Gold, Silver Climb on Dollar Weakness

by CoinNews.net on December 3, 2012 · 0 comments

US Dollar

Gold, silver and other precious metals advanced on weakness in the U.S. dollar

Gold moved higher in starting the week as weakness in the U.S. dollar added to the appeal of precious metals.

Gold for February delivery added $8.40, or 0.5%, to close at $1,721.10 an ounce on the Comex in New York. Intraday prices traded from $1,714.20 to $1,724.90.

"We’re seeing more of a ‘risk-on’ trade with the Greek debt news and the weaker dollar," Adam Klopfenstein, a senior market strategist at Archer Financial Services Inc. in Chicago, said in a telephone interview relayed on Bloomberg. "It’s also a macro-based rally in commodities on strength in China and Goldman reiterating its bullish views."

Most precious metals fell last week. Gold dipped 2.2%, silver lost 2.5% and platinum declined 0.8%. Palladium was by itself, rising 3.1%.

Returning to Monday, silver performed the best among metals. March silver advanced 48.0 cents, or 1.4%, to settle at $33.759 an ounce. Prices ranged between $33.455 and $33.930.

Platinum for January delivery added $9.20, or 0.6%, to $1,613.80 an ounce, trading between $1,593.50 and $1,615.40.

March palladium rose $3.05, or 0.4%, to $691.25 an ounce, ranging from $680.05 to $692.45.

Bullion Prices in London

London precious metals were lower Monday. In contrasting the most recent PM fixings:

  • Gold lost $6.00, or 0.4%, to $1,720.00 an ounce,
  • Silver fell 86.0 cents, or 2.5%, to $33.42 an ounce,
  • Platinum retreated $13.00, or 0.8%, to $1,599.00 an ounce, and
  • Palladium declined $3.00, or 0.4%, to $682.00 an ounce

Gold in London declined 0.5% last week while other metals posted gains of 2.6% for silver, 1.8% for platinum and 4.2% for palladium.

US Mint Bullion Coin Sales in December

U.S. Mint bullion coins are yet to enter the sales board for December. Last week and year-to-date sales are listed below.

US Mint American Eagle and Buffalo Bullion Coin Sales
  Monday Sales Last Week Week-To-Date December Sales YTD 2012
$50 American Eagle Gold Coins 0 68,000 0 0 594,000
$25 American Eagle Gold Coins 0 2,000 0 0 68,000
$10 American Eagle Gold Coins 0 0 0 0 70,000
$5 American Eagle Gold Coins 0 5,000 0 0 315,000
$50 American Buffalo Gold Coins 0 6,500 0 0 124,000
American Silver Eagle Coin 0 500,000 0 0 32,107,500

 

America the Beautiful 5 Oz. Silver Bullion Coin Sales
  Monday Sales Last Week Week-To-Date December Sales All-Time Total
2012 El Yunque National Forest 5 oz. Silver Bullion Coins 0 0 0 0 19,900
2012 Chaco Culture National Historical Park 5 oz. Silver Bullion Coins 0 0 0 0 20,000
2012 Acadia National Park 5 oz. Silver Bullion Coins 0 3,100 0 0 25,400
2012 Hawai’i Volcanoes 5 oz. Silver Bullion Coins 0 0 0 0 20,000
2012 Denali National Park 5 oz. Silver Bullion Coins 0 1,400 0 0 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 4,500 0 0 260,400

 

Sales above are in the number of coins sold. Total ounces may be calculated by using the weight of the coin.

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