Gold and Silver Dip Slightly in Week’s Start, US Coins Bullish

by CoinNews.net on November 26, 2012 · 0 comments

gold and stacks of coins

Precious metals declined modestly Monday but sales of U.S. Mint bullion coins were bullish

Gold, silver and other precious metals on Monday shed a small portion of their gains from last week. Profit-taking and a firmer U.S. dollar were among the reasons cited by analysts.

Gold for December delivery dipped $1.80, or 0.1%, to $1,749.60 an ounce on the Comex in New York. Trading went through intraday levels of $1,746.00 and $1,752.30. Last week the precious metal surged 2.1% to post a nearly 12% increase for the year. It was up by more than $23 on Friday alone.

"There is some backpedaling today because the dollar is stronger and there is nothing new out of Europe," Phil Streible, a senior commodity broker at R.J. O’Brien & Associates, said in a telephone interview relayed on Bloomberg. "We are seeing some profit-taking after the nice rally on Friday."

Silver retreated the least in precious metals. December futures for the white metal declined 2.1 cents, or less than 0.1%, to settle at $34.137 an ounce. Prices traded from an intraday low of $33.885 to a high of $34.225. Silver traded 5.4% higher last week.

In PGM futures on Monday:

  • Platinum for January delivery fell $6.10, or 0.4%, to close at $1,611.00 an ounce. It moved through a daily range of $1,605.60 to $1,623.70.

  • Palladium for December delivery settled down $6.40, or 1.0%, to $661.20 an ounce, trading between $659.00 and $671.35.

Platinum led precious metals gains last week at 6.6%. Palladium logged a 3.5% increase.

Bullion Prices in London

London precious metals started the week on a positive note with increases across the board. In contrasting the most recent PM fixings:

  • Gold added $16.00, or 0.9%, to $1,750.50 an ounce,
  • Silver gained 67.0 cents, or 2.0%, to $34.08 an ounce,
  • Platinum advanced $29.00, or 1.8%, to $1,613.00 an ounce, and
  • Palladium rose $10.00, or 1.5%, to $667.50 an ounce

Increases last week were 1.2% for gold, 3.5% for silver, 1.9% for platinum and 5.5% for palladium.

Sales of US Mint Bullion Coins in November

Sales were robust Monday for U.S. Mint bullion products. Authorized distributors for the United States Mint ordered 422,500 ounces of silver coins, already topping the 412,000 ounces sold during all of last week. One-day sales of bullion gold coins climbed 9,000 ounces compared to last week’s 13,000 ounces.

A breakdown of U.S. Mint sales by coin is provided in the tables below.

US Mint American Eagle and Buffalo Bullion Coin Sales
  Monday Sales Last Week Week-To-Date November Sales YTD 2012
$50 American Eagle Gold Coins 8,000 10,000 8,000 69,500 534,000
$25 American Eagle Gold Coins 0 0 0 3,000 66,000
$10 American Eagle Gold Coins 0 0 0 4,000 70,000
$5 American Eagle Gold Coins 5,000 10,000 5,000 35,000 315,000
$50 American Buffalo Gold Coins 500 2,000 500 10,500 118,000
American Silver Eagle Coin 400,000 394,000 400,000 3,059,500 32,007,500

 

America the Beautiful 5 Oz. Silver Bullion Coin Sales
  Monday Sales Last Week Week-To-Date November Sales All-Time Total
2012 El Yunque National Forest 5 oz. Silver Bullion Coins 0 0 0 1,800 19,900
2012 Chaco Culture National Historical Park 5 oz. Silver Bullion Coins 0 0 0 1,800 20,000
2012 Acadia National Park 5 oz. Silver Bullion Coins 3,100 0 3,100 3,600 25,400
2012 Hawai’i Volcanoes 5 oz. Silver Bullion Coins 0 0 0 5,000 20,000
2012 Denali National Park 5 oz. Silver Bullion Coins 1,400 3,600 1,400 7,500 20,000
2011 Olympic National Park 5 oz. Silver Bullion Coins 0 0 0 0 85,900
2011 Vicksburg National Military Park 5 oz. Silver Bullion Coins 0 0 0 0 39,500
2011 Chickasaw Park 5 oz. Silver Bullion Coins 0 0 0 0 29,700
TOTAL 4,500 3,600 4,500 19,700 260,400

 

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

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