Gold, Silver End April at 15-Month Highs; US Coin Sales Strengthen

by CoinNews.net on April 30, 2016 · 12 comments

999.9 gold bullion, three bars

Precious metals rallied in April with gains ranging from 4.4% for gold to 15.2% for silver

Precious metals soared on Friday as the U.S. dollar slumped to its weakest level in about 11 months. Gold and silver futures scored 15-month highs, advanced their winning streaks to five straight sessions, and surged for respective monthly gains of 4.4% and 15.2%. Silver’s double-digit increase was its biggest for a month since August 2013.

On Friday, gold for June delivery rallied $24.10, or 1.9%, to end at $1,290.50 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since Jan. 27, 2015 when the yellow metal ended at $1,291.70 an ounce.

"Everybody loves a winner," Bloomberg News quoted Tai Wong, the director of commodity products trading at BMO Capital Markets in New York. "There haven’t been many great trades recently. The weak GDP yesterday, weak dollar overnight helped propel what was already a very bullish silver and gold market."

Gold futures jumped 4.9% on the week and padded their year-to-date gain to 21.7%. In looking ahead to next week, Kitco News offers the following forecasts via their Wall Street vs. Main Street survey:

"This week 827 people participated in Kitco’s online gold survey. Of those, 604 voters, or 73%, said they expect to see higher prices next week; at the same time, 130 people, or 16%, said they expect to see lower prices next week; and 93 people, or 11%, are neutral on the market…

Out of 36 market experts contacted, 21 responded, of which 15 professionals, or 71%, said they are bullish on gold; at the same time five professionals, or 29%, said they are bearish. No analyst was neutral on the market. Market participants include bullion dealers, investment banks, futures traders and technical-chart analysts."

Elsewhere, silver for May delivery tacked on 23.1 cents, or 1.3%, to close at $17.819 an ounce. The settlement was the highest since Jan. 28, 2015, when prices ended at $18.09 an ounce. Silver futures gained 5.4% on the week and they are 29.1% higher so far this year.

In PGM futures on Friday and for the week:

  • July platinum advanced $27.70, or 2.6%, to $1,078.40 an ounce, and logged a 6.7% weekly increase.

  • Palladium for June delivery added $3.30, or 0.5%, to $627.65 an ounce, and climbed 3.5% on the week.

In April, the two metals registered increases of 10.3% and 11.3%. For the year, platinum is 20.7% higher and palladium is up 11.7%.

London Precious Metals Prices

London precious metals also rose on Friday, for the week and in April. In comparing their levels from Thursday PM to Friday PM:

  • Gold added $29.65, or 2.4%, to $1,285.65 an ounce.
  • Silver added 50 cents, or 2.9%, to $17.85 an ounce.
  • Platinum added $25, or 2.4%, to $1,065 an ounce.
  • Palladium added $11, or 1.8%, to $628 an ounce.

For the week, gains included 3.4% for gold, 3.8% for silver, 3.6% for platinum and 2.8% for palladium. April advances tallied to 3.9% for gold, 16.1% for silver, 9.1% for platinum and 10.4% for palladium.

US Mint Bullion Coin Sales in 2016

Combined, sales of U.S. Mint gold and silver bullion coins strengthened in April — slightly for silver coins and sharply for gold coins. In headline comparisons:

  • American Eagle gold coins hit 105,500 ounces, surging 177.6% from the March total of 38,000 ounces and jumping 257.6% from the 29,500 ounces delivered in April of last year. Year to date, sales total 351,000 ounces to double exactly the 175,500 ounces sold during the first four months of last year.

  • American Buffalo gold coins moved up by 19,500 ounces in April, surging 178.6% from March sales of 7,000 ounces and rising 95% from the 10,000 delivered in April 2015. Year to date, sales at 79,500 ounces are 20.5% higher than the 66,000 ounces sold during the January to April period in 2015.

  • The U.S. Mint is rationing weekly sales of American Eagle silver coins because of silver planchet shortages. Their sales still advanced 4,072,000 for the month, down 0.8% from the prior month’s 4,106,000 coins but 42.8% higher than April 2015 when they reached 2,851,500 coins. 2016 Silver Eagles are at 18,914,500 for the year to date, which is 26.8% more than the 14,922,500 coins sold through the same time in record year 2015.

  • America the Beautiful Five Ounce Silver Bullion Coins climbed in April by 64,000 coins or 320,000 ounces. They were muted in March. All sales for the month are from the new Cumberland Gap Natural Historical Park silver coin. It launched on April 18 as the second 5-ounce release of this year.

Below is a sales breakdown of United States Mint bullion products with columns listing the number of bullion coins sold during varying periods.

