Gold Dips Slightly, Platinum Prices Spike 2.7%

by CoinNews.net on September 12, 2012 · 0 comments

Platinum bars

Platinum prices have gained for eight sessions

Gold dipped modestly Wednesday with profit-taking cited as the major catalyst.

Gold prices for December delivery shed $1.20, or 0.1%, to settle at $1,733.70 an ounce on the Comex in New York. Gold traded from an intraday low of $1,727.30 to a high of $1,749.50.

Platinum and palladium each advanced for an eighth straight session. Platinum prices for October delivery soared $42.60, or 2.7%, to $1,649.60 an ounce. Platinum ranged from $1,603.50 to $1,659.50. Strike fears were attributed to the gains.

"Platinum’s rally is very strike-specific at this point, and it may pull back when the supply worries are over, as platinum is now getting significantly overdone," Reuters quoted Frank McGhee, head precious metals trader Integrated Brokerage Services LLC.

Palladium for December delivery advanced $4.40, or 0.7%, to $679.30 an ounce. The metal traded between $665.45 and $683.35.

Silver for December delivery lost 27.4 cents, or 0.8%, to $33.292 an ounce. Silver traded between $32.510 and $34.145.

London Precious Metals

London precious metals advanced. When comparing London PM Fix prices:

  • Gold edged up 25.0 cents to $1,737.00 an ounce,
  • Silver added 41.0 cents, or 1.2%, to $33.93 an ounce,
  • Platinum prices gained $38.00, or 2.4%, to $1,644.00 an ounce, and
  • Palladium climbed $3.00, or 0.4%, to $678.00 an ounce

U.S. Mint Bullion Coins

Sales of U.S. Mint bullion coins were unchanged Wednesday, but Silver Eagles did rise 50,000 later Tuesday. The following grid offers the latest daily, September and year-to-date bullion sales as published by the United States Mint.

Sales of US Mint American Eagle and Buffalo Bullion Coins
  Daily Gains September Gains YTD 2012
$50 American Gold Eagle Coins 0 19,000 366,500
$25 American Gold Eagle Coins 0 0 59,000
$10 American Gold Eagle Coins 0 0 58,000
$5 American Gold Eagle Coins 0 10,000 225,000
$50 American Buffalo Gold Coins 0 2,500 90,500
American Silver Eagle Coins 0 1,039,000 23,579,000

 

Sales of America the Beautiful 5 Oz. Silver Bullion Coins
  Daily Gains September Gains All-Time Total
2012 El Yunque National Forest 5 oz. Silver Coins 0 0 16,700
2012 Chaco Culture National Historical Park 5 oz. Silver Coins 0 0 17,000
2012 Acadia National Park 5 oz. Silver Coins 0 0 15,100
2012 Hawai’i Volcanoes 5 oz. Silver Coins 0 7,900 7,900
2011 Olympic National Park 5 oz. Silver Coins 0 0 85,900
2011 Vicksburg National Military Park 5 oz. Silver Coins 0 0 39,500
2011 Chickasaw Park 5 oz. Silver Coins 0 0 29,700
TOTAL 0 0 211,800

 

All sales figures above are in the number of coins sold, not the amount of ounces sold.

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