Gold Marks Fresh 10-Week High, Silver Gains

by CoinNews.net on June 24, 2014 · 0 comments

Bullion Gold Bars, Three

Gold closed higher Tuesday for the 11th time in 12 sessions

Gold prices continued higher Tuesday, closing at a new 10-week high and marking the 11th gain in 12 sessions.

Gold for August delivery added $2.90, or 0.2%, to settle at $1,321.30 an ounce on the Comex division of the New York Mercantile Exchange. The closing price remains the highest since April 14 when gold ended at $1,327.60 an ounce.

"It is Iraq and the Middle East which is the key reason for the rise in gold," MarketWatch quoted Chintan Karnani, chief market analyst at New Delhi-based Insignia Consultants. But there are "still huge short positions in gold and silver," he said. "Some of the investors have started exiting their short-term sell positions in gold and silver as there are no signs of a reversal at the moment."

Gold prices traded from a low of $1,314.50 to a high of $1,326.60.

Silver for July delivery advanced 13 cents, or 0.6%, to $21.04 an ounce, ranging from $20.81 to $21.17.

In rounding out the precious metals complex:

  • July platinum turned up $15.30, or 1.1%, to $1,471.90 an ounce, trading between $1,450.40 and $1,476.

  • Palladium for September delivery rose $7.75, or 0.9%, to $830.40 an ounce, ranging from $819.45 to $834.65.

London Fix Precious Metals

Earlier fixed London precious metals advanced as well. In contrasting London bullion fix prices from Monday PM to Tuesday PM:

  • Gold gained $5, or 0.4%, to $1,318.50 an ounce,
  • Silver tacked on 37 cents, or 1.8%, to $21.12 an ounce,
  • Platinum rose $16, or 1.1%, to $1,469 an ounce, and
  • Palladium added $11, or 1.3%, to $828 an ounce

US Mint Bullion Sales in June

United States Mint bullion sales were unchanged Tuesday. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of bullion coins sold 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)
Tuesday Sales Sales Last Week Sales Week-To-Date Sales May Sales June Sales YTD Sales
$100 American Platinum Eagle Bullion Coins 0 0 0 1,000 700 12,900
$50 American Gold Eagle Bullion Coins 0 11,500 3,500 29,000 32,500 188,000
$25 American Gold Eagle Bullion Coins 0 0 0 3,000 0 25,000
$10 American Gold Eagle Bullion Coins 0 2,000 0 6,000 2,000 70,000
$5 American Gold Eagle Bullion Coins 0 5,000 0 35,000 20,000 345,000
$50 American Buffalo Gold Bullion Coins 0 6,500 0 12,500 12,000 107,500
$1 American Eagle Silver Bullion Coins 0 580,000 0 3,988,500 1,925,000 23,361,500
Great Smoky Mountains National Park 5 Oz Silver Bullion Coins 0 0 1,000 4,000 2,000 29,000
Shenandoah National Park 5 Oz Silver Bullion Coins 0 0 400 19,500 900 20,000
Arches National Park 5 Oz Silver Bullion Coins 0 2,800 2,000 N/A 18,300 18,300

 

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