Gold Adds $9.90, Silver Dips 6.7 Cents, US Gold Coins Advance

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

Gold bar and gold coins

Gold snapped a three-session losing streak. U.S. Mint gold coins also advanced.

Gold advanced Wednesday after falling for three sessions in a row.

Gold for June delivery, the new most-active contract, finished up $9.90, or 0.6%, to $1,607.20 an ounce on the Comex in New York. The precious metal traded through a range of $1,591.90 and $1,609.00.

"Fresh safe-haven demand was featured, as there are still worries about the Cyprus banking crisis causing a ‘run’ on European Union banks," noted Jim Wyckoff in the PM Kitco Metals Roundup.

"Cyprus banks are scheduled to reopen Thursday and television cameras will be on the ATM machines there, watching for big lines. That could spook other EU bank depositors. Gold also benefitted from short covering from weak-handed sellers of the metal just recently."

On Tuesday, gold lost $8.80 to slide below $1,600 an ounce for the first time since March 15.

Falling for a second day, silver for May delivery lost 6.7 cents, or 0.2%, to $28.612 an ounce. Silver ranged from an intraday low of $28.080 to a high of $28.785.

In PGM futures Wednesday:

  • July platinum rose $13.70, or 0.9%, to $1,583.50 an ounce, trading between $1,571.50 and $1,586.60.

  • Higher for a second day, palladium for June delivery added $6.90, or 0.9%, to $768.30 an ounce. Palladium traded between $754.50 and $771.50.

London Precious Metals

In London, silver was the single precious metal lower after rising by itself on the prior day. In contrasting the Tuesday PM to Wednesday PM London Fix prices:

  • Gold gained $5.00, or 0.3%, to $1,603.00 an ounce,
  • Silver lost 50.0 cents, or 1.7%, to $28.33 an ounce,
  • Platinum added $10.00, or 0.6%, to $1,575.00 an ounce, and
  • Palladium advanced $3.00, or 0.4%, to $760.00 an ounce

US Bullion Coin Sales in March

Bullion sales advanced for U.S. Mint gold products with Gold Eagles up 6,000 ounces and Gold Buffalos gaining 1,000. Sales were unchanged for Silver Eagles after the bullion coins surged 918,500 on the previous day to notably top year-to-date sales of 14 million. Until this month, 12.4 million had been the highest sales total through the first three months of a year.

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

American Eagle and Buffalo Bullion Coin Sales
  Wednesday Sales Last Week Week-To-Date Sales March Sales YTD Sales
$50 American Eagle Gold Coins 4,000 11,000 13,500 54,000 246,500
$25 American Eagle Gold Coins 1,000 0 1,000 4,000 26,000
$10 American Eagle Gold Coins 2,000 0 4,000 10,000 46,000
$5 American Eagle Gold Coins 10,000 0 15,000 35,000 215,000
$50 American Buffalo Gold Coins 1,000 3,500 1,000 11,000 95,000
American Silver Eagle Bullion Coins 0 726,500 918,500 3,356,500 14,223,000

 

America the Beautiful 5 Oz. Silver Bullion Coin Sales
  Wednesday 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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