Gold, Silver Rebound as Dollar Weakens

by CoinNews.net on April 7, 2016 · 1 comment

Gold Bullion and Gold Bars

Most precious metals advanced Thursday

Gold and silver futures rebounded Thursday as the U.S. dollar showed weakness against other world currencies.

Gold for June delivery moved up $13.70, or 1.1%, to settle at $1,237.50 an ounce on the Comex division of the New York Mercantile Exchange.

"The Fed’s minutes yesterday and the dollar’s weakness have created an environment that gives gold an additional push and attract some pent-up demand," Reuters quoted Saxo Bank senior manager Ole Hansen. "The most immediate resistance is $1,244 but a break above $1,255 could suggest a new high in the market."

Gold prices ranged from a low $1,224 to a high of $1,245. In the prior session, they declined 0.5%.

Silver for May delivery advanced 10.4 cents, or 0.7%, to close at $15.158 an ounce. Silver prices traded between $15.05 and $15.37. On Wednesday, they slipped 0.4%.

In other precious metals futures on Thursday:

  • July platinum gained $10, or 1.1%, to $954.70 an ounce, ranging from $946 to $965.40.

  • Palladium for June delivery declined $4.15, or 0.8%, to $533.80 an ounce, trading between $533 and $544.80.

London Precious Metals Prices

In comparing earlier fixed London gold and silver prices from Wednesday PM to Thursday PM:

  • Gold added $20.70, or 1.7%, to $1,242.10 an ounce.
  • Silver added 15 cents, or 1%, to $15.22 an ounce.

LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.

US Mint Bullion Sales in 2016

U.S. Mint bullion sales were unchanged Thursday. Below is a sales breakdown of United States Mint bullion products with columns listing the number of bullion coins sold during varying periods of time.

US Mint Bullion Sales (# of coins)
Thursday Sales Last Week This Week Mar Sales Apr Sales 2016 Sales
$50 American Eagle 1 Oz Gold Coins 0 6,000 10,000 29,000 11,000 196,500
$25 American Eagle 1/2 Oz Gold Coins 0 0 1,000 1,000 1,000 31,000
$10 American Eagle 1/4 Oz Gold Coins 0 0 2,000 4,000 2,000 54,000
$5 American Eagle 1/10 Oz Gold Coins 0 25,000 10,000 75,000 10,000 330,000
$50 American Buffalo 1 Oz Gold Coins 0 2,000 2,000 7,000 2,000 62,000
$1 American Eagle 1 Oz Silver Coins 0 957,500 1,006,500 4,106,000 1,121,500 15,964,000
2016 Shawnee 5 Oz Silver Coins 0 0 0 0 0 105,000

 

{ 1 comment… read it below or add one }

Seth Riesling April 7, 2016 at 9:24 pm

FYI CoinNews readers –

The leading country globally in silver mining is still Mexico. Silver mine supply there was up 3.5% last year. The largest silver mining company in the world is Fresnillo mines based in Mexico City & there is so much silver in Mexico that the government keeps the price artificially inflated to protect the silver industry !

No shortage of silver anytime soon!

-NumisDudeTX

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