Gold and silver prices rallied for the third time in four sessions on Wednesday. Precious metals were supported by a weaker U.S. dollar, rising hopes of a coordinated response to the debt crisis in Europe, and riskier investor attitudes. The major metals moved in parallel with surging U.S. stocks as the Dow and S&P 500 logged their best day of the year.
"While stocks may be nearing an attractive entry point, precious metals may be rising on investors’ shopping lists as they start to look at deploying cash positions," Reuters quoted Jeff Kleintop, chief market strategist of broker-dealer LPL Financial.
Gold prices for August delivery tacked on $17.30, or 1.1%, to close at $1,634.20 an ounce on the Comex in New York. Gold traded from an intraday low of $1,616.50 to a high of $1,642.40.
"A weaker dollar would implement stronger gold," Afshin Nabavi, a senior vice president at bullion refiner MKS Finance SA in Geneva, said today by phone, Bloomberg recounted. "The safe-haven investor has been very shy since December. If they decide to get back into the market, then there’s potential for a lot of upside."
In other precious metals settlements on Wednesday:
Silver prices for July delivery advanced $1.083, or 3.8%, to $29.488 an ounce. Silver went through a range of $28.410 to $29.865.
Platinum prices for July delivery closed to $1,469.20 an ounce, gaining $28.70, or 0.2%. Platinum traded between $1,433.80 and $1,470.40.
- Palladium prices for September delivery added $13.00, or 2.1%, to $632.80 an ounce, ranging from $620.35 to $633.80.
London Precious Metal
London precious metals advanced across the board as well following two days of holiday celebrations. When comparing the most recent London PM fixings:
- Gold rose $29.00, or 1.8%, to $1,635.00 an ounce,
- Silver shot up $1.98, or 7.2%, to $29.36 an ounce,
- Platinum gained $51.00, or 3.6%, to $1,458.00 an ounce, and
- Palladium added $13.00, or 2.1%, to $620.00 an ounce
U.S. Mint Bullion Coin Sales
Sales of U.S. Mint bullion coins were limited Wednesday to the bureau’s 99.9% fine silver coins. The American Silver Eagle went up 75,000 for a new monthly total of 190,000.
U.S. Mint American Gold Eagle and Gold Buffalo bullion coins are yet to enter the sales boards for June after a rallying performance in May.
The following are the daily, June and year-to-date bullion coin sales totals as published by the U.S. Mint.
|U.S. Mint American Eagle and Buffalo Bullion Coin Sales|
|Daily Gains||June Gains||YTD 2012|
|American Eagle Gold Coin (1 oz.)||0||0||230,000|
|American Eagle Gold Coin (1/2 oz.)||0||0||54,000|
|American Eagle Gold Coin (1/4 oz.)||0||0||46,000|
|American Eagle Gold Coin (1/10 oz.)||0||0||150,000|
|American Gold Buffalo Coin (1 oz.)||0||0||65,000|
|American Eagle Silver Coins||75,000||190,000||14,724,000|
|America the Beautiful 5 Oz. Silver Bullion Coin Sales|
|Prior Weekly||Daily Gains||June Gains||All-Time Total|
|2012 El Yunque National Forest 5 oz. Silver Coins||5,400||0||800||6,200|
|2011 Olympic National Park 5 oz. Silver Coins||100||0||0||85,200|
|2011 Vicksburg National Military Park 5 oz. Silver Coins||100||0||200||38,600|
|2011 Chickasaw Park 5 oz. Silver Coins||0||0||0||28,900|
U.S. Mint figures above are in coin totals, not the amount of ounces sold. The last time the U.S. Mint updated the 5 ounce silver coin totals was Tuesday, June 5, 2012.