Gold Prices Rise for 3rd Straight Session, Silver Gains Modestly


Fine Gold BarsGold advanced for a third straight session Tuesday, notching a gain of $46.60, or 2.9%, since prices last fell on April 4. Support for the yellow metal was attributed to safe-haven demand.

"People are now looking at gold as a flight-to-quality investment rather than a classic commodity in this fear environment," Adam Klopfenstein, a market strategist at Archer Financial Services Inc., based in Chicago, said in a telephone interview that was recounted on Bloomberg.

Gold prices for June delivery advanced $16.80, or 1.0%, to $1,660.70 an ounce on the Comex in New York. Gold prices moved between an intraday low of $1,632.50 and a high of $1,664.80.

Silver prices for May delivery edged up 15.5 cents, or 0.5%, to $31.679 an ounce, ranging from $31.11 to $31.94.

"Silver is in large supply surplus, but should follow gold higher, given its strong positive correlation with the metal, although the downside risks here are particularly pronounced," Anne-Laure Tremblay, precious-metals strategist at BNP Paribas, wrote in a research report cited on MarketWatch.

"Platinum also faces a large supply surplus … [and] supply issues in South Africa will provide additional support … in 2012," she said. "Palladium’s balance should tilt back into deficit in 2012, and we expect the price to increasingly reflect this."

Platinum prices for July delivery declined $24.50, or 1.5%, to $1,593.70 an ounce, trading between $1,584.30 and $1,634.90.

Palladium prices for June delivery lost $6.95, or 1.1%, to $636.85 an ounce, ranging from $629.00 to $653.20.

London Precious Metals

Earlier fixed London precious metals rose modestly following an extended break in the UK markets due to the Easter holiday. When comparing the most recent London PM fixings:

  • Gold prices climbed $13.00, or 0.8%, to $1,644.00 an ounce,
  • Silver ended up 28.0 cents, or 0.9%, to $31.55 an ounce,
  • Platinum advanced $13.00, or 0.8%, to $1,605.00 an ounce, and
  • Palladium added $4.00, or 0.6%, to $639.00 an ounce

U.S. Mint Bullion Coins

Sales of U.S. Mint bullion coins were unchanged Tuesday as of 3:53 PM ET.

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.) 0 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.) 0 4,000 50,500
American Silver Eagles 0 560,000 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. The U.S. Mint last updated five ounce bullion silver coins sold on Monday, April 9.

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