Gold, Silver Edge Lower; US Gold Coins Advance

by CoinNews.net on April 4, 2013 · 3 comments

Layers of Gold Bars

As gold has plunged to a nine-month low, U.S. Mint American Eagle gold coins are registering the strongest sales of a week since early February.

Gold declined Thursday for a third straight session and to a fresh nine-month low, but its loss was slight at less than 0.1%. The yellow metal gave up $47.40, or 3.0 %, in the two previous days.

Gold for June delivery dipped $1.10 to finish at $1,552.40 an ounce on the Comex in New York. The settlement price is the lowest since June 28. Gold marked an intraday low of $1,539.40 and a high of $1,559.30.

Silver also slipped modestly but in the process extended its losing streak to seven consecutive sessions. Silver for May delivery shed 3.0 cents, or 0.1%, to $26.767 an ounce, ranging from $26.575 to $27.015.

"Both gold and silver are within a hair of trading at their 2012 lows," Peter Hug, global trading director at Kitco Metals Inc., said in a daily market note, according to MarketWatch, adding that he would "look to flatten out" at the $1,530 level for gold, with the silver target at $26.30. "These levels must hold or further serious damage will occur, especially to gold, which may see a test of the $1,470 level."

PGMs continued lower for a third day:

  • July platinum declined $24.10, or 1.6%, to $1,517.80 an ounce, trading between $1,511.10 and $1,540.30.

  • Palladium for June delivery plunged $30.00, or 4.0%, to $725.45 an ounce, ranging from $723.00 to $753.50.

London Bullion Prices

Precious metals in London fell across the board for a second straight day. When comparing the Wednesday PM to Thursday PM London fixings:

  • Gold declined $28.25, or 1.8%, to $1,546.50 an ounce,
  • Silver lost 39.0 cents, or 1.4%, to $26.80 an ounce,
  • Platinum slumped $43.00, or 2.7%, to $1,526.00 an ounce, and
  • Palladium sank $28.00, or 3.7%, to $737.00 an ounce

US Bullion Coin Sales in April

Sales of U.S. Mint bullion coins were limited Thursday to the one-ounce American Gold Eagle with its gain of 5,500. The Gold Eagle bullion series has registered sales every day in April for a total of 22,000 ounces. The level is the strongest for a week since the one ended Feb. 8.

The following are April and year-to-date bullion coin totals as reported by the U.S. Mint.

American Eagle and Buffalo Bullion Coin Sales
  Thursday Sales Last Week Week-To-Date / April Sales YTD Sales
$50 American Eagle Gold Coins 5,500 13,500 19,000 265,500
$25 American Eagle Gold Coins 0 1,000 1,000 27,000
$10 American Eagle Gold Coins 0 4,000 2,000 48,000
$5 American Eagle Gold Coins 0 15,000 20,000 235,000
$50 American Buffalo Gold Coins 0 1,000 2,000 97,000
American Silver Eagle Bullion Coins 0 918,500 812,000 15,035,000

 

All bullion figures above are in the number of coins sold. Calculate total ounces by using the bullion coin’s weight.

U.S. Mint authorized purchasers have claimed all the available America the Beautiful Five Ounce Silver Bullion Coins. The U.S. Mint has not yet released any of the 2013-dated versions.

{ 3 comments… read them below or add one }

Gerry April 5, 2013 at 8:44 am

Can anyone shed any light as to the expectation of the release of the 2013 America the Beautiful 5-oz bullion coins? Thanks!

Mike April 5, 2013 at 6:11 pm

Gerry, I would say they are going to hold off as long as they can or if at all not release them due to the fact they are not making a premium like on other silver coins. The mint will claim die issues and low demand for them and shut the program down. That’s my opinion not a very good one but wait and see!

Kevin April 8, 2013 at 12:41 am

It seems that once they commit to a series such as silver atb, they may be more inclined to see it through. That is different than the fractional burnished gold eagles made from 2006-2008, or the fractional gold buffaloes in 2008. Those weren’t a defined commemorative series with a specific predetermined run of years such as atb coins are.

Are there examples of the Mint cutting short a series in precious metals coins?

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