Gold Rebounds 1% as Silver Advances 1.7%, US Gold Bullion Up 7,500 Ounces


Fine Gold BarsGold futures prices rebounded 1.0% Thursday, snapping a three-day string of losses and coming off a two-month low as prices plunged 3% on Wednesday. Gold shed $68.60 during its three-day losing streak. Bargain hunting and a weaker U.S. dollar index were among the factors contributing to gain across all precious metals, opined analysts.

"For a market that sells off five percent that doesn’t normally come off that aggressively, people look to buy it for a trading opportunity," said Fred Schoenstein, a trader at Heraeus Precious Metals Management, according to Reuters.

After diving by more than $51 on Wednesday alone, gold prices added $16.60 to close at $1,659.50 an ounce in the April futures contract on the Comex in New York. The yellow metal traded between an intraday low of $1,636.20 and a high of $1,667.40.

Silver prices for May delivery recovered 54.5 cents, or 1.7%, to settle at $32.726 an ounce, moving between $31.935 and $32.900. The white metal sank $1.40 on Wednesday.

Platinum prices for April delivery rose $8.60, or 0.5%, to $1,683.90 an ounce, ranging from $1,661.40 to $1,692.00.

Palladium prices for June delivery surged $12.45, or 1.8%, to $709.90 an ounce, trading between $690.20 and $711.00.

London Precious Metals

Gold prices rose slightly in London but other precious metals declined. When comparing the latest London PM fixings, gold tacked on $3.75 to $1,648.00 an ounce, silver fell 48.0 cents to $32.36 an ounce, platinum was set back $3.00 to $1,676.00 an ounce, and palladium was off $7.00 to $693.00 an ounce.

U.S. Mint Bullion Coins

The U.S. Mint reported another exceptional day of sales for its gold bullion coins. Buyers ordered 7,500 ounces spread across the American Gold Buffalo and the one ounce and one-tenth ounce sizes of American Gold Eagles. Prior day sales hit 6,500 ounces.

American Silver Eagle bullion coin sales slowed as 80,000 were claimed Thursday versus the 352,000 from the previous day.

The following are the most recent daily, monthly and year-to-date bullion sales figures as published by the U.S. Mint.

Sales of U.S. Mint American Eagle and Buffalo Bullion Coins
  Daily Gains March Gains YTD 2012
American Gold Eagles (1 oz.) 4,000 27,000 131,500
American Gold Eagles (1/2 oz.) 0 0 49,000
American Gold Eagles (1/4 oz.) 0 0 40,000
American Gold Eagles (1/10 oz.) 10,000 15,000 105,000
American Gold Buffalo Coin (1 oz.) 2,500 18,500 39,000
American Silver Eagles 80,000 1,497,000 9,094,000


Sales of America the Beautiful 5 Oz. Silver Bullion Coins
  Prior Weekly Weekly Gains All-Time Total
Olympic National Park 5 oz. Silver Coin 0 300 84,900
Vicksburg National Military Park 5 oz. Silver Coin 500 300 38,100
Chickasaw Park 5 oz. Silver Coin 0 300 28,700
TOTAL 500 900 151,700


All bullion coin totals in the above tables are in the number of coins sold, not in the amount of ounces. The U.S. Mint has not sold any of its five ounce bullion coins since Monday, March 12.

Notify of
Inline Feedbacks
View all comments