Gold and Silver Gain, PGMs Plunge; US Coins Rise

by CoinNews.net on June 12, 2014 · 0 comments

Platinum bars

Platinum and palladium prices sank Thursday

Gold prices on Thursday advanced for a fourth session in a row to settle at a three-week high. Silver also gained but platinum and palladium tumbled.

Gold for August delivery rose $12.80, or 1%, to close at $1,274 an ounce on the Comex division of the New York Mercantile Exchange. The settlement price is the highest since gold finished at $1,291.70 an ounce on May 23. Gold prices traded from $1,260 to a high of $1,274.60.

"Gold prices ended the U.S. day session higher and notched a three-week high Thursday. More short covering and bargain hunting were featured, as has been the case the past few sessions," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "Now, some safe-haven demand is also surfacing due to unrest in Iraq."

Silver for July delivery tacked on 36 cents, or 1.9%, to settle at $19.53 an ounce. Prices ranged from $19.15 to $19.57 and have closed higher in eight of the last nine sessions.

Platinum and palladium plummeted Thursday on news a deal was brokered between South African mining companies and union officials to end the five-month strike. In the daily breakdowns:

  • July platinum tumbled $39.80, or 2.7%, to $1,441.30 an ounce, trading between $1,436.30 and $1,485.20.

  • Palladium for September delivery plunged $40.75, or 4.7%, to $819.40 an ounce, ranging from $818.50 to $863.20. On Wednesday, palladium notched the highest close since 2001.

London Fix Precious Metals

Earlier fixed London precious metals moved in the same direction as bullion futures in New York. In contrasting the London fix prices from Wednesday PM to Thursday PM:

  • Gold added $3.75, or 0.3%, to $1,265.75 an ounce,
  • Silver gained 13 cents, or 0.7%, to $19.33 an ounce,
  • Platinum fell $45, or 3%, to $1,438 an ounce, and
  • Palladium lost $25, or 2.9%, to $831 an ounce

US Mint Bullion Sales in June

U.S. Mint bullion sales advanced 200 for Platinum Eagles and 1,000 for one-ounce Gold Eagles. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold on Thursday, 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)
Thursday Sales Sales Last Week Week-To-Date Sales May Sales June Sales YTD Sales
$100 American Platinum Eagle Bullion Coins 200 500 200 1,000 700 12,900
$50 American Gold Eagle Bullion Coins 1,000 10,500 7,000 29,000 17,500 173,000
$25 American Gold Eagle Bullion Coins 0 0 0 3,000 0 25,000
$10 American Gold Eagle Bullion Coins 0 0 0 6,000 0 68,000
$5 American Gold Eagle Bullion Coins 0 10,000 5,000 35,000 15,000 340,000
$50 American Buffalo Gold Bullion Coins 0 3,500 2,000 12,500 5,500 101,000
$1 American Eagle Silver Bullion Coins 0 670,000 675,000 3,988,500 1,345,000 22,781,500
Great Smoky Mountains National Park 5 Oz Silver Bullion Coins 0 500 500 4,000 1,000 28,000
Shenandoah National Park 5 Oz Silver Bullion Coins 0 500 0 19,100 500 19,600
Arches National Park 5 Oz Silver Bullion Coins 0 N/A 13,500 N/A 13,500 13,500

 

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