Monthly Archives: October 2011

Gold prices bounced 1.6% higher Wednesday after falling 2.5 percent in the previous session. Bargain hunting and a weaker U.S. dollar were among factors analysts cited for gains.

"Physical demand has been reinvigorated at these price levels," Suki Cooper, an analyst at Barclays Capital in New York, said in a report cited on Bloomberg.

Gold prices advanced $25.60, or 1.6 percent, to close at $1,641.60 an ounce in the [...]

The carnage in certain commodities continued on Tuesday and some of the price-damaging selling sprees extended into this morning as well. After having dipped some 5% from recovery levels and after having touched values under the $1,600 mark for the second time in a week, gold prices fell about 1% in early morning dealings on Wednesday.

A slightly lower dollar and a 3% recovery in crude oil (factors whose respective strength and decline had been cited as having contributed to gold's Tuesday slide) did not manage to lend any assistance to the yellow metal this time around. Aggressive fund liquidations kept the pressure on and the precious metals all opened solidly lower for the midweek session [...]

Collectors should watch for the United States Mint to slash prices on 14 numismatic gold coin products mid-Wednesday, based on the bureau's pricing policy and the recent southerly direction of precious metals.

Highlighting gold's extreme volatility of late, if the cuts happen as expected, they would mark a fifth straight week that the United States Mint adjusted its gold coin prices and a fourth consecutive week that they have become cheaper [...]

Gold declined for the first time in three sessions, giving back more than it gained during the previous two. Europe's debt crisis, a firmer greenback and Federal Reserve Chairman Ben Bernanke's sour assessment of the U.S. economy damaged Tuesday's appeal for precious metals, opined analysts.

Gold prices fell $41.70, or 2.5 percent, to settle at $1,616.00 an ounce in the December futures contract on the Comex in New York. Gold touched an intraday low of $1,613.00 and reached a high at $1,681.50 [...]

Some and eventually more than all of Monday's gains in gold were handed back by speculators this morning as a further rise in the US dollar and a hefty slide in crude oil made life a tad more difficult for the bulls in the yellow and white metals.

Spot New York dealings opened with a loss of $11 in gold and a bid-side quote at the $1,650.00 pivot point. Silver fell 14 cents to start off the session at $30.35 after having itself nearly touched the $30 pivot figure in early dealings [...]

Unlike Silver Eagles which exploded last month, demand for American Gold Eagle bullion coins retreated in September 2011 compared to August's gold rush. The pace slowed as sales of the 22-karat gold investment grade coins slid in at 91,000 ounces after raking in 112,000 ounces in the prior month.

The month came in sixth out of nine in 2011, which has been a strong year for the 22-karat gold bullion coins, but it was not a weak month when looking at Septembers of the past. In that category, it was the fifth best September since the series started, and it was higher than last year's, which hit 88,000 ounces [...]

Another month in 2011 wrapped up, and another sales record was set. Last month ended up earning the "Best Ever September" and the second best month in the history for the American Eagle Silver bullion coin.

September started off very slow compared to the prior month, only 175,000 had been purchased in the first eight days and still less than 1 million by mid-month. Once the price of silver tumbled, however, from around $40 to $30 an ounce, sales of the American Eagle Silver began to soar. Buyers picked up 3,534,500 in the last half of the month, which moved September sales to 4,460,500 [...]