Precious Metals Advance, Gold Rises 0.9%

by CoinNews.net on May 11, 2016 · 2 comments

$100 and gold bar

Precious metals futures registered gains ranging from 0.9% for gold to 2.7% for palladium

Precious metals advanced Wednesday, with gold futures snapping a two-session losing streak as the U.S. dollar retreated.

Gold for June delivery gained $10.70, or 0.9%, to settle at $1,275.50 an ounce on the Comex division of the New York Mercantile Exchange.

"At this point in the ballgame, there is a lot of demand supporting the yellow metal," MarketWatch quoted Adam Koos, president of Libertas Wealth Management Group. "Goldman Sachs raised gold forecasts this morning and J.P. Morgan went on record…saying that gold has entered a new bull market, with both adding some buying pressure to today’s trade."

Gold prices traded from a low of $1,266.30 to a high of $1,280.80. They dipped 0.1% in the prior session after falling 2.1% on Monday.

Up for a second day in a row, silver for July delivery advanced 22.7 cents, or 1.3%, to close at $17.319 an ounce. Silver prices ranged from $17.12 to $17.62. They edged up less 0.1% on Tuesday.

In other precious metals futures on Wednesday:

  • July platinum rose $16.80, or 1.6%, to $1,066.10 an ounce, trading between $1,052.70 and $1,076.40.

  • Palladium for June delivery surged $15.85, or 2.7%, to $608.05 an ounce, ranging from $594.30 to $612.50.

London Precious Metals Prices

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

  • Gold added $14.05, or 1.1%, to $1,276.85 an ounce.
  • Silver added 47 cents, or 2.8%, to $17.51 an ounce.

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

US Mint Bullion Coin Sales in 2016

U.S. Mint bullion sales were unchanged for a third straight day, according to figures on the agency’s website. 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)
Wednesday / This Week Last Week Mar Sales Apr Sales May Sale 2016 Sales
$50 American Eagle 1 Oz Gold Coins 0 11,000 29,000 93,500 11,000 290,000
$25 American Eagle 1/2 Oz Gold Coins 0 3,000 1,000 6,000 3,000 39,000
$10 American Eagle 1/4 Oz Gold Coins 0 0 4,000 14,000 0 66,000
$5 American Eagle 1/10 Oz Gold Coins 0 10,000 75,000 55,000 10,000 385,000
$50 American Buffalo 1 Oz Gold Coins 0 6,500 7,000 19,500 6,500 86,000
$1 American Eagle 1 Oz Silver Coins 0 1,085,500 4,106,000 4,072,000 1,085,500 20,000,000
2016 Shawnee 5 Oz Silver Coins 0 0 0 0 0 105,000
2016 Cumberland Gap 5 Oz Silver Coins 0 0 0 64,000 0 64,000

 

{ 2 comments… read them below or add one }

Mark Rex May 11, 2016 at 6:25 pm

I think you should start reporting the new Chinese high gold and silver fixes too. Please

Seth Riesling May 11, 2016 at 7:09 pm

I can’t believe the US Mint’s 13 worldwide bullion coin Authorized Purchasers haven’t ordered any silver or gold coins in the past 3 days! Maybe they are awaiting the new 2016 $25 palladium American Eagle 1-oz .9995 fine bullion coin the Mint is planning on issuing this year! Lol

-NumisDudeTx

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