Gold Rises 0.9%, Silver Advances 0.5%, Silver Eagles Top 27M


Fine Gold BarsU.S. gold futures advanced 0.9 percent Monday, breaking a two-day losing streak. A weaker U.S. dollar was credited for bolstering investments in the yellow metal.

"The weaker dollar is definitely providing some support" to gold, Matthew Zeman, a strategist at Kingsview Financial in Chicago, said in a telephone interview, according to Bloomberg. "The market will likely remain rangebound as people are returning to equities because of positive economic numbers."

December gold prices rose $15.40 to settle at $1,758.00 an ounce on the Comex in New York. Gold moved from an intraday low of $1,730.80 to a high of $1,758.60. Although prices had closed Friday to mark two straight session losses, gold surged 5.5 percent last week.

In an article entitled Is it time for a gold standard revival?, MarketWatch reminds that today is the 40th anniversary of the day the United States ended the gold standard. MarketWatch cites analysts at GoldCore:

"Today’s fiat money is not linked to physical reserves of gold and silver, it is becoming worth less with each passing month and risks becoming worthless should hyperinflation take hold. If people lose faith in a nation’s paper currency, the money will no longer hold value."

So "gold’s role as a store of value and important monetary asset is being increasingly appreciated," GoldCore analysts said, with growing "calls for gold to again play a role in the global monetary system."

In other New York precious metals futures prices:

  • September silver prices advanced 19.3 cents, or 0.5 percent, to close at $39.307 an ounce. Silver ranged between $38.690 and $39.650.

  • Platinum prices for October delivery climbed a modest 50.0 cents to settle at $1,797.20 an ounce, trading between $1,790.40 and $1,807.00.

  • Palladium prices for September delivery declined $1.85, or 0.2 percent, to close at $746.35 an ounce. Palladium ranged from $743.60 to $759.80.

London Precious Metals Prices

London precious metals were mixed as well. When comparing London PM fixing prices from Monday over Friday, gold added $3.00 to $1,739.00 an ounce, silver advanced, 89.0 cents at $39.180 an ounce, platinum declined $10.00 to $1,790.00 an ounce, and palladium added $5.00 at $752.00 an ounce.

U.S. Mint Bullion Coin Sales

United States Mint coin sales are often strongest when starting a new week. That was the case Monday. Sales soared.

One-ounce American Gold Eagles added 19,500, lifting August sales to 69,500. That is already higher than the amounts sold in July (61,500) or June (56,000).

The tenth-ounce Gold Eagle added 5,000. The Mint’s smallest gold bullion coin has been on fire. Its August sales total stands at an even 40,000, with 30,000 of that coming within the last seven days. Monthly sales have been above 40,000 only once in 2011. That occurred with the release of the 2011-dated issues in February. The Mint sold 100,000 in that month.

Silver Eagles jumped 640,500 on the day, besting the gigantic 611,000 leap last Monday. United States Mint buyers have purchased nearly two million Silver Eagles this month, which pushed its 2011 sales above 27 million. If the current sales pace continues through the second half of August, the bullion coins would score their third best ever month — quite a milestone considering the series was introduced in 1986.

The latest United States Mint bullion product sales figures follow:

Sales of US Mint American Eagle and Buffalo Bullion Coins
Gold Eagle Coin (1 oz.) 19,500 69,500 638,500
Gold Eagle Coin (1/2 oz.) 1,000 3,000 61,000
Gold Eagle Coin (1/4 oz.) 0 4,000 68,000
Gold Eagle Coin (1/10 oz.) 5,000 40,000 305,000
Gold Buffalo Coin (1 oz.) 4,000 14,500 106,000
Silver Eagles (1 oz.) 640,500 1.9595M 27.231M


Sales of America the Beautiful 5 Oz. Silver Bullion Coins*
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. Their individual totals are as of August 2. The five ounce combined coin totals above (last line) are as of August 8. The figure represents an increase of 1,800 from the previous six days.

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