Gold and Silver Futures Rise Modestly


Fine Gold BarsU.S. gold and silver futures advanced slightly Tuesday, reversing from three straight daily losses. A weaker U.S. dollar and stronger crude oil prices were among the reasons cited for gains in the two precious metals.

August gold prices rose $3.80, or 0.3 percent, to $1,500.20 an ounce on the Comex in New York. Gold hit an intraday low at $1,495.50 and a high at $1,507.00.

"Gold and commodities have a positive relationship, [gold] is taking its cue from crude oil as well as copper," Ong Yi Ling, investment analyst at Phillip Futures in Singapore, was quoted on MarketWatch. "If there’s greater optimism, then commodities rally. The safe-haven buying is not really coming in for gold at this point in time.

Silver prices for July delivery advanced 5.3 cents, or 0.2 percent, to $33.638 an ounce. Silver prices ranged between $33.510 and $34.135. In regards to silver, Jim Wyckoff of Kitco Metals Inc. noted the following Tuesday:

"Silver saw some short covering and bargain-hunting buying following recent selling pressure. Some near-term technical damage has been inflicted in silver recently. Prices are in a four-week-old downtrend on the daily bar chart. The next downside price breakout objective for the bears is closing prices below solid technical support at the May low of $32.30. Bulls’ next upside price objective is producing a close above solid technical resistance at last week’s high of $36.77 an ounce. First resistance is seen at Tuesday’s high of $34.135 and then at this week’s high of $34.33. Next support is seen at this week’s low of $33.38 and then at $33.00. Wyckoff’s Market Rating: 4.5."

Platinum prices for October delivery, now the most active contract, rose $18.90, or 1.1 percent, to $1,693.50 an ounce. Prices traded between $1,678.00 and $1,699.40.

Palladium prices for September delivery advanced $10.55, or 1.5 percent, to close at $735.15 an ounce. Palladium prices ranged between $726.50 and $740.00.

When comparing London Fix prices on Tuesday (PM) from those on Monday (PM), gold rose $1.00 to $1,499.00 an ounce, silver declined 5.0 cents at $33.960 an ounce, platinum gained $13.00 to $1,692.00 an ounce, and palladium advanced $10.00 at $734.00 an ounce.

United States Mint bullion coin sales levels as of 4:15 p.m. ET remained unchanged from Monday. The latest Mint bullion figures follow. The totals are for coins sold, not ounces.

US Mint 2011 Bullion Coin Sales
Gold Eagle Coin (1 oz.) 0 48,500 500,000
Gold Eagle Coin (1/2 oz.) 0 0 55,000
Gold Eagle Coin (1/4 oz.) 0 8,000 64,000
Gold Eagle Coin (1/10 oz.) 0 35,000 250,000
Gold Buffalo Coin (1 oz.) 0 4,000 78,000
Silver Eagle (1 oz.) 0 2.948M 21.8495M
ATB Silver Bullion (5 oz.)* 0 0 326,800

*America the Beautiful (ATB) Silver bullion coin sales figures are not published by the United States Mint daily. The current figure has an "as of date" of June 17.

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