latest United States Mint bullion product sales figures follow:

US Mint American Eagle and Buffalo Bullion Coin Sales
Gold Eagle Coin (1 oz.) 8,000 44,000 613,000
Gold Eagle Coin (1/2 oz.) 0 2,000 60,000
Gold Eagle Coin (1/4 oz.) 2,000 4,000 68,000
Gold Eagle Coin (1/10 oz.) 10,000 25,000 290,000
Gold Buffalo Coin (1 oz.) 0 10,000 101,500
Silver Eagle Coin (1 oz.) 0 1.104M 26.3755M


America the Beautiful 5 Oz. Silver Bullion Coin Sales*
Gettysburg National Military Park 5 oz. 126,700
Glacier National Park 5 oz. 126,700
Olympic National Park 5 oz. 80,700
Vicksburg National Military Park 5 oz. 27,500
Chickasaw Park 5 oz. 15,200
TOTAL 378,600


*The Gettysburg and Glacier America the Beautiful Five Ounce Silver Bullion Coins are sold out. Unlike other investment-grade products, the United States Mint does not provide daily per coin sales totals for the Olympic, Vicksburg, and Chickasaw America the Beautiful Five Ounce Silver Bullion Coins. The individual five ounce sales figures above are as of Tuesday, August 2. The combined total for all the coins has an as of date of Monday, August 8.

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