Gold Drops Below $1600; Silver Eagle Bullion Coins Top 14M

by CoinNews.net on March 26, 2013 · 0 comments

2013 American Silver Eagle Bullion Coin

American Silver Eagle Bullion Coins topped 14 million in sales for the year

Gold dropped for a third session Tuesday and closed below $1600 an ounce for the first time since March 15.

Gold for April delivery declined $8.80, or 0.6%, to settle at $1,595.70 an ounce on the Comex in New York. Prices moved through a fairly narrow range of between $1,593.40 and $1,605.00.

"Gold is finding it difficult to take its cue from other markets where sentiment remains confused at best," TD Bank precious metals strategists said in a note relayed on Reuters.

Cyprus and its bailout deal remained in the headlines.

"A new precedent has been set," MarketWatch quoted David Beahm, executive vice president at precious-metals investment firm Blanchard & Co. "Taxing deposits just goes to show how desperate things have gotten and that nothing is safe anymore. If you don’t hold it, you don’t have it."

Silver traded lower as well. Silver for May delivery fell 13.6 cents, or 0.5%, to $28.679 an ounce, ranging from $28.605 to $28.845. The white metal advanced 12 cents on Monday.

In other PGM futures on Tuesday:

  • July platinum declined $17.10, or 1.1%, to $1,569.80 an ounce, trading between $1,563.10 and $1,591.60.

  • The outlier in precious metals was palladium. Palladium for June delivery gained $4.05, or 0.5%, to $761.40 an ounce. Prices ranged from $754.30 to $764.70.

London Precious Metals

London precious metals were mixed. In contrasting the Monday PM to Tuesday PM London Fix prices:

  • Gold dipped $1.25, or 0.1%, to $1,598.00 an ounce,
  • Silver added 16.0 cents, or 0.6%, to $28.83 an ounce,
  • Platinum lost $10.00, or 0.6%, to $1,565.00 an ounce, and
  • Palladium fell $4.00, or 0.5%, to $757.00 an ounce

US Bullion Coin Sales in March

American Eagle bullion sales surged Tuesday according to the latest U.S. Mint figures. Sales included 10,500 ounces of Gold Eagles and a Silver Eagle pick-up of 918,500.

Silver Eagle bullion coins have passed 3.3 million for the month. The monthly sales level is 12,000 shy of matching the total from February and 814,500 ahead of March of last year.

Also, the silver coins have now topped 14 million for the year. Until this month, 12.4 million had been the sales high through the first three months of a year (the Silver Eagle series launched in 1986). In 2012, the bullion coins did not reach the 14 million mark until May 25.

The following are the available daily, March and year-to-date bullion coin sales totals as reported by the U.S. Mint.

American Eagle and Buffalo Bullion Coin Sales
  Tuesday Sales Last Week Week-To-Date Sales March Sales YTD Sales
$50 American Eagle Gold Bullion Coins 9,500 11,000 9,500 50,000 242,500
$25 American Eagle Gold Bullion Coins 0 0 0 3,000 25,000
$10 American Eagle Gold Bullion Coins 2,000 0 2,000 8,000 44,000
$5 American Eagle Gold Bullion Coins 5,000 0 5,000 25,000 205,000
$50 American Buffalo Gold Bullion Coins 0 3,500 0 10,000 94,000
American Silver Eagle Bullion Coins 918,500 726,500 918,500 3,356,500 14,223,000

 

America the Beautiful 5 Oz. Silver Bullion Coin Sales
  Tuesday Sales Last Week Weekly Sales 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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