Gold, Silver Dip in Close but Rise After FOMC Minutes

by CoinNews.net on April 9, 2014 · 0 comments

Two gold bullion bars

Gold settled lower and then turned up after the Fed meeting notes were released. US Mint Gold Eagle coins also gained on the day.

Gold closed modestly lower Wednesday but then erased losses in electronic trade after the release of minutes from the last FOMC meeting.

Gold for June delivery settled down $3.20, or 0.2%, to $1,305.90 an ounce on the Comex division of the New York Mercantile Exchange. Gold prices ranged from an intraday low of $1,301.10 to a high of $1,314.30. In after-hours trade, the yellow metal was last up from the close by $5.60 to $1,311.50.

"The Fed sounds less hawkish than it did last month, which is good for gold," Michael Gayed, the chief investment strategist at Pension Partners LLC, said in a telephone interview according to Bloomberg News. "The market is confused because there are so many contradicting signals from the Fed."

Silver for May delivery dropped 29 cents, or 1.4%, to $19.77 an ounce, trading between $19.60 and $20.10. Silver was last up 11 cents from the close.

PGM’s split on Wednesday. In the daily breakdowns:

  • July platinum shed $2.80, or 0.2%, to $1,438.90 an ounce, ranging from $1,435.30 to $1,447.40.

  • Palladium for June delivery tacked on $6.70, or 0.9%, to $782.55 an ounce, trading between $774 and $784.20.

London Fix Precious Metals

Earlier fixed London precious metals declined, except for palladium which was flat. In contrasting the London fix prices from Tuesday PM to Wednesday PM:

  • Gold fell $7.75, or 0.6%, to $1,301.75 an ounce,
  • Silver lost 26 cents, or 1.3%, to $19.89 an ounce,
  • Platinum dipped $2, or 0.1%, to $1,435 an ounce, and
  • Palladium was unchanged at $775 an ounce

US Mint Bullion Sales in March

U.S. Mint sales of one-ounce American Gold Eagles advanced 1,500. No other U.S. Mint bullion coins registered gains on the day. Below is a sales breakdown across U.S. Mint bullion products with columns offering the number of bullion coins sold on Wednesday, last week, this week so far, last month, the month-to-date, and the year-to-date.

American Eagle and Buffalo Bullion Sales (# of coins)
Wednesday Sales Sales Last Week Sales This Week March Sales April Sales YTD Sales
$100 American Platinum Eagle Coins 0 800 0 10,000 300 10,300
$50 American Eagle Gold Coins 1,500 10,000 1,500 16,000 10,500 111,000
$25 American Eagle Gold Coins 0 1,000 0 2,000 1,000 18,000
$10 American Eagle Gold Coins 0 2,000 4,000 4,000 6,000 48,000
$5 American Eagle Gold Coins 0 10,000 5,000 30,000 15,000 255,000
$50 American Buffalo Gold Coins 0 7,000 3,000 12,000 10,000 75,500
$1 American Silver Eagle Coins 0 1,171,000 968,000 5,354,000 1,261,000 15,140,000
Great Smoky Mountains National Park 5 Oz Bullion Coins 0 2,800 0 12,400 2,600 15,000

 

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