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.
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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.
