Gold and Silver Rebound Slightly, US Silver Coins Surge

by CoinNews.net on November 5, 2012 · 0 comments

American Eagle silver coin

Sales of American Eagle silver coins on Monday exceeded each of the last four weekly levels

Gold and silver on Monday rebounded from the previous session in which the metals tumbled to two-month lows.

Gold for December delivery added $8.00, or 0.5%, to $1,683.20 an ounce on the Comex in New York. Prices marked intraday low and high levels of $1,672.50 and $1,686.20.

"Comex gold prices ended the U.S. day session moderately higher Monday, on some short covering and bargain hunting buying interest following Friday’s big sell off," noted Jim Wyckoff in the P.M. Kitco Metals Roundup. "Gains in gold Monday were somewhat limited by a stronger U.S. dollar index that hit a fresh two-month high overnight," Wyckoff added.

On Friday amidst election nervousness and a U.S. dollar that closed to a seven-week high, gold declined 2.4% to its lowest settlement price since August 30.

Tracking gold, silver for December delivery advanced 27.1 cents, or 0.9%, to $31.128 an ounce after plunging 4.3% Friday and to its lowest closing price since August 30. Silver on the day traded between $30.655 and $31.255.

The only precious metal to decline, platinum for January delivery lost $2.20, or 0.1%, to $1,542.70 an ounce. Prices ranged from $1,538.30 to $1.553.40.

Palladium for December delivery closed at $603.00 an ounce, rising $3.35 or 0.6%. Palladium traded between $596.05 and $609.90.

Precious metals losses last week included 2.1% for gold, 3.7% for silver and 0.1% for platinum. Palladium was an outlier, climbing 0.7%.

London Bullion Prices

Prices declined in London precious metals. When comparing the most recent London PM fixings:

  • Gold dipped $1.50, or 0.1%, to $1,683.50 an ounce,
  • Silver plummeted $1.01, or 3.2%, to $30.91 an ounce,
  • Platinum shed $8.00, or 0.5%, to $1,544.00 an ounce, and
  • Palladium fell $10.00, or 1.6%, to $598.00 an ounce

Last week in London silver advanced 0.8% and palladium added 0.7% while gold declined 1.8% and platinum fell 0.6%.

U.S. Mint Bullion Coin Sales in November

U.S. Mint sales data shows advances for bullion American Eagle coins. The bureau’s one-ounce American Eagle gold coins climbed 2,500 while its American Eagle silver coins surged 800,000. The single day of Silver Eagle gains was higher than each of the past four weekly sales totals.

The following table provides the most recent daily, November and year-to-date bullion sales figures as published by the U.S. Mint.

US Mint American Eagle and Buffalo Bullion Coin Sales
  Daily Sales November Sales YTD 2012
$50 American Gold Eagle Coin 2,500 18,500 483,000
$25 American Gold Eagle Coin 0 0 63,000
$10 American Gold Eagle Coin 0 0 66,000
$5 American Gold Eagle Coin 0 0 280,000
$50 American Buffalo Gold Coins 0 0 107,500
American Eagle Silver Coins 800,000 1,000,000 29,948,000

 

America the Beautiful 5 Oz. Silver Bullion Coin Sales
  Daily Sales November Sales All-Time Total
2012 El Yunque National Forest 5 oz. Silver Bullion Coins 0 1,250 19,350
2012 Chaco Culture National Historical Park 5 oz. Silver Bullion Coins 0 1,250 19,450
2012 Acadia National Park 5 oz. Silver Bullion Coins 0 0 21,800
2012 Hawai’i Volcanoes 5 oz. Silver Bullion Coins 0 0 15,000
2012 Denali National Park 5 oz. Silver Bullion Coins 0 2,500 15,000
2011 Olympic National Park 5 oz. Silver Bullion Coins 0 0 85,900
2011 Vicksburg National Military Park 5 oz. Silver Bullion Coins 0 0 39,500
2011 Chickasaw Park 5 oz. Silver Bullion Coins 0 0 29,700
TOTAL 0 5,000 245,700

 

In coin news for collectors, the U.S. Mint on Monday released the last 2012-dated silver coin from the America the Beautiful 5 Ounce Silver Uncirculated Coin series. Depicting Denali National Park and Preserve in Alaska, the 99.9% fine silver coin is available at the U.S. Mint website (www.usmint.gov) for $229.95.

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