Gold Ends Flat, Silver Rises for Fourth Session

by CoinNews.net on March 6, 2013 · 0 comments

1 oz Gold

Gold was unchanged Wednesday. Silver climbed for a fourth day.

Gold finished flat Wednesday after gaining, albeit modestly, during the previous two sessions.

Gold for April delivery was unchanged at $1,574.90 an ounce on the Comex in New York. The precious metal traded between $1,566.40 an ounce and $1,584.30 an ounce.

"The buzz of the market place Wednesday is the new all-time record high posted by the Dow Jones Industrial Average this week. The general media picked up on that news and featured it heavily Tuesday evening," notes Jim Wyckoff in the PM Kitco Metals Roundup.

"The ‘risk-on’ trader attitudes that are fueling the stock market rally are a bearish element for safe-haven gold. However, when the general media picks up on a trending market move, it’s an early clue that market move has probably just about run its course."

Advancing for a fourth consecutive session, silver for May delivery turned up 19.9 cents, or 0.7%, to close at $28.803 an ounce. It ranged from $28.52 to $29.14 an ounce.

In PGM futures Wednesday:

  • April platinum declined $5.90, or 0.4%, to $1,579.80 an ounce, trading between $1,574.50 and $1,603.00.

  • Palladium for June delivery added $5.45, or 0.7%, to $740.05 an ounce, trading between $737.55 and $745.70.

London Bullion Prices

Precious metals in London split with gold and silver lower and PGM’s higher. In contrasting the Tuesday PM to Wednesday PM London Fix prices:

  • Gold shed $5.75, or 0.4%, to $1,574.00 an ounce,
  • Silver lost 19.0 cents, or 0.7%, to $28.74 an ounce,
  • Platinum rose $3.00, or 0.2%, to $1,590.00 an ounce, and
  • Palladium gained $11.00, or 1.5%, to $739.00 an ounce

US Bullion Coin Sales in March

No bullion updates were published by the U.S. Mint Wednesday as winter weather closed federal offices in DC and neighboring areas. The latest available U.S. Mint bullion sales by product follow.

American Eagle and Buffalo Bullion Coin Sales
  Wednesday Sales Last Week Week-To-Date March Sales YTD Sales
$50 American Eagle Gold Bullion Coins 0 20,000 7,000 11,000 203,500
$25 American Eagle Gold Bullion Coins 0 1,000 1,000 1,000 23,000
$10 American Eagle Gold Bullion Coins 0 2,000 4,000 4,000 40,000
$5 American Eagle Gold Bullion Coins 0 5,000 5,000 5,000 185,000
$50 American Buffalo Gold Bullion Coins 0 2,500 500 500 84,500
American Silver Eagle Bullion Coins 0 822,000 876,500 876,500 11,743,000

 

America the Beautiful 5 Oz. Silver Bullion Coin Sales
  Wednesday Sales Last Week Week-To-Date March Sales All-Time Sales
2012 El Yunque National Forest 5 oz. Silver Bullion Coins 0 0 0 0 24,000
2012 Chaco Culture National Historical Park 5 oz. Silver Bullion Coins 0 2,600 0 600 24,400
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 12,400 0 10,400 58,100
2011 Chickasaw Park 5 oz. Silver Bullion Coins 0 9,300 0 8,800 48,700
TOTAL 0 24,300 0 19,800 325,500

 

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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