Gold Falls, Silver Snaps 7-Session Winning Streak

by CoinNews.net on January 24, 2013 · 0 comments

Gold and silver bullion bars

Silver fell for the first time since Jan. 11

Thursday turned into a bearish day for most precious metals. Gold and platinum declined for a second day in a row while silver dropped for the first time in eight sessions. Bucking the negative trend, barely, palladium rose 50 cents.

Gold futures for February delivery fell $16.80, or 1.0%, to $1,669.90 an ounce on the Comex in New York. Gold settled nearer the intraday low, which was $1664.20. It reached a high of $1,685.80.

"Gold once again failed to bust through the $1,700 mark. It’s been trying on and off for a month now," MarketWatch quoted Ben Traynor, chief economist at BullionVault. "It looks like some speculative longs have concluded it isn’t going to happen yet so they might as well close out their position."

Falling from a six-week high, March silver declined 71.7 cents, or 2.2%, to $31.722 an ounce. Silver prices ranged from $31.605 to $32.245.

Platinum for April delivery lost $8.00, or 0.5%, to $1,683.80 an ounce, trading between $1,676.00 and $1,693.00. Sister metal palladium edged up with March palladium futures gaining a half-dollar to $726.70 an ounce. It traded between $716.60 and $728.80.

London Precious Metals

London bullion prices fell Thursday. In contrasting the latest London PM Fix prices:

  • Gold declined $19.25, or 1.1%, to $1,671.00 an ounce,
  • Silver lost 38.0 cents, or 1.2%, to $31.85 an ounce,
  • Platinum fell $18.50, or 1.1%, to $1,680.00 an ounce, and
  • Palladium retreated $3.00, or 0.4%, to $722.00 an ounce

Sales of US Mint Bullion Coins

Sales levels for U.S. Mint bullion coins remained unchanged Thursday for a second straight day. The latest daily, week-to-date and year-to-date bullion sales follow.

American Eagle and Buffalo Bullion Coin Sales
  Thursday Sales Last Week Week-To-Date Sales 2013 Sales
$50 American Eagle Gold Bullion Coins 0 23,500 3,000 107,000
$25 American Eagle Gold Bullion Coins 0 3,000 1,000 16,000
$10 American Eagle Gold Bullion Coins 0 6,000 2,000 24,000
$5 American Eagle Gold Bullion Coins 0 30,000 5,000 105,000
$50 American Buffalo Gold Bullion Coins 0 3,000 27,000 66,500
American Eagle Silver Coin* 0 1,225,000 0 6,007,000

 

America the Beautiful 5 Oz. Silver Bullion Coin Sales
  Thursday 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 0 4,000 0 95,600
2011 Vicksburg National Military Park 5 oz. Silver Bullion Coins 0 0 0 41,200
2011 Chickasaw Park 5 oz. Silver Bullion Coins 0 0 0 31,400
TOTAL 0 4,000 0 275,500

 

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

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