Gold Advances on Haven Buying, Silver Gains for Third Session

by CoinNews.net on August 28, 2014 · 0 comments

1000 g Fine Gold 999.9

Gold and other precious metals settled higher Thursday

Gold gained Thursday in a round of safe-haven buying with higher trading volume contrasting against this week’s earlier, and quieter sessions.

Gold for December delivery tacked on $7, or 0.6%, to close at $1,290.40 an ounce on the Comex division of the New York Mercantile Exchange. Reports that Russian tanks entered Ukraine sparked haven-buying, according to analysts.

"The market is getting nervous about the Ukraine situation, and people are moving to gold," Phil Streible, a senior commodity broker at R.J. O’Brien & Associates in Chicago, said in a telephone interview according to Bloomberg News. "Talks of further sanctions against Russia are increasing the safe-haven premium of gold."

Gold prices traded from $1,283 to $1,297.60. They slipped $1.80, or 0.1%, on Wednesday.

Silver scored a third straight session gain. Silver for December delivery — the new most active contract — advanced 13 cents, or 0.7%, to $19.61 an ounce. Silver prices ranged from $19.47 to $19.95.

In PGM future prices on Thursday:

  • October platinum added $5.30, or 0.4%, to $1,425.20 an ounce, ranging from $1,418.50 to $1,431.30.

  • Palladium for December delivery tacked on $3.40, or 0.4%, to $889.10 an ounce, trading between $893.55 and $901.50.

London Fix Precious Metals

Earlier fixed London precious metals also advanced. When contrasting London bullion Fix prices and the LBMA Silver Price from Wednesday PM to Thursday PM:

  • Gold added $9.25, or 0.7%, to $1,292 an ounce,
  • Silver gained 43 cents, or 2.2%, to $19.75,
  • Platinum rose $8, or 0.6%, to $1,428 an ounce, and
  • Palladium added $11, or 1.2%, to $898 an ounce

US Mint Bullion Sales in August

United States Mint bullion sales were unchanged Thursday. 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 so far, and the year to date.

American Eagle and Buffalo Bullion Sales (# of coins)
Thursday Sales Sales Last Week Current Sales Week July Sales August Sales YTD Sales
$100 American Platinum Eagle Bullion Coins 0 300 0 0 700 13,600
$50 American Eagle Bullion Gold Coins 0 3,000 5,000 26,000 21,000 245,500
$25 American Eagle Bullion Gold Coins 0 0 0 0 0 27,000
$10 American Eagle Bullion Gold Coins 0 0 4,000 6,000 6,000 84,000
$5 American Eagle Bullion Gold Coins 0 5,000 0 25,000 25,000 410,000
$50 American Buffalo Bullion Gold Coins 0 2,000 1,500 5,500 8,000 125,000
$1 American Eagle Silver Bullion Coins 0 430,000 397,500 1,975,000 2,007,500 28,111,000
Great Smoky Mountains National Park 5 Oz Silver Bullion Coins 0 0 3,000 500 3,000 32,500
Shenandoah National Park 5 Oz Silver Bullion Coins 0 0 500 0 500 20,500
Arches National Park 5 Oz Silver Bullion Coins 0 0 1,200 1,500 1,200 21,200
Great Sand Dunes 5 Oz Silver Bullion Coins 0 N/A 7,500 N/A 7,500 7,500

 

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