Gold Gains 1.1% as Silver Spikes 3.8%, US Silver Coins Up


Fine Gold Bars 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
  TOTAL 5,600 0 1,000 158,900


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.

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It is nice to silence the Gold bears! Even with a DOW gain of almost 300 points today it has done nothing to reduce the huge US deficit. Our financial system is still very fragile. One problem with an oil refinery or a natural disaster will cause gas prices to spike. Europe and the Euro are unstable. It is good to see that the price of Gold is right where it should be.


Now Nadler’s buddy Bernanke leads the smack-down. Knee jerk pullbacks like this just present buying opportunities. Right Mr. Nadster?