Gold and Silver Prices Rise, US Bullion Coins Gain


Fine Gold BarsGold rebounded Wednesday after falling for three straight sessions and logging its longest slump of the year. Gains in gold were attributed to bargain hunters, tensions between Iran and Israel, and China’s pledge to help in the European debt crisis.

The signal from China "is definitely helping all commodities, including gold," Miguel Perez-Santalla, a vice president at Oklahoma City-based Apmex Inc., an online metal dealer, said in a telephone interview from New York that was relayed on Bloomberg. "Also, some investors are buying because they are not sure whether Greece will finally be able to get out of the mess."

Gold prices gained $10.40, or 0.6%, to $1,728.10 an ounce in the April futures contract on the Comex in New York. Gold touched an intraday low of $1,720.30 and reached a high of $1,739.20.

Silver prices for March delivery edged up 6.0 cents, or 0.2%, to $33.408 an ounce, bracketing a low of $33.130 and a high of $33.975. Jim Wyckoff of Kitco News writes of silver’s near term technicals in Wednesday’s Kitco Metals Roundup.

"March silver prices closed near the session low Wednesday and scored a mildly bearish ‘outside day’ down on the daily bar chart. Silver bulls still have the overall near-term technical advantage…

Bulls’ next upside price breakout objective is closing prices above solid technical resistance at the February high of $34.52 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at $32.50.

First resistance is seen at $33.50 and then at this week’s high of $34.035. Next support is seen at the February low of $32.985 and then at $32.50. Wyckoff’s Market Rating: 6.0."

Platinum prices for April delivery advanced $10.20, or 0.6%, to $1,638.20 an ounce, ranging from $1,631.30 to $1,645.80.

Palladium bucked the trend of other precious metals. Palladium prices for March delivery declined $3.60, or 0.5%, to $683.65 an ounce, trading between $681.30 and $693.60.

London Precious Metals

London precious metals advanced all-around. In comparing the PM London fixings between Tuesday and Wednesday, gold added $11.00 to $1,733.00 an ounce, silver prices gained 18.0 cents to $33.69 an ounce, platinum rose $8.00 to $1,636.00 an ounce and palladium advanced $2.00 to $688.00 an ounce.

U.S. Mint Bullion Coins

U.S. Mint one ounce bullion coins surged Wednesday following several tepid type days of sales. Rising the most was the Silver Eagle, up 100,000. Coming in second was the Gold Eagle for 5,000 and then the Gold Buffalo for 1,500. The latest U.S. Mint bullion sales figures follow.

Sales of U.S. Mint American Eagle and Buffalo Bullion Coins
  Daily Gains Feb. Gains YTD 2012
American Gold Eagles (1 oz.) 5,000 14,500 99,000
American Gold Eagles (1/2 oz.) 0 0 49,000
American Gold Eagles (1/4 oz.) 0 2,000 40,000
American Gold Eagles (1/10 oz.) 0 0 85,000
American Gold Buffalo Coin (1 oz.) 1,500 3,500 17,000
American Silver Eagles 100,000 835,000 6,942,000


Sales of America the Beautiful 5 Oz. Silver Bullion Coins
  Prior Weekly Weekly Gains All-Time Total
Olympic National Park 5 oz. Silver Coin 0 0 84,600
Vicksburg National Military Park 5 oz. Silver Coin 0 0 37,300
Chickasaw Park 5 oz. Silver Coin 0 0 28,100
TOTAL 0 0 150,000


All bullion coin totals in the above tables are in the number of coins sold, not the amount of ounces. The latest five-ounce sales were provided by the U.S. Mint on Friday, January 27, 2012. The Mint does not publish daily sales figures for its five-ounce silver coins. However, since the last released date is more than two weeks past, there likely has not been new sales to report.

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