Gold Edges 0.4% Lower as Silver Declines 1%, US Coins Higher


Fine Gold BarsGold prices declined slightly Monday in what was described as a "risk off" day amid uncertainty in Europe. Gold and other precious metals were also pressured by a stronger U.S. dollar.

Gold is suffering from a lack of participation right now, which is not a good thing in my view. The market looks vulnerable from a technical standpoint," Reuters quoted Bill O’Neill, partner of commodities wealth manager LOGIC Advisors.

By day’s end, gold gave back a bit more than half of its $10.40 pick-up on Friday. Gold prices for June delivery declined $6.10, or 0.4%, to settle at $1,639.10 an ounce on the Comex in New York. Gold bracketed an intraday low and high of $1,632.20 and $1,644.00.

"On the physical front in gold, the only encouraging news to hit the wires of late has been the removal by the Indian government of the excise tax of 0.6% on non-branded jewelry that had gone into effect on March 16 and which caused a massive strike among that country’s bauble sellers," noted Jon Nadler, Senior Metals Analyst at Kitco Metals Inc. "Finance Minister Mukherjee however left a proposal to double the import tax on gold to 4% on the table."

In other metal futures prices on Monday:

  • Silver prices for July delivery settled down 31.0 cents, or 1.0%, to $30.122 an ounce. Prices moved between $29.675 and $30.390.

  • Platinum prices for July delivery fell $5.90, or 0.4%, to $1,530.10 an ounce, ranging from $1,512.90 to $1,532.60.

  • Palladium prices for June delivery declined $4.35, or 0.7%, to $647.80 an ounce, trading between $644.00 and $655.50.

London Precious Metal

UK markets were closed for the May Day holiday on Monday and, as such, London precious metals fixings were unchanged. Friday PM fixings were:

  • Gold at $1,643.75 an ounce,
  • Silver at $29.90 an ounce,
  • Platinum at $1,530.00 an ounce, and
  • Palladium at $633.00 an ounce

U.S. Mint Bullion Coins

Sales of each of the U.S. Mint’s one-ounce bullion coins climbed Monday. Leading gains, as is typical when they do advance, was the Silver Eagle with an increase of 235,000. Gold Buffalo bullion coins advanced for the first time this month, up 1,000. Finally, Gold Eagles continue an impressive May start with another 2,500 added to a monthly total which now stands at 22,500 — 3,500 more than were sold last month and 2,500 over the February total.

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

U.S. Mint American Eagle and Buffalo Bullion Coin Sales
  Daily Gains May Gains YTD 2012
American Gold Eagles Coins (1 oz.) 2,500 22,500 203,500
American Gold Eagles Coins (1/2 oz.) 0 0 51,000
American Gold Eagles Coins (1/4 oz.) 0 0 42,000
American Gold Eagles Coins (1/10 oz.) 0 0 135,000
American Gold Buffalo Coin (1 oz.) 1,000 1,000 56,500
American Silver Eagle Coin 235,000 335,000 11,994,000


America the Beautiful 5 Oz. Silver Bullion Coin Sales
  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 0 28,900
TOTAL 0 0 152,300


All coin 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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