Gold Rebounds to Above $1700, US Coins Rise

by CoinNews.net on December 6, 2012 · 1 comment

gold and euro notes

Gold gained safe-haven support over eurozone woes

Gold settled back above $1,700 an ounce Thursday, snapping a two-session losing streak that drove prices to a one-month low.

Gold for February delivery advanced $8.00, or 0.5%, to close at $1,701.80 an ounce on the Comex in New York. Prices moved through an intraday trading range of between $1,687.10 and $1,704.80.

The gold rebound is "based on bargain hunting along with European Central Bank cutting its economic growth forecast," MarketWatch quoted Jeffrey Wright, managing director at Global Hunter Securities. "So, [it’s] a little safe-haven action, coupled with the end of short-term profit taking."

The ECB forecasts that eurozone economic growth will be, at best, stagnant during 2013. Expectations are for the bloc’s gross domestic product to decline 0.3% in 2013. That compares to ECB’s prior estimates of 0.5% growth.

In other metals, March silver advanced 15.7 cents, or 0.5%, to $33.114 an ounce, trading between $32.60 and $33.33.

Platinum for January delivery settled to $1,600.70 an ounce, rising $16.50 or 1.0%. Prices ranged from $1,573.40 to $1,601.90.

March palladium prices advanced $9.60, or 1.4%, to $697.05 an ounce, trading between $683.00 and $700.80.

Bullion Prices in London

Precious metals in London were mixed with mostly modest changes. In contrasting the most recent PM fixings:

  • Gold climbed 25 cents to $1,694.25 an ounce,
  • Silver lost 24.0 cents, or 0.7%, to $32.83 an ounce,
  • Platinum dipped $5.00, or 0.3%, to $1,582.00 an ounce, and
  • Palladium added $5.00, or 0.7%, to $686.00 an ounce

US Mint Bullion Coin Sales in December

Sales levels for U.S. Mint bullion coins advanced for a third straight day. U.S. Mint distributors ordered 5,500 ounces of gold coins and 25,000 ounces of silver coins. 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 / December Sales YTD 2012
$50 American Eagle Gold Coins 4,000 68,000 22,500 616,500
$25 American Eagle Gold Coins 1,000 2,000 2,000 70,000
$10 American Eagle Gold Coins 0 0 2,000 72,000
$5 American Eagle Gold Coins 0 5,000 0 315,000
$50 American Buffalo Gold Coins 1,000 6,500 3,500 127,500
American Silver Eagle Coin 25,000 500,000 753,000 32,860,500

 

America the Beautiful 5 Oz. Silver Bullion Coin Sales
  Thursday Sales Last Week Week-To-Date / December Sales All-Time Total
2012 El Yunque National Forest 5 oz. Silver Bullion Coins 0 0 2,000 21,900
2012 Chaco Culture National Historical Park 5 oz. Silver Bullion Coins 0 0 0 20,000
2012 Acadia National Park 5 oz. Silver Bullion Coins 0 3,100 0 25,400
2012 Hawai’i Volcanoes 5 oz. Silver Bullion Coins 0 0 0 20,000
2012 Denali National Park 5 oz. Silver Bullion Coins 0 1,400 0 20,000
2011 Olympic National Park 5 oz. Silver Bullion Coins 0 0 0 85,900
2011 Vicksburg National Military Park 5 oz. Silver Bullion Coins 0 0 0 39,500
2011 Chickasaw Park 5 oz. Silver Bullion Coins 0 0 0 29,700
TOTAL 0 4,500 2,000 262,400

 

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

{ 1 comment… read it below or add one }

Angelo December 8, 2012 at 7:04 am

I hope everyone could buy when it was @ a low price!!
but Palladium is still low + used in almost all electronics toy we love so much

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