Gold Rises on Sour Jobs Data, US Mint Bullion Coins Advance


Fine Gold Bars In thin trading Monday, gold rose for a second straight session. Gains immediately prior to the extended holiday-weekend were attributed mostly to bargain hunting. Advances on Monday were credited more toward Fed stimulus hopes which were reignited by disappointing U.S. jobs numbers.

"Friday’s US jobs data managed to yield a lift in precious metals values this morning but the advance was itself significantly below expectations and it most certainly did not come at the expense of a notable cratering in the US dollar," wrote Jon Nadler, Senior Metals Analyst at Kitco Metals Inc.

"Forums and news comments were chock-full of predictions over the weekend about a $6-$80 rise in the price of gold as being in the cards for today, along with a capitulation statement by the Fed that it would buckle to such economic pressures and finally launch the good ship QE3. Gold market prognosticators, as we have noted over the past three weeks at least, have become totally Fed-dependent for their moonshot gold price projections; not necessarily a good thing."

Gold prices for June delivery added $13.80, or 0.8%, to $1,643.90 an ounce on the Comex in New York. Gold touched an intraday low of $1,636.70 and reached a high of $1,649.90.

Silver prices for May delivery declined 20.6 cents, or 0.6%, to $31.524 an ounce, trading between $31.31 and $32.10.

Platinum prices for July delivery settled up $10.60, or 0.7%, to $1,618.20 an ounce, ranging from $1,611.30 to $1,627.00.

Palladium prices for June delivery edged down $1.00, or 0.2%, to $643.80 an ounce, trading between $640.70 and $653.00.

London precious metals prices were not available as United Kingdom markets remained closed Monday for the Easter holiday.

U.S. Mint Bullion Coins

U.S. Mint bullion coin sales advanced for the first time in three business days. Gains were modest with sales of 1,500 ounces of gold bullion and 240,000 ounces of Silver Eagles. America the Beautiful Five Ounce Silver Bullion Coins also climbed for the first time since March 26 as the ATB Chickasaw coin added 200 to its total.

The following are the available daily, April and year-to-date bullion coin sales totals as provided by the U.S. Mint.

Sales of U.S. Mint American Eagle and Buffalo Bullion Coins
  Daily Gains April Gains YTD 2012
American Gold Eagles (1 oz.) 500 4,000 166,000
American Gold Eagles (1/2 oz.) 0 0 51,000
American Gold Eagles (1/4 oz.) 0 0 40,000
American Gold Eagles (1/10 oz.) 0 5,000 135,000
American Gold Buffalo Coin (1 oz.) 1,000 4,000 50,500
American Silver Eagles 240,000 560,000 10,699,000


Sales of America the Beautiful 5 Oz. Bullion Silver Coins
  Prior Weekly Weekly Gains All-Time Total
Olympic National Park 5 oz. Silver Coins 0 0 85,100
Vicksburg National Military Park 5 oz. Silver Coins 0 0 38,300
Chickasaw Park 5 oz. Silver Coins 0 200 28,900
TOTAL 0 200 152,300


All bullion sales in the above tables are in number of coins, not in the amount of ounces sold.

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