Gold, Silver Gain After US Budget Deal, US Gold Coins Rise

by CoinNews.net on January 2, 2013 · 2 comments

Gold bullion bars

Gold and silver settled to two-week highs

Gold and silver following the New Year’s holiday extended gains to a second session after Congress passed a budget deal to steer away from the U.S. fiscal cliff.

Gold for February delivery climbed $13.00, or 0.8%, to $1,688.80 an ounce on the Comex in New York. The precious metal traded between an intraday low of $1,670.90 and a high of $1,695.40. The settlement price was the highest for gold since Dec. 17, 2012.

"With the fiscal cliff curtain drawn back, albeit halfway, we should see a stronger tone set in over the markets over the balance of the week," Kitco News quoted Edward Meir, commodities consultant with INTL FCStone.

"However, Congress’s uninspiring handling of this issue, typified by running well past self-imposed deadlines and failing to put anything on the table dealing with spending cuts or entitlement reform, means that investors will likely see more roller-coaster action over the next several weeks. For now, however, the buyers are firmly in charge of the asylum."

Silver led gains among precious metals. March silver surged 78.0 cents, or 2.6%, to settle at $31.007 an ounce. Silver prices ranged from $30.255 to $31.535. Silver’s close was the highest since Dec. 19, 2012.

Platinum for April delivery settled at $1,568.00 an ounce, tacking on $25.60 or 1.7%. Platinum traded between $1,539.00 and $1,582.50.

March palladium added $4.60, or 0.7%, to $707.95 an ounce, ranging between $696.75 and $718.85.

London Bullion

Bullion prices in London surged stronger than precious metals futures in New York. In contrasting the Monday AM fixings to the Wednesday PM fixings:

  • Gold advanced $29.75, or 1.8%, to $1,693.75 an ounce,
  • Silver shot up 92.0 cents, or 3.1%, to $30.87 an ounce,
  • Platinum added $43.00, or 2.8%, to $1,566.00 an ounce, and
  • Palladium gained $12.00, or 1.7%, to $711.00 an ounce

US Mint Bullion Coin Sales

New 2013-dated bullion coins sparked buying Wednesday. All sizes of 22-karat American Eagle gold coins advanced with sales totaling 50,000 ounces. The 24-karat American Buffalo gold coin gained 8,000.

U.S. Mint bullion sales on the day, the week-to-date and for 2013 follow.

US Mint American Eagle and Buffalo Bullion Coin Sales
  Wednesday Sales Last Week Week-To-Date 2013 Sales
$50 American Eagle Gold Coins 40,000 2,500 46,500 40,000
$25 American Eagle Gold Coins 5,000 0 5,000 5,000
$10 American Eagle Gold Coins 10,000 0 10,000 10,000
$5 American Eagle Gold Coins 50,000 0 50,000 50,000
$50 American Buffalo Gold Coins 8,000 0 8,000 8,000
American Eagle Silver Coin* N/A* 0

 

*2012-dated American Eagle silver coins sold out on Dec. 17, 2012. New 2013-dated Silver Eagles go on sale Jan. 7, 2013.

America the Beautiful 5 Oz. Silver Bullion Coin Sales
  Wednesday Sales Last Week Week-To-Date / Jan Sales All-Time Sales
2012 El Yunque National Forest 5 oz. Silver Bullion Coins 0 0 0 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 0 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 0 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 0 0 262,400

 

Coin sales figures shown above are in the number of coins sold. Calculate total ounces by using the bullion coin’s weight.

{ 2 comments… read them below or add one }

Charles K. Miller January 14, 2013 at 9:15 pm

Am I to believe that the U.S.Mint was prepared to mint the 2013 coins as early as Jan. 2nd??

Mike Unser January 14, 2013 at 9:18 pm

Charles, the U.S. Mint started minting this year’s 2013-dated bullion coins right after Thanksgiving.

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