Gold Hits 6-Month Low, Silver Falls Below $30, US Coins Gain

by CoinNews.net on February 19, 2013 · 0 comments

Gold bullion and gold bullion coins

Gold retreated Tuesday, though sales of U.S. Mint gold coins for the day advanced 13,500 ounces to surpass last week’s total of 10,500 ounces

Precious metals split Tuesday with platinum and palladium advancing as gold and silver declined.

Gold in early trading came within 20 cents of hitting $1,600 an ounce. By day’s end, it notched a fourth straight session loss and closed at a more than six-month low.

Gold futures for April delivery settled down $5.30, or 0.3%, to $1,604.20 an ounce on the Comex in New York. The precious metal traded as low as $1600.20 an ounce and reached an intraday high at $1,618.80 an ounce. Gold’s closing price was the lowest since it marked $1,602.40 an ounce on August 14.

"Investors continue to buy racier assets such [as] equities rather than gold and silver," MarketWatch quoted Fawad Razaqzada, technical analyst at GFT Markets.

U.S. markets closed Monday for Presidents Day. Gold prices declined 3.4% last week.

Silver tracked gold, falling nearly five times more in percentage. Silver for March delivery declined 42.7 cents, or 1.4%, to $29.422 an ounce. It traded between $29.175 and $30.150. Last week the white metal plummeted 5.1%.

PGM’s were the bright area in precious metals.

  • April platinum advanced $19.80, or 1.2%, to $1,697.50 an ounce, ranging from $1,676.50 to $1,704.70.

  • Palladium for March delivery surged $11.00, or 1.5%, to $764.15 an ounce, trading between $750.70 and $767.35.

Last week, palladium inched 0.2% higher while platinum fell 2.2%.

Precious Metals in London

In London, silver was unchanged while other precious metals logged only modest movements. In contrasting the Monday PM to Tuesday PM London Fix prices:

  • Gold shed $3.00, or 0.2%, to $1,607.75 an ounce,
  • Silver stayed at $30.00 an ounce,
  • Platinum lost $7.00, or 0.4%, to $1,685.00 an ounce, and
  • Palladium gained $4.00, or 0.5%, to $763.00 an ounce

US Bullion Coin Sales in February

U.S. Mint bullion sales advanced across every type of coin. In total, U.S. Mint distributors ordered 13,500 ounces of gold bullion coins and 487,500 ounces of silver bullion coins. The gold bullion coin tally on Tuesday surpassed last week’s entire total of 10,500 ounces. Bullion sales by product type follow.

American Eagle and Buffalo Bullion Coin Sales
  Tuesday Sales Last Week Weekly Sales Feb Sales YTD Sales
$50 American Eagle Gold Bullion Coins 3,500 7,000 3,500 41,500 166,000
$25 American Eagle Gold Bullion Coins 2,000 1,000 2,000 4,000 21,000
$10 American Eagle Gold Bullion Coins 4,000 0 4,000 8,000 32,000
$5 American Eagle Gold Bullion Coins 35,000 10,000 35,000 65,000 175,000
$50 American Buffalo Gold Bullion Coins 4,500 2,000 4,500 7,500 80,000
American Eagle Silver Coins 454,500 664,000 454,500 2,098,000 9,596,000

 

America the Beautiful 5 Oz. Silver Bullion Coin Sales
  Tuesday Sales Last Week Weekly Sales Feb Sales All-Time Sales
2012 El Yunque National Forest 5 oz. Silver Bullion Coins 1,600 100 1,600 2,100 24,000
2012 Chaco Culture National Historical Park 5 oz. Silver Bullion Coins 1,200 -400 1,200 1,800 21,800
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 2,000 0 2,200 45,700
2011 Chickasaw Park 5 oz. Silver Bullion Coins 3,800 2,000 3,800 3,740 39,400
TOTAL 6,600 3,700 6,600 9,840 301,200

 

The Chaco Culture silver coin total declined 400 last Monday. Negative adjustments were previously made across the Chickasaw silver coin.

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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