Precious metals advanced Tuesday for a second straight day. Platinum led in gains as it closed to a three-month high and topped gold for the first time since April.
Platinum for April delivery jumped $31.70, or 1.9%, to $1,689.90 an ounce, trading between $1,654.00 and $1,706.80. The settlement price was the highest since Oct. 10.
Platinum moved higher Tuesday on news that Anglo American Platinum, the world’s largest platinum producer, would cut output this year by about 400,000 ounces.
"The platinum business has attractive underlying fundamentals, but we are facing tough decisions to restore profitability to our operations," said Chris Griffith, CEO of Anglo American Platinum.
"We must evolve to align the business with our expectations of the platinum market’s long-term dynamics and address the structural changes that have eroded profitability over time."
The precious metal has gained 9.6% this month, closing in on last year’s 9.8% increase.
"There is a rush to buy platinum as today’s news means that the market will be pushed further into deficit," Bloomberg quoted Adam Klopfenstein, a senior market strategist at Archer Financial Services Inc. in Chicago, said in a telephone interview. "We are seeing strength in other precious metals as well."
Gold for February delivery rose $14.50, or 0.9%, to end at $1,683.90 an ounce on the Comex in New York. The yellow metal traded from an intraday low of $1,666.20 to a high of $1,684.90. The closing price was the highest since Jan. 2.
March silver settled at $31.529 an ounce, adding 41.9 cents or 1.4%. Prices ranged from $30.965 to $31.615. The white metal’s settlement price is the highest since Dec. 18.
Palladium for March delivery rose $10.05, or 1.4%, to $713.35 an ounce, ranging from $702.55 to $725.00
London Bullion Prices
London precious metals climbed as well. In contrasting the latest London PM Fix prices:
- Gold rose $14.00, or 0.8%, to $1,680.50 an ounce,
- Silver advanced 43.0 cents, or 1.4%, to $31.19 an ounce,
- Platinum gained $32.00, or 1.9%, to $1,690.00 an ounce, and
- Palladium added $3.00, or 0.4%, to $709.00 an ounce
Sales of US Mint Bullion Coins
U.S. Mint bullion coins moved slower Tuesday. Advances included 2,500 for American Eagle gold coins; 50,000 for American Eagle silver coins; and 4,000 for 2011 Olympic National Park 5 oz. Silver Bullion Coins. Older 5 oz. bullion coins have seen sales increases lately as the U.S. Mint lowered premiums on them to move inventory.
Daily and year-to-date bullion sales follow.
| American Eagle and Buffalo Bullion Coin Sales | ||||
|---|---|---|---|---|
| Tuesday Sales | Last Week | Week-To-Date Sales | 2013 Sales | |
| $50 American Eagle Gold Bullion Coins | 2,500 | 27,500 | 13,000 | 93,500 |
| $25 American Eagle Gold Bullion Coins | 0 | 3,000 | 1,000 | 13,000 |
| $10 American Eagle Gold Bullion Coins | 0 | 4,000 | 2,000 | 18,000 |
| $5 American Eagle Gold Bullion Coins | 0 | 20,000 | 15,000 | 85,000 |
| $50 American Buffalo Gold Bullion Coins | 0 | 22,000 | 3,000 | 39,500 |
| American Eagle Silver Coin* | 50,000 | 4,782,000 | 350,000 | 5,132,000 |
| America the Beautiful 5 Oz. Silver Bullion Coin Sales | ||||
|---|---|---|---|---|
| Tuesday Sales | Last Week | Week-To-Date 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 | 4,000 | 5,700 | 4,000 | 95,600 |
| 2011 Vicksburg National Military Park 5 oz. Silver Bullion Coins | 0 | 1,700 | 0 | 41,200 |
| 2011 Chickasaw Park 5 oz. Silver Bullion Coins | 0 | 1,700 | 0 | 31,400 |
| TOTAL | 4,000 | 9,100 | 4,000 | 275,500 |
Coin sales figures shown above are in the number of coins sold. Calculate total ounces by using the bullion coin’s weight.
