Gold Rallies to 3-1/2-Month High, Silver Prices Soar 2.9%

by CoinNews.net on August 21, 2012 · 0 comments

Gold bars, and US Money

Gold and silver prices rallied Tuesday

Gold advanced 1.2% to settle at a more than three-month high Tuesday, logging a fifth straight day of increases. Gains came on the heels of a weaker U.S. dollar and were further supported by speculation of added stimulus measures.

Gold for December delivery pushed ahead $19.90 to close at $1,642.90 an ounce — the highest settlement price since May 4. The precious metal marked intraday low and high prices of $1,620.80 and $1,643.60.

"There is still an overriding fear that the equities markets have appreciated beyond the point of sustainability so there is a level of fear and desire for diversification into gold," Reuters quoted Jeffrey Sica, chief investment officer at SICA Wealth Management.

"The economic numbers around the world have not proven to justify a recovery without the anticipated liquidity created by central banks," added Sica.

In other major New York precious metals futures prices:

  • Silver prices for December delivery soared 83.5 cents, or 2.9%, to settle at $29.428 an ounce. Silver moved between $28.61 and $29.46.

  • Platinum for October delivery added $9.60, or 0.6%, to $1,507.80 an ounce, ranging from $1,479.60 to $1,511.00.

  • Palladium for September delivery rallied $16.50, or 2.7%, to $624.20 an ounce, ranging from $597.40 to $626.15.

London Precious Metals

Bullion gains in London were higher than precious metals futures in New York. When comparing London PM Fix prices:

  • Gold advanced $24.50, or 1.5%, to $1,639.50 an ounce,
  • Silver prices surged 82.0 cents, or 2.9%, to $28.92 an ounce,
  • Platinum turned up $42.00, or 2.9%, to $1,504.00 an ounce, and
  • Palladium tacked on $18.00, or 3.0%, to $616.00 an ounce

Sales of U.S. Mint Bullion Coins

Sales of U.S. Mint bullion coins were unchanged Tuesday following strong gains on Monday. The most recent daily, August and year-to-date bullion sales follow.

Sales of US Mint American Eagle and Buffalo Bullion Coins
  Daily Gains August Gains YTD 2012
$50 American Gold Eagle Coins 0 16,500 330,000
$25 American Gold Eagle Coins 0 1,000 57,000
$10 American Gold Eagle Coins 0 0 54,000
$5 American Gold Eagle Coins 0 10,000 200,000
$50 American Buffalo Gold Coins 0 5,500 84,500
American Silver Eagle Coins 0 2,021,000 21,691,000

 

Sales of America the Beautiful 5 Oz. Silver Bullion Coins
  Daily Gains August Gains All-Time Total
2012 El Yunque National Forest 5 oz. Silver Coins 0 600 13,800
2012 Chaco Culture National Historical Park 5 oz. Silver Coins 0 1,100 8,500
2012 Acadia National Park 5 oz. Silver Coins 0 5,200 15,100
2011 Olympic National Park 5 oz. Silver Coins 0 300 85,800
2011 Vicksburg National Military Park 5 oz. Silver Coins 0 100 39,200
2011 Chickasaw Park 5 oz. Silver Coins 0 100 29,500
TOTAL 0 7,400 191,900

 

All U.S. Mint bullion sales above are in coin totals, not in amount of ounces sold.

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