US Mint Bullion Sales (# of coins)
Friday Sales Last Week This Week Mar Sales Apr Sales 2016 Sales
$50 American Eagle 1 Oz Gold Coins 0 30,000 15,500 29,000 93,500 279,000
$25 American Eagle 1/2 Oz Gold Coins 0 2,000 1,000 1,000 6,000 36,000
$10 American Eagle 1/4 Oz Gold Coins 0 4,000 2,000 4,000 14,000 66,000
$5 American Eagle 1/10 Oz Gold Coins 0 10,000 15,000 75,000 55,000 375,000
$50 American Buffalo 1 Oz Gold Coins 0 4,000 3,500 7,000 19,500 79,500
$1 American Eagle 1 Oz Silver Coins 0 912,500 1,002,000 4,106,000 4,072,000 18,914,500
2016 Shawnee 5 Oz Silver Coins 0 0 0 0 0 105,000
2016 Cumberland Gap 5 Oz Silver Coins 0 64,000 0 0 64,000 64,000

 

{ 12 comments… read them below or add one }

Seth Riesling April 30, 2016 at 9:00 am

Mike Unser –

If you purchased a gold Winged Liberty Head dime from the Mint or secondary market, can you share photos of your coin with CoinNews readers please? It has been 9 days since the Mint offered them & you usually have nice, high-quality photos of your coins just a few days after release. Thanks!

-NumisDudeTX

Seth Riesling April 30, 2016 at 11:04 am

If you weren’t able to get a coin on day one from the Mint, I just received an e-mail today from L&C Coins in Los Alamitos, California (they provided the first photos of a actual PCGS graded coins to the media/press), that they have the gold Winged Liberty Head dimes in OGP/OMP for only $275, just $70 over issue price! And gold has gone up almost $50 since April 21 first day of issue of this coin by the U.S. Mint. This coin company also offered a few days ago PCGS graded coins since they are located near PCGS headquarters in California. The PCGS SP-69 coins are $295 & the PCGS SP-70 coins are $350. Very fair prices IMHO. These coins are grading out high with a lot of 70 grades making the premium for the 70 grades very low.

-NumisDudeTX

Joe C. April 30, 2016 at 2:15 pm

Rec’d the winged liberty head gold dime on 4/28 by UPS. The reverse looks just like the original photo that was shown. The horizontal bands on the lower part of the fasces are split. The center bands are weak and the top bands do not show any splitting at all. Very disappointing as the coin being gold you think it would be fully struck. One of the TV shows already showed one graded MS70 with the same condition as the coin I received. Don’t know if it was photoshopped or not but it looked like the original photo shown also. I will not be returning it as I believe the majority of the coins will be in this condition. If someone receives one with full split bands, please let us know.

Seth Riesling April 30, 2016 at 3:06 pm

Joe C. –

Same here Joe! Thanks for sharing your comments. All photos I have seen from the Mint, dealers & collectors & my 3 coins are the same as you described. The top 2 bands are totally flat & the bottom one has a little bit of separation in the bands. You would think that this being a special centennial coin, & in pure gold that the Mint could have paid special attention to this important detail in the engraving of the dies. Otherwise, I do like the coins I got a lot.

Happy collecting Joe!

-NumisDudeTX

Joe C. April 30, 2016 at 3:32 pm

Seth,
Thanks for your reply. It will be interesting to hear from other collectors on the condition of the split bands. I do think the obverse looks good. Nice case, but it is too big for the size of the coin.

Seth Riesling April 30, 2016 at 4:47 pm

Joe C. –

From the few coins graded so far from PCGS & NGC & ANACS that I have seen photos of the coin & slab label, it looks like the design itself (the dies) didn’t have Full Split Bands for some reason. Therefore the coins will not have them either unfortunately. That is what the Mint missed out on & I can’t imagine why they wouldn’t use the original design from 1916 that had full bands, after all this is a centennial tribute coin.

-NumisDudeTX

Joe C. May 1, 2016 at 2:23 pm

Seth,
How unfortunate. Where the heck is quality control at the mint? For a 100 year commemorative this coin should have been a gem, fully struck coin with full split bands. As I stated earlier, I won’t be sending my coin back because it probably wouldn’t be replaced with a better coin. I suggest other collectors of this coin do the same.

Mike Unser May 1, 2016 at 3:30 pm

Seth, we were able to order a couple of the new gold dimes, although we did have one miss. That said, we didn’t get them until Wednesday, which was later than I had hoped. A death in the family coupled with pre-planned events will significantly delay us in publishing photos.

kahoola May 2, 2016 at 12:55 am

It seems that the Mint didn’t understand the importance of full split bands on the winged liberty gold dime. Hope that the Mint will put the full head on the standing liberty gold quarter. Maybe somebody should be suggesting this to them…

Joe#2 May 2, 2016 at 7:52 am

I received my 1 gold Merc dime, Mine as well does not have the split bands ,But, I’ll tell you what, I love my piece that i received from the mint. I still believe they did a great job on this coin. I saw some that folks have received that have issues
that they are sending back. I guess it’s an “individual” problem. I will be keeping the piece in OGP as well. Looking forward to the quarter. Seen pics of it, Looks awesome…IMO, Kudos to the U.S. Mint on this one….

Joe C. May 2, 2016 at 10:45 am

I hoping also that the quarter will have a full head. I also hope the mint employees read these posts as maybe they will learn something about coins.

Seth Riesling May 3, 2016 at 3:26 pm

Mike Unser-

Sorry to hear of your loss. My Android smartphone crashed when I dropped it on cement hard! I got a new one & am still getting used to it. Look forward to your gold dime photos when you have the time. Take care.

-NumisDudeTx

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