Gold Advances Above $1,200; Silver Dips

by CoinNews.net on December 3, 2014 · 1 comment

Gold and Silver Bullion

Precious metals split Wednesday with gold and platinum higher and silver and palladium lower

Gold prices ended higher in the mid-week trading session on Wednesday, reclaiming $1,200 an ounce for a second time this week after having not settled above the mark for more than a month.

Gold for February delivery turned up $9.30, or 0.8%, to $1,208.70 an ounce on the Comex division of the New York Mercantile Exchange. Prices have seesawed down and up since Friday.

"I suspect that December will see a lot of silly moves as the year-end approaches and people protect what P+L (profit and losses) they have, but I don’t see a sustained move one way or the other," MarketWatch quoted David Govett of Marex Spectron. "I think we range trade for a while and attempt to consolidate gold around the $1,200 level and silver above 16."

Gold prices ranged from a low of $1,193.50 to a high of $1,215. On Tuesday, they tumbled $18.70 or 1.5%. The yellow metal soared $42.60, or 3.6%, to start the week.

Silver for March delivery shed 4 cents, or 0.3%, to $16.41 an ounce. Prices ranged from $16.24 to $16.60. Silver declined 1.4% in the prior session.

Elsewhere in precious metals trading:

  • January platinum gained $10, or 0.8%, to $1,227.50 an ounce, trading between $1,213.10 and $1,233.80.

  • Palladium for March delivery fell $6.20, or 0.8%, to $797.55 an ounce, ranging from $794.05 to $814.70.

London Fix Precious Metals

Earlier fixed London precious metals moved mostly higher for a second day in a row. In contrasting London bullion Fix prices from Tuesday PM to Wednesday PM:

  • Gold added $9.75, or 0.8%, to $1,204.75 an ounce,
  • Silver rose 14 cents, or 0.9%, to $16.30 an ounce,
  • Platinum gained $3, or 0.2%, to $1,223 an ounce, and
  • Palladium was unchanged for a second straight day at $804 an ounce

US Mint Bullion Coin Sales in December

United States Mint bullion sales were unchanged Wednesday. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of bullion coins sold last week, this week, last month, and the year to date. Coins with an asterisk (*) have sold out.

American Eagle and Buffalo Bullion Sales (# of coins)
Wednesday Sales Last Week Current Week / Month November Sales YTD Sales
$100 American Platinum Eagle Bullion Coins* 0 0 0 0 16,700
$50 American Eagle Bullion Gold Coins 0 7,500 12,000 49,000 414,500
$25 American Eagle Bullion Gold Coins 0 3,000 0 8,000 46,000
$10 American Eagle Bullion Gold Coins 0 2,000 4,000 12,000 116,000
$5 American Eagle Bullion Gold Coins 0 10,000 15,000 40,000 545,000
$50 American Buffalo Bullion Gold Coins 0 1,500 500 12,500 173,500
$1 American Eagle Silver Bullion Coins 0 736,500 662,500 3,426,000 42,209,500
Great Smoky Mountains National Park 5 Oz Silver Bullion Coins* 0 0 0 0 33,000
Shenandoah National Park 5 Oz Silver Bullion Coins 0 0 300 900 23,600
Arches National Park 5 Oz Silver Bullion Coins* 0 0 0 0 22,000
Great Sand Dunes 5 Oz Silver Bullion Coins 0 0 1,200 1,700 19,100
Everglades 5 Oz Silver Bullion Coins 0 0 7,000 27,000 34,000

 

{ 1 comment… read it below or add one }

RonnieBGood December 3, 2014 at 8:30 pm

After three rounds of QE the true value of Gold is approx. $1,200 an ounce. It will bounce around this number but will not travel much lower. Global events and further generation of US & World debt will only send the value of this “rare” metal higher (only two Olympic sized swimming pools in volume have been mined in the last 6,000 years).

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