Gold Rallies to 4-Month High, Silver Tops $30, US Gold Coins Gain

by CoinNews.net on August 23, 2012 · 0 comments

Gold bars and gold coins

Gold settled to its highest price since April 12

Gold surged to a more than four-month high Thursday, riding a wave of momentum garnered Wednesday when minutes from the latest Federal Reserve meeting revealed improved odds for more stimulus.

Gold for December delivery gained $32.30, or 2.0%, to close at $1,672.80 an ounce. The settlement price was the highest for gold since April 12. Intraday prices ranged between $1,654.50 and $1,677.50.

"Gold is exploding today as inflation concerns are back," Adam Klopfenstein, the senior market strategist at Archer Financial Services Inc. in Chicago, said in a telephone interview relayed on Bloomberg. "A combination of rising commodity prices and the chances of more easing coming in the U.S. is stoking inflation worries."

In other New York precious metals closing prices:

  • Silver for December delivery soared 90.0 cents, or 3.0%, to $30.456 an ounce — the highest settlement price since May 2. Silver traded between $29.76 and $30.79.

  • Platinum for October delivery advanced $28.40, or 1.9%, to $1,554.90 an ounce, ranging from $1,530.70 to $1,563.60.

  • Palladium for September delivery rallied $27.85, or 4.4%, to $656.60 an ounce, ranging from $628.70 to $658.00.

London Precious Metals

Sharp gains were also seen in London precious metals. When comparing the London PM Fix prices:

  • Gold added $23.25, or 1.4%, to $1,665.25 an ounce,
  • Silver soared 99.0 cents, or 3.4%, to $30.32 an ounce,
  • Platinum advanced $22.00, or 1.4%, to $1,540.00 an ounce, and
  • Palladium gained $10.00, or 1.6%, to $638.00 an ounce

Sales of U.S. Mint Bullion Coins

U.S. Mint bullion gold coins climbed for a second straight day. Advances on Thursday were stronger with sales of 2,500 ounces of 22-karat American Gold Eagles and 1,000 ounces of 24-karat American Gold Buffalo coins. The previous gain was limited to 1,000 ounces of Gold Eagles.

The following grid offers the most recent daily, August and year-to-date bullion coin sales, as published by the U.S. Mint.

Sales of US Mint American Eagle and Buffalo Bullion Coins
  Daily Gains August Gains YTD 2012
$50 American Eagle Gold Coins 2,000 19,500 333,000
$25 American Eagle Gold Coins 0 1,000 57,000
$10 American Eagle Gold Coins 0 0 54,000
$5 American Eagle Gold Coins 5,000 15,000 205,000
$50 American Buffalo Gold Coins 1,000 6,500 85,500
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.

{ 0 comments… add one now }

Leave a Comment