Gold Rebounds, Silver Settles to 7-Week High, US Coins Bullish Still

by CoinNews.net on November 29, 2012 · 0 comments

silver bullion and coins

Gold and silver rebounded Thursday. American Eagle gold coins reached sales that have not been seen in a month since January 2011.

Gold and silver rebounded Thursday, snapping three-session losing streaks as the U.S. dollar weakened and bargain hunting took hold. Silver led precious metals with a 2% gain and closed at a seven-week high.

Gold for February delivery — the new, most active contract — advanced $10.70, or 0.6%, to $1,729.50 an ounce on the Comex in New York. Prices traded through a range of $1,720.10 to $1,731.20.

"Investors are taking advantage of [Wednesday’s pullback] and buying gold," MarketWatch quoted David Beahm, vice president at precious-metals investment firm Blanchard & Co. "Gold is up over $20 from yesterday’s low. This trend will continue for the rest of this year and into 2013."

Gold must climb by more than $21.90 Friday to tip higher for the week. Other precious metals look to pad weekly increases with any additional pick-ups.

Silver for March delivery — the new, most active contract — gained 66.1 cents to $34.431 an ounce. The settlement price was the highest for silver since October 10. The precious metal traded between an intraday low of $33.61 and a high of $34.49.

Platinum for January delivery rose $7.80, or 0.5%, to $1,619.50 an ounce, ranging from $1,605.00 to $1,625.80.

Palladium for March delivery rallied $12.25, or 1.8%, to $687.45 an ounce, trading between $668.25 and $692.00.

Bullion Prices in London

Aside from silver, London precious metals advanced Thursday. In contrasting the most recent PM fixings:

  • Gold added $17.00, or 1.0%, to $1,725.00 an ounce,
  • Silver shed 9.0 cents, or 0.3%, to $33.76 an ounce,
  • Platinum gained $31.00, or 2.0%, to $1,620 an ounce, and
  • Palladium jumped $31.00, or 4.8%, to $682.00 an ounce

US Mint Bullion Coin Sales in November

Thursday went down as a very solid day of bullion sales for the U.S. Mint.

Another 11,000 ounces of American Eagle gold coins sold, lifting the November sales total to 131,000 ounces. That is the highest amount for a month since January 2011 when sales reached 133,500 ounces.

Sales advanced 1,500 for American Buffalo gold coins. The month at 15,500 is the best since 26,000 sold in March.

American Eagle silver coins moved up 75,000 for a new November total of 3,134,500. Higher 2012 months include October at 3,153,000; September at 3,255,000 and January at 6,107,000.

A breakdown of U.S. Mint sales by bullion coin are in the tables below.

US Mint American Eagle and Buffalo Bullion Coin Sales
  Thursday Sales Last Week Week-To-Date November Sales YTD 2012
$50 American Eagle Gold Coins 10,500 10,000 63,000 124,500 589,000
$25 American Eagle Gold Coins 1,000 0 1,000 4,000 67,000
$10 American Eagle Gold Coins 0 0 0 4,000 70,000
$5 American Eagle Gold Coins 0 10,000 5,000 35,000 315,000
$50 American Buffalo Gold Coins 1,500 2,000 5,500 15,500 123,000
American Silver Eagle Coin 75,000 394,000 475,000 3,134,500 32,082,500

 

America the Beautiful 5 Oz. Silver Bullion Coin Sales
  Thursday 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 0 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 0 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 0 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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