Gold Snaps Four-Session Winning Streak, Silver Eases

by CoinNews.net on March 20, 2013 · 0 comments

Gold bullin bars

Gold declined after four straight session gains. Sales of U.S. Mint bullion coins were silent for the day.

Gold prices declined Wednesday for the first time in five sessions. In other metals, silver retreated for a second day while platinum and palladium climbed for the first time this week.

Falling from a three-week log, gold for April delivery shed $3.80, or 0.2%, to end at $1,607.50 an ounce on the Comex in New York. Prices traded from an intraday low of $1,599.60 to a high of $1,613.90.

"Gold started the week strong and stops (buy orders) were hit at around $1,600, which pushed prices to $1,615 yesterday. We are seeing some profit-taking at the moment amid uncertainty surrounding Cyprus," Reuters quoted MKS SA head of trading Afshin Nabavi said.

"Investors have not taken much action yet and await more details of the rescue plan, but prices should be well supported in the $1,600 area."

On Tuesday, gold settled to its highest price since February 26 as it notched eight session wins in nine.

In other New York precious metals futures:

  • Silver for May delivery fell 2.6 cents, or 0.1%, to close at $28.817 an ounce. Silver moved between $28.400 and $28.985.

  • April platinum gained $27.10, or 1.7%, to $1,582.50 an ounce, trading between $1,554.80 and $1,583.00.

  • Palladium for June delivery surged $23.00, or 3.1%, to $758.20 an ounce, ranging from $734.00 to $764.50.

London Precious Metals

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

  • Gold inched higher by $3.25, or 0.2%, to $1,607.50 an ounce,
  • Silver added 5.0 cents, or 0.2%, to $28.90 an ounce,
  • Platinum declined $13.00, or 0.8%, to $1,566.00 an ounce, and
  • Palladium fell $14.00, or 1.8%, to $747.00 an ounce

US Bullion Coin Sales in March

Sales levels for United States Mint bullion coins remained unchanged Wednesday. While not unusual for the series of U.S. bullion products, it was the first zero reported sales day in exactly two weeks. The latest figures for the U.S. Mint’s bullion products follow.

American Eagle and Buffalo Bullion Coin Sales
  Wednesday Sales Last Week Week-To-Date March Sales YTD Sales
$50 American Eagle Gold Coins 0 7,500 2,000 31,500 224,000
$25 American Eagle Gold Coins 0 1,000 0 3,000 25,000
$10 American Eagle Gold Coins 0 2,000 0 6,000 42,000
$5 American Eagle Gold Coins 0 10,000 0 20,000 200,000
$50 American Buffalo Gold Coins 0 1,000 500 7,000 91,000
American Silver Eagle Coins 0 814,500 692,000 2,413,500 13,270,000

 

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 Sold Out 0 24,000
2012 Chaco Culture National Historical Park 5 oz. Silver Bullion Coins 600 24,400
2012 Acadia National Park 5 oz. Silver Bullion Coins 0 25,400
2012 Hawai’i Volcanoes 5 oz. Silver Bullion Coins 0 20,000
2012 Denali National Park 5 oz. Silver Bullion Coins 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 10,400 58,100
2011 Chickasaw Park 5 oz. Silver Bullion Coins 0 0 0 8,800 48,700
TOTAL 0 0 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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