Gold Soars to 6-Week High, Silver Rallies 5.3%

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

Two silver bullion bars and gold nuggets

Precious metals prices soared on Tuesday

Gold prices jumped to their highest level in more than six weeks Tuesday, boosted by a weaker U.S. dollar and safe-haven buying as more investors fled from falling stocks.

Gold for February delivery surged $37.10, or 3.1%, to end at $1,232 an ounce on the Comex division of the New York Mercantile Exchange.

"There are equity market concerns and an increase in the flight away from risky assets to quality," Bloomberg News quoted James Steel, an analyst at HSBC Securities (USA) Inc. in New York. "Gold seems to be benefiting from that more than anything else."

Gold traded between $1,199.50 and $1,239, the highest price since Oct. 23. Prices on Monday slipped $4.50, or 0.4%.

Elsewhere in precious metals trading:

  • Silver for March delivery advanced 86 cents, or 5.3%, to $17.13 an ounce, ranging from $16.29 to $16.84.

  • January platinum tacked on $17.40, or 1.4%, to $1,246.80 an ounce, trading between $1,223.30 and $1,249.70.

  • Palladium for March delivery gained $13.80, or 1.7%, to $811.60 an ounce, ranging from $795.85 to $811.60.

London Fix Precious Metals

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

  • Gold shot up $34, or 2.9%, to $1,227 an ounce,
  • Silver added 11 cents, or 0.7%, to $16.37 an ounce,
  • Platinum gained $13, or 1.1%, to $1,244 an ounce, and
  • Palladium rose $6, or 0.7%, to $809 an ounce

US Mint Bullion Coin Sales in December

United States Mint bullion sales were unchanged as of 2:59 PM ET. 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, in December, and the year to date. Coins with an asterisk (*) have sold out.

American Eagle and Buffalo Bullion Sales (# of coins)
Tuesday Sales Last Week This Week November Sales December Sales YTD Sales
$100 American Platinum Eagle Bullion Coins* 0 0 0 0 0 16,700
$50 American Eagle Bullion Gold Coins 0 12,000 0 49,000 12,000 414,500
$25 American Eagle Bullion Gold Coins 0 0 0 8,000 0 46,000
$10 American Eagle Bullion Gold Coins 0 6,000 0 12,000 6,000 118,000
$5 American Eagle Bullion Gold Coins 0 30,000 0 40,000 30,000 560,000
$50 American Buffalo Bullion Gold Coins 0 2,500 0 12,500 2,500 175,500
$1 American Eagle Silver Bullion Coins 0 821,500 498,500 3,426,000 1,317,000 42,864,000
Great Smoky Mountains National Park 5 Oz Silver Bullion Coins* 0 0 0 0 0 33,000
Shenandoah National Park 5 Oz Silver Bullion Coins 0 300 0 900 300 23,600
Arches National Park 5 Oz Silver Bullion Coins* 0 0 0 0 0 22,000
Great Sand Dunes 5 Oz Silver Bullion Coins 0 1,800 0 1,700 1,800 19,700
Everglades 5 Oz Silver Bullion Coins 0 7,000 0 27,000 7,000 34,000

 

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