Gold and Silver Snap Multi-Session Gains

by CoinNews.net on December 11, 2012 · 0 comments

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Gold and silver on Tuesday snapped multi-session gains

Gold dipped Tuesday, snapping a three-session winning streak ahead of the Fed’s monetary policy announcement on Wednesday.

Gold for February delivery lost $4.80, or 0.3%, to close at $1,709.60 an ounce on the Comex in New York. The precious metal traded between $1,706.00 and $1,715.80.

"Investors are exhibiting confidence in the Fed’s commitment to continued stimulus through mortgage and Treasury-bond purchases," MarketWatch quoted James West, portfolio adviser to the Midas Letter Opportunity Fund.

"That and a growing sense that a deal is near on the fiscal-cliff issue are creating exuberance in the markets at gold’s expense."

Silver and palladium traded lower as well, each down 1.1%, but platinum moved up 1.0%. In closing prices Tuesday:

  • March silver settled at $33.017 an ounce, shedding 36.0. Intraday prices ranged from $32.835 to $33.345. Silver halted a four-session winning streak.

  • Platinum for January delivery rose $16.70 to $1,640.00 an ounce, ranging from $1,616.80 to $1,642.20.

  • March palladium declined $7.95 to $696.80 an ounce, trading between $693.00 and $703.00.

London Bullion Prices

Precious metals in London were mixed Tuesday. In contrasting the most recent PM fixings:

  • Gold declined $2.50, or 0.2%, to $1,710.00 an ounce,
  • Silver fell 17.0 cents, 0.5%, to $33.17 an ounce,
  • Platinum advanced $9.00, or 0.6%, to $1,631.00 an ounce, and
  • Palladium lost $4.00, or 0.6%, to $695.00 an ounce

US Mint Bullion Coin Sales in December

Sales levels for U.S. Mint bullion coins were unchanged Tuesday. A breakdown of latest sales follows.

US Mint American Eagle and Buffalo Bullion Coin Sales
  Tuesday Sales Last Week Week-To-Date Dec Sales YTD 2012
$50 American Eagle Gold Coins 0 24,500 2,500 27,000 621,000
$25 American Eagle Gold Coins 0 2,000 0 2,000 70,000
$10 American Eagle Gold Coins 0 4,000 0 4,000 74,000
$5 American Eagle Gold Coins 0 0 0 0 315,000
$50 American Buffalo Gold Coins 0 4,000 0 4,000 128,000
American Silver Eagle Coin 0 903,000 300,000 1,203,000 33,310,500

 

America the Beautiful 5 Oz. Silver Bullion Coin Sales
  Tuesday Sales Last Week Week-To-Date Dec Sales All-Time Total
2012 El Yunque National Forest 5 oz. Silver Bullion Coins 0 2,000 0 2,000 21,900
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 0 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 0 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 2,000 0 2,000 262,400

 

Sales above are in the number of coins sold. Calculate total ounces by using the weight of the coin.

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