Gold Prices Dip 0.2%, Silver Declines 1%


Fine Gold BarsGold prices dipped 0.2% Wednesday after gaining 1.3% during the previous day. While the U.S. dollar was down Tuesday, it rebounded slightly Wednesday to again pressure metals.

"Gold has been trading like a risk asset, along with other metals, and trading on the dollar-euro exchange rate," said Citigroup analyst David Wilson, according to Reuters.

"The underlying issues, in terms of the macro environment, remain fragile. Europe is going to be in recession next year, the U.S. maybe will see modest growth, and China (is) slowing. That is still positive for gold… but right now gold is trading as a risk rather than a risk hedge."

For the day, gold prices declined $4.00 to close at $1,613.60 an ounce in the February futures contract on the Comex in New York. Gold touched a low of $1,607.70 and reached a high at $1,643.70.

Silver prices for March delivery lost 28.7 cents, or 1.0%, to $29.249 an ounce. Silver moved within $29.13 and $30.21 range.

Platinum prices for January delivery dipped $1.20, or 0.1%, to $1,431.70 an ounce, trading between $1,416.90 and $1,454.30.

Palladium prices for March delivery advanced $5.50, or 0.9%, to $634.10 an ounce, ranging between $623.25 and $641.55.

London Precious Metals

London precious metals were mixed to varying degrees. When comparing London fixings on Wednesday from those on Tuesday (PM to PM), gold prices declined $5.50 to $1,608.00 an ounce, silver gained 47.0 cents to $29.75 an ounce, platinum remained unchanged at $1,425.00 an ounce and palladium advanced $12.00 to $632.00 an ounce.

U.S. Mint Bullion Coins

Sales levels for U.S. Mint bullion coins were unchanged as of 3:34 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 December Gains YTD 2011
American Gold Eagle Coin (1 oz.) 0 65,500 910,000
American Gold Eagle Coin (1/2 oz.) 0 0 65,000
American Gold Eagle Coin (1/4 oz.) 0 0 82,000
American Gold Eagle Coin (1/10 oz.) 0 0 370,000
American Gold Buffalo Coin (1 oz.) 0 17,000 170,500
American Silver Eagle 0 1,909,000 39,768,500


Sales of America the Beautiful 5 Oz. Silver Bullion Coins*
Gains Over Last Week 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 84,100
Vicksburg National Military Park 5 oz. Silver Coin 500 33,800
Chickasaw Park 5 oz. Silver Coin 500 26,400
TOTAL 1,000 397,700


*The United States Mint does not always provide daily sales figures for its 5-ounce silver coins. The sales are current as of Monday, December 19, 2011.

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