Gold Rebounds, Silver Extends Winning Streak to Five Sessions

by CoinNews.net on August 14, 2013 · 0 comments

Pure Gold 999.9 Bars

Gold prices rose Wednesday, taking back most of their loss from the prior day. The yellow metal has now advanced in five of the last six sessions.

Gold for December delivery rose $12.90, or 1%, to settle at $1,333.40 an ounce on the Comex division of the New York Mercantile Exchange. Gold futures traded from an intraday low of $1,315.10 to a high of $1,334.90. Prices fell $13.70, or 1%, in the previous session. China continues to offer support, and the U.S. dollar weakened Wednesday after climbing Tuesday.

"The weakness in the dollar is helping gold," Frank McGhee, the head dealer at Integrated Brokerage Services LLC in Chicago, said in a telephone interview according to Bloomberg News. "The market sees Chinese demand growing as the economy continues to improve."

Silver extended its win streak to five sessions. The September contract surged 44.4 cents, or 2.1%, to close at $21.79 an ounce. Silver prices ranged from $21.27 to $21.83.

PGMs advanced for a second consecutive session. In settlements on the day:

  • October platinum gained $5.50, or 0.4%, to $1,505.20 an ounce, trading between $1,485.50 and $1,506.40.

  • Palladium for September added $1.45, or 0.2%, to $740.35 an ounce, ranging from $733.50 to $741.00

London Fix Precious Metals

London precious metals fixings were mixed for a second day. When contrasting the Tuesday PM to Wednesday PM London Fix prices:

  • Gold shed $2, or 0.2%, to $1,326.50 an ounce,
  • Silver added 4 cents, or 0.2%, to $21.50 an ounce,
  • Platinum declined $15, or 1%, to $1,491 an ounce, and
  • Palladium lost $3, or 0.4%, to $737 an ounce

US Bullion Sales

Sales totals for U.S. Mint bullion coins were unchanged Wednesday as of 3:31 p.m. ET. The following are the available daily, August and year-to-date bullion sales as published by the United States Mint.

American Eagle and Buffalo Bullion Sales
  Wednesday Sales Last Week Week-To-Date Sales August Sales YTD Sales
$50 American Eagle Gold Bullion Coins 0 500 1,000 1,500 589,000
$25 American Eagle Gold Bullion Coins 0 0 0 1,000 48,000
$10 American Eagle Gold Bullion Coins 0 0 0 0 94,000
$5 American Eagle Gold Bullion Coins 0 0 5,000 5,000 455,000
$50 American Buffalo Gold Bullion Coins 0 2,000 1,500 4,500 184,500
White Mountain 5 oz. Silver Bullion Coins 0 0 0 0 29,900
Perry’s Victory 5 oz. Silver Bullion Coins 0 0 300 300 21,100
Great Basin 5 oz. Silver Bullion Coins 0 0 0 0 17,400
American Silver Eagle Bullion Coins 0 850,000 746,000 1,596,000 31,046,000

 

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

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