Gold Gains for Second Day, Silver Dips 0.7%


Fine Gold BarsGold advanced modestly Tuesday for a second straight day of gains as the yellow metal was supported by a drop in the U.S. dollar and a rise in other commodities.

"The strength in other commodities is helping gold," Sterling Smith, an analyst at Country Hedging Inc. in St. Paul, Minnesota, said in a telephone interview that was cited on Bloomberg. "The weaker dollar is also lending support."

Gold prices edged up $4.40, or 0.3 percent, to $1,718.90 an ounce in the February futures contract on the Comex in New York. Gold ranged from an intraday low of $1,707.20 to a high of $1,721.70.

Silver prices for December delivery slipped 21.1 cents, or 0.7 percent, to close at $31.950 an ounce. Silver moved between $31.530 and $32.240.  Jim Wyckoff of Kitco Metals Inc. writes in the Tuesday Kitco Roundup about silver’s near-term technicals:

"March silver futures prices closed nearer the session high Tuesday. Some near-term technical damage has been inflicted in silver recently. The bears have the slight near-term technical advantage.

Bulls’ next upside price breakout objective is closing prices above solid technical resistance at last week’s high of $33.12 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at the November low of $30.74.

First resistance is seen at this week’s high of $32.365 and then at $32.50. Next support is seen at Tuesday’s low of $31.53 and then at this week’s low of $31.24. Wyckoff’s Market Rating: 4.0."

Platinum prices for January delivery climbed $1.20, or 0.1 percent, to $1,540.70 an ounce, ranging from $1,536.50 to $1,551.60.

Palladium prices for March delivery rose $2.70, or 0.5 percent, to $584.25 an ounce, trading between $580.20 and $590.95.

London Precious Metals

London precious metals were mixed as gold advanced and the others declined. When comparing London fixings on Tuesday (PM) from those on Monday (PM), gold gained $3.00 to $1,717.00 an ounce, silver declined 4.0 cents to $31.96 an ounce, platinum fell $21.00 to $1,537.00 an ounce and palladium lost $13.00 to $582.00 an ounce.

U.S. Mint Bullion Coin Weekly Sales

U.S. Mint bullion coin levels remain unchanged Tuesday as of 3:22 PM ET. The latest daily, monthly, and year-to-date U.S. Mint bullion coin sales follow:

Sales of U.S. Mint American Eagle and Buffalo Bullion Coins
  Daily Gains November Gains YTD 2011
American Gold Eagle Coin (1 oz.) 0 38,500 844,500
American Gold Eagle Coin (1/2 oz.) 0 0 65,000
American Gold Eagle Coin (1/4 oz.) 0 4,000 82,000
American Gold Eagle Coin (1/10 oz.) 0 15,000 370,000
American Gold Buffalo Coin (1 oz.) 0 8,500 153,500
American Silver Eagle (1 oz.) 0 1,284,000 37,759,500


Sales of America the Beautiful 5 Oz. Silver Bullion Coins*
Weekly Gains YTD 2011
Gettysburg National Military Park 5 oz. Silver Coin n/a – sold out 126,700
Glacier National Park 5 oz. Silver Coin n/a – sold out 126,700
Olympic National Park 5 oz. Silver Coin 0 83,300
Vicksburg National Military Park 5 oz. Silver Coin 0 32,200
Chickasaw Park 5 oz. Silver Coin 0 24,400
TOTAL 0 393,300


*The United States Mint does not provide daily sales figures for its 5-ounce silver coins. The sales are current as of Friday, November 18, 2011.

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The Mint sales figures are interesting to see. I’m curious what the total annual sales for 2011 will be especially for the Silver Eagles since they are more accessible to the average person from a price standpoint. Perhaps the average person isn’t buying silver though.