Gold rallied 1.8 percent Wednesday, advancing the most in its third straight day of gains, as central banks around the world coordinated to make it cheaper for European banks to borrow U.S. dollars.
"You are seeing an enhancement of the loose monetary situation around the world and continued currency devaluation, and that’s what causing the rise in gold today," Reuters quoted Michael Cuggino, portfolio manager of the Permanent Portfolio Funds.
Gold prices gained $31.40 to $1,750.30 an ounce in the February futures contract on the Comex in New York. Gold traded between an intraday low of $1,704.30 and a high of $1,754.70.
"Central bankers know as well as investors that the rising dollar has been horrible for stocks. Gold’s jump today is just a byproduct of their latest deflation-fighting," MarketWatch quoted Adrian Ash, head of research at BullionVault.com.
After dipping 21.1 cents Tuesday, silver prices for March delivery rebounded 85.4 cents, or 2.7 percent, to settle at $32.804 an ounce. Silver moved from a low of $31.120 to a high of $32.995.
Platinum prices for January delivery advanced $20.10, or 1.3 percent, to $1,560.80 an ounce, trading between $1,513.00 and $1,563.40.
Palladium prices for March delivery surged $28.35, or 4.9 percent, to $612.60 an ounce, ranging from $571.00 to $628.00.
London Precious Metals
London precious metals were mixed for a second day as silver declined while other major metals advanced. When comparing fixings on Wednesday (PM) from those on Tuesday (PM), London gold prices rose $29.00 to $1,746.00 an ounce, silver declined 61.0 cents to $31.35 an ounce, platinum ended up $21.00 to $1,558.00 an ounce and palladium soared $38.00 to $620.00 an ounce.
U.S. Mint Bullion Coin Weekly Sales
American Silver Eagle bullion coins advanced 100,000 Wednesday, according to the latest U.S. Mint published figures. While a solid daily gain, their November total of 1.384 million — if it stands — is the weakest monthly amount since July 2008.
The most recent 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.)||100,000||1,384,000||37,859,500|
|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|
*The United States Mint does not provide daily sales figures for its 5-ounce silver coins. The sales are current as of Monday, November 28, 2011.