Gold Prices Mark 5-Week High, Silver Jumps 4.2%

by CoinNews.net on May 13, 2015 · 0 comments

gold bullion bars and coins

Gold and silver padded gains from the previous session

Precious metals on Wednesday continued their advance from the prior session. Gold prices notched a more than five-week high, buoyed by U.S. dollar weakness.

Gold for June delivery rallied $25.80, or 2.2%, to close at $1,218.20 an ounce on the Comex division of the New York Mercantile Exchange. The settlement price was the highest since April 6 when gold ended at $1,218.60 an ounce.

"The recent U.S. dollar weakness has propelled gold back above $1,200," MarketWatch quoted Ken Ford, president of Warwick Valley Financial Advisors. "Now traders are paying very close attention to gold as it approaches resistance at $1,220," he said. "If price can break above that resistance level, gold should be able to make another run at $1,300 mark."

Gold prices ranged from a low of $1,190.40 to a high of $1,218.50. They advanced 0.8% in the previous session and are up 2.5% since Friday.

Silver for July delivery surged 70 cents, or 4.2%, to settle at $17.22 an ounce. The white metal traded between $16.48 and $17.24. Silver prices on the week are up 76 cents, or 4.6%.

In PGM futures on Wednesday:

  • July platinum added $17.80, or 1.6%, to $1,150.80 an ounce, ranging from $1,130.10 to $1,154.10.

  • Palladium for June delivery rose $4.25, or 0.5%, to $789.40 an ounce, trading between $782.40 and $793.45.

London Precious Metals Prices

Earlier fixed London precious metals prices were flat to higher. In comparing London bullion prices from Tuesday PM to Wednesday PM:

  • Gold added $19, or 1.6%, to $1,210.50 an ounce,
  • Silver gained 19 cents, or 1.2%, to $16.65 an ounce,
  • Platinum rose $9, or 0.8%, to $1,143 an ounce, and
  • Palladium was unchanged at $786 an ounce.

US Mint Bullion Coin Sales in May

United States Mint bullion sales were unchanged Wednesday as of 3:41 PM ET. Below is a listing of U.S. Mint bullion products that shows the number of coins sold during varying periods. Products with an asterisk (*) are no longer available.

US Mint Bullion Sales (# of coins)
Wednesday Sales Last Week Monday Sales April Sales May Sales YTD Sales
$50 American Eagle 1 Oz Gold Coins 0 2,500 1,000 23,500 3,500 126,000
$25 American Eagle 1/2 Oz Gold Coins 0 0 2,000 4,000 2,000 31,000
$10 American Eagle 1/4 Oz Gold Coins 0 6,000 0 4,000 6,000 54,000
$5 American Eagle 1/10 Oz Gold Coins 0 15,000 5,000 30,000 20,000 285,000
$50 American Buffalo 1 Oz Gold Coins 0 1,500 2,000 10,000 3,500 69,500
$1 American Eagle 1 Oz Silver Coins 0 833,500 225,000 2,851,500 1,058,500 15,981,000
2015 Homestead 5 Oz Silver Coins* 35,000
2015 Kisatchie 5 Oz Silver Coins* 0 12,000 0 30,000 12,000 42,000

 

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