Gold 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.
