Gold Snaps 5-Session Losing Streak, US Gold Coins Rise

by CoinNews.net on February 21, 2013 · 0 comments

Gold bullion bar and US coins

Gold and silver gained Thursday, but platinum and palladium declined. US gold coins also advanced.

Gold eked out a gain Thursday, snapping a five-session losing streak after falling to a near seven-month low on Wednesday.

Gold futures for April delivery edged up 60.0 cents to $1,578.60 an ounce on the Comex in New York. The yellow metal traded between intraday levels of $1,554.30 and $1,584.40.

"I am a buyer on dips right now. The sell-off was overdone as we lost almost $100 from just last week," Reuters quoted COMEX gold option floor trader Jonathan Jossen.

On Wednesday, gold dropped $26.20, or 1.6%, by close and then extended losses in after-hours trading when newly released FOMC notes revealed hesitation about the length of the Fed’s current QE program.

Silver gained modestly as well after plunging 80 cents on the previous day. Silver for March delivery added 7.7 cents, or 0.3%, to $28.699 an ounce. It ranged from $28.29 to $28.88.

Platinum and palladium, however, dropped for a second day in a row.

  • April platinum lost $27.10, or 1.7%, to $1,620.00 an ounce, trading between $1,599.00 and $1,652.10.

  • Palladium for March delivery shed $2.80, or 0.4%, to $733.60 an ounce, ranging from $708.30 to $742.25.

Precious Metals in London

London precious metals continued lower. In contrasting the Wednesday PM to Thursday PM London Fix prices:

  • Gold fell $11.50, or 0.7%, to $1,577.00 an ounce,
  • Silver dropped 39.0 cents, or 1.3%, to $28.72 an ounce,
  • Platinum declined $52.00, or 3.1%, to $1,607.00 an ounce, and
  • Palladium lost $32.00, or 4.2%, to $722.00 an ounce

US Bullion Coin Sales in February

Sales advanced Thursday for U.S. Mint gold coins but silver coins were silent, a reversal from the previous day. Recent increases by U.S. Mint bullion product follow.

American Eagle and Buffalo Bullion Coin Sales
  Thursday Sales Last Week Weekly Sales Feb Sales YTD Sales
$50 American Eagle Bullion Gold Coins 4,000 7,000 7,500 45,500 170,000
$25 American Eagle Bullion Gold Coins 0 1,000 2,000 4,000 21,000
$10 American Eagle Bullion Gold Coins 0 0 4,000 8,000 32,000
$5 American Eagle Bullion Gold Coins 0 10,000 35,000 65,000 175,000
$50 American Buffalo Bullion Gold Coins 1,500 2,000 6,000 9,000 81,500
American Eagle Silver Coins 0 664,000 879,000 2,522,500 10,020,500

 

America the Beautiful 5 Oz. Silver Bullion Coin Sales
  Thursday Sales Last Week Weekly Sales Feb Sales All-Time Sales
2012 El Yunque National Forest 5 oz. Bullion Silver Coins 0 100 1,600 2,100 24,000
2012 Chaco Culture National Historical Park 5 oz. Bullion Silver Coins 0 -400 1,200 1,800 21,800
2012 Acadia National Park 5 oz. Bullion Silver Coins 0 0 0 0 25,400
2012 Hawai’i Volcanoes 5 oz. Bullion Silver Coins 0 0 0 0 20,000
2012 Denali National Park 5 oz. Bullion Silver Coins 0 0 0 0 20,000
2011 Olympic National Park 5 oz. Bullion Silver Coins 0 0 0 0 104,900
2011 Vicksburg National Military Park 5 oz. Bullion Silver Coins 0 2,000 0 2,200 45,700
2011 Chickasaw Park 5 oz. Bullion Silver Coins 0 2,000 3,800 3,740 39,400
TOTAL 0 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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