Gold Drops to 6-Month Low, Silver Falls 1.7%

by CoinNews.net on February 14, 2013 · 0 comments

Silver and Gold Bullion

Gold prices fell to a six-month low and silver lost 1.7%

Gold fell for a second straight session and to a six-month low Thursday as the U.S. dollar firmed on disappointing euro zone GDP figures.

Gold for April delivery declined $9.60, 0.6%, to $1,635.50 an ounce on the Comex in New York. Gold traded between $1,632.80 and $1,650.00. The settlement price was the lowest since August 20, reports MarketWatch.

"The combination of (poor) European and Japanese economic numbers is near-term bearish for gold. There’s no real threat of inflation. Gold does not like recessions at all. There is some concern that the (economic weakness) will spread to the U.S. and that’s a valid concern as we do not have all that strong growth," said Sterling Smith, futures specialist, Citibank Institutional Client Group.

The gross domestic product, or GDP, in the 17-nation euro area shrank 0.6% in the fourth quarter. Also in the news, Japan’s growth for 2012 was a worse-than-expected at 1.9%.

In percentage, silver fell the most among precious metals. Silver for March delivery dropped 51.6 cents, or 1.7%, to $30.353 an ounce. It ranged from an intraday low of $30.21 to a high of $31.06.

In PGM futures prices Thursday:

  • Snapping a two-day winning streak, April platinum lost $18.80, or 1.1%, to $1,710.90 an ounce, trading between $1,709.40 and $1,735.00.

  • Off for the first time in four days, palladium for March delivery shed $8.00, or 1.0%, to $764.05 an ounce. Palladium ranged from $762.60 to $772.50.

Bullion Prices in London

On Wednesday, gold was the only precious metal to climb in London. On Thursday, it was the single one to rise. In contrasting the Wednesday PM to Thursday PM Fix prices:

  • Gold added $1.00, or 0.1%, to $1,646.00 an ounce,
  • Silver fell 15.5 cents, or 0.5%, to $30.88 an ounce,
  • Platinum dipped $6.00, or 0.3, to $1,724.00 an ounce, and
  • Palladium lost $3.00, or 0.4%, to $770.00 an ounce

US Bullion Coin Sales in February

U.S. Mint sales levels for its bullion coins remained unchanged Thursday. The latest available figures follow.

American Eagle and Buffalo Bullion Coin Sales
  Thursday Sales Last Week Week-To-Date Feb Sales YTD Sales
$50 American Eagle Gold Bullion Coins 0 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 0 979,500 629,000 1,608,500 9,106,500

 

America the Beautiful 5 Oz. Silver Bullion Coin Sales
  Thursday 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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