Gold Jumps $22, Silver Rallies Atop $21

by CoinNews.net on August 12, 2013 · 0 comments

Gold and gold nuggets

Gold and silver rallied to kick off the new trading week Monday. Gains in gold marked a four straight session increase and silver soared atop $21 an ounce for the first time since June 19.

On the day, gold for December delivery tacked on $22, or 1.7%, to finish at $1,334.20 an ounce on the Comex division of the New York Mercantile Exchange. Gold prices traded through an intraday range of $1,313.50 to $1,343.70. The yellow metal inched 0.1% higher last week.

"Physical demand, especially out of China, continues to support prices," Michael Smith, the president of T&K Futures & Options in Port St. Lucie, Florida, said in a telephone interview according to Bloomberg. "The sentiment is bullish today."

Silver was the big winner on Monday. It soared 4.6% after jumping 2.5% last week. Silver for September delivery settled up 93.3 cents $21.34 an ounce, trading between $20.62 and $21.40.

In PGM futures on Monday:

  • Snapping a three-session winning streak, October platinum declined $1.90, or 0.1%, to close at $1,498.70 an ounce. Platinum traded between $1,496.50 and $1,511.00.

  • Palladium for September delivery fell $3.40, or 0.5%, to $737.60 an ounce, ranging from $736.50 to $747.00.

Platinum leapt 3.4% last week while palladium added 1.6%.

London Fix Precious Metals

London bullion Fix prices gained like precious metals futures in New York. In contrasting the Friday PM to Monday PM London fixings:

  • Gold added $32, or 2.4%, to $1,341 an ounce,
  • Silver rose 52.5 cents, or 2.6%, to $20.84 an ounce,
  • Platinum added $11, or 0.7%, to $1,503 an ounce, and
  • Palladium climbed $3, or 0.4%, to $742 an ounce

Most London precious metals fixings gained last week. Advancing was silver by 4.4%, platinum by 3.9% and palladium by 1.2%. Gold was the outlier, dipping 25 cents.

US Bullion Coin Sales

Sales totals for U.S. Mint bullion coins were unchanged Monday. The following are the available August and year-to-date bullion coin totals as published by the United States Mint.

American Eagle and Buffalo Bullion Coin Sales
  Monday / Week-To-Date Sales Last Week August Sales YTD Sales
$50 American Eagle Gold Bullion Coins 0 500 500 588,000
$25 American Eagle Gold Bullion Coins 0 0 1,000 48,000
$10 American Eagle Gold Bullion Coins 0 0 0 94,000
$5 American Eagle Gold Bullion Coins 0 0 0 450,000
$50 American Buffalo Gold Bullion Coins 0 2,000 3,000 183,000
White Mountain 5 oz. Silver Bullion Coins 0 0 0 29,900
Perry’s Victory 5 oz. Silver Bullion Coins 0 0 0 20,800
Great Basin 5 oz. Silver Bullion Coins 0 0 0 17,400
American Silver Eagle Bullion Coins 0 850,000 850,000 30,300,000

 

Figures above are in the number of coins sold, not in ounces.

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