Gold Retreats Below $1600, US Gold Coins Rise

by CoinNews.net on February 27, 2013 · 0 comments

Fine Gold Bars

Gold fell back below $1,600 an ounce. U.S. gold coins advanced.

Gold retreated to below $1,600 an ounce as investors booked profits and preferred riskier bets Wednesday.

After rising for two straight days, gold futures for April delivery declined $19.80, or 1.2%, to $1,595.70 an ounce on the Comex in New York. The precious metal traded from an intraday low of $1,592.60 to a high of $1,614.40.

"An increase in investor risk appetite saw solid rallies in the U.S. stock indexes Wednesday, which worked to pull way safe-haven demand for gold that surfaced Tuesday," noted Jim Wyckoff in the PM Kitco Metals Roundup.

Gold surged $28.90, or 1.8%, on Tuesday as testimony from Fed Chairman Ben Bernanke stimulated buying. It was gold’s biggest one-day gain in 2013.

Silver for May delivery — the new, most active contract — shed 33.5 cents, or 1.1%, to $28.985 an ounce. The white metal traded between $28.865 and $29.440.

PGM’s were mixed Wednesday.

  • April platinum declined $16.40, or 1.0%, to $1,600.10 an ounce, ranging from $1,592.00 to $1,625.80.

  • Palladium was the outlier in the group. Palladium for June delivery — the new, most active contract — gained $3.75, or 0.5%, to $745.65 an ounce. The precious metal traded between $737.20 and $752.55.

London Precious Metals

Precious metals in London advanced. In contrasting the Tuesday PM to Wednesday PM London Fix prices:

  • Gold gained $13.75, or 0.9%, to $1,604.25 an ounce,
  • Silver rose 32.0 cents, or 1.1%, to $29.07 an ounce,
  • Platinum added $4.00, or 0.2%, to $1,609.00 an ounce, and
  • Palladium edged up $1.00, or 0.1%, to $741.00 an ounce

US Bullion Coin Sales in February

U.S. Mint bullion sales were limited Wednesday to American Eagle gold coins. The one-ounce, 22-karat gold pieces climbed by 2,500 ounces. Sales for each U.S. Mint bullion coin follow.

American Eagle and Buffalo Bullion Coin Sales
  Wednesday Sales Last Week Week-To-Date Sales Feb Sales YTD Sales
$50 American Eagle Bullion Gold Coins 2,500 14,000 16,000 68,000 192,500
$25 American Eagle Bullion Gold Coins 0 2,000 1,000 5,000 22,000
$10 American Eagle Bullion Gold Coins 0 6,000 2,000 12,000 36,000
$5 American Eagle Bullion Gold Coins 0 35,000 5,000 70,000 180,000
$50 American Buffalo Bullion Gold Coins 0 6,000 2,500 11,500 84,000
American Silver Eagle Coins 0 903,000 822,000 3,368,500 10,866,500

 

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 1,600 0 2,100 24,000
2012 Chaco Culture National Historical Park 5 oz. Silver Bullion Coins 0 1,200 2,000 3,800 23,800
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 0 0 2,200 45,700
2011 Chickasaw Park 5 oz. Silver Bullion Coins 0 3,800 500 4,240 39,900
TOTAL 0 6,600 2,500 9,840 303,700

 

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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