Gold Falls, Silver Dips Despite Higher Forecasts, US Coins Rise

by CoinNews.net on February 13, 2013 · 0 comments

Gold Bullion

Gold and silver retreated Wednesday, though U.S. Mint sales of gold and silver coins climbed

Gold edged lower Wednesday, maintaining a price below $1,650 an ounce for a second session. The U.S. dollar offered resistance as it fluctuated between gains and losses, eventually settling a tad higher.

Gold for April delivery shed $4.50, 0.3%, to close at $1,645.10 an ounce on the Comex in New York. The precious metal traversed through intraday trading levels of $1,640.70 and $1,655.00.

"Support from both the investor and spec (speculative) community is needed in order for gold to stage a convincing recovery from here," UBS said in a note according to Reuters. "But the lack of urgent fundamental motivation makes it difficult for gold market participants to muster enough conviction."

Silver tracked gold, despite analysts at HSBC raising their silver price forecasts. Silver for March delivery slipped 15.0 cents, or 0.5%, to settle at $30.869 an ounce.

"Greater industrial silver consumption is one of the most compelling arguments in favor of higher prices," said analysts at HSBC.

MarketWatch reported that HSBC hiked their 2013 silver target to $33 from $32 an ounce and also upped their 2014 target to $31 from $28 an ounce.

In PGM futures prices Wednesday:

  • Rising for a second straight day, April Platinum gained $12.50, or 0.7%, to $1,729.70 an ounce, trading between $1,717.80 and $1,735.90.

  • Sister metal palladium advanced for a third day in a row. Palladium for March delivery added 65.0 cents, or 0.1%, to $772.05 an ounce. Prices ranged from $766.00 to $777.60.

Bullion Prices in London

Aside from gold, precious metals in London climbed. In contrasting the Tuesday PM to Wednesday PM Fix prices:

  • Gold dipped $2.50, or 0.2%, to $1,645.00 an ounce,
  • Silver added 19.5 cents, or 0.6%, to $31.035 an ounce,
  • Platinum gained $22.00, or 1.3, to $1,730.00 an ounce, and
  • Palladium stepped up $8.00, or 1.0%, to $773.00 an ounce

US Bullion Coin Sales in February

On Wednesday, both American Eagle gold and silver coins notched gains for a second day. Advances were a bit stronger, though not to the levels logged on many days last month.

American Eagle and Buffalo Bullion Coin Sales
  Wednesday Sales Last Week Week-To-Date Feb Sales YTD Sales
$50 American Eagle Gold Bullion Coins 2,000 31,000 3,000 34,000 158,500
$25 American Eagle Gold Bullion Coins 0 1,000 0 1,000 18,000
$10 American Eagle Gold Bullion Coins 0 4,000 0 4,000 28,000
$5 American Eagle Gold Bullion Coins 0 20,000 5,000 25,000 135,000
$50 American Buffalo Gold Bullion Coins 0 1,000 1,000 2,000 74,500
American Eagle Silver Coins 170,000 979,500 629,000 1,608,500 9,106,500

 

America the Beautiful 5 Oz. Silver Bullion Coin Sales
  Wednesday Sales Last Week Week-To-Date Feb Sales All-Time Sales
2012 El Yunque National Forest 5 oz. Silver Bullion Coins 0 400 100 500 22,400
2012 Chaco Culture National Historical Park 5 oz. Silver Bullion Coins 0 1,000 -400 600 20,600
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 0 104,900
2011 Vicksburg National Military Park 5 oz. Silver Bullion Coins 0 200 2,000 2,200 45,700
2011 Chickasaw Park 5 oz. Silver Bullion Coins 0 -2,060 2,000 -60 35,600
TOTAL 0 -460 3,700 3,240 294,600

 

The Chaco Culture silver coin total moved down 400 on Monday. The Chickasaw silver coin total last Tuesday was adjusted lower by 2,260. The week earlier its sales had trimmed by 40. Such negative adjustments are very atypical in U.S. Mint reported bullion coin sales.

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

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