Gold inched higher Monday, the first day in the last full week of trading this year. Gold for February delivery gained $1.20, or 0.1%, to settle at $1,698.20 an ounce on the Comex in New York.
In thin trading, gold prices moved through intraday levels of $1,687.50 and $1,701.00. Fiscal cliff negotiations remained in the spotlight.
"The ongoing debate — who’s going to do what, who’s going to compromise where — is going to be the backbone of the financial markets; for the dollar, or gold or copper or stocks," said Darin Newsom, senior analyst at Telvent DTN, in a telephone interview relayed on MarketWatch. "A lot of this is going to have to do with the latest headlines surrounding this fiscal-cliff fiasco."
Gold prices last week declined $8.50, or 0.5%, for a third consecutive weekly loss. Yet, as of Monday, gold in 2012 has climbed $131.40, or 8.4%.
Other precious metals futures traded lower on Monday:
March silver dipped 1.9 cents, or 0.1%, to close at $32.280 an ounce. The white metal traded from $32.080 to $32.485.
Platinum for January delivery settled at $1,608.50 an ounce, falling $6.00, or 0.4%. Platinum ranged between $1,604.00 and $1,621.00.
- March palladium shed $3.75, or 0.5%, to settle at $698.30 an ounce, trading between $695.05 and $705.20.
Silver was also lower last week, down 2.5%. Platinum and palladium, however, are riding multi-week gains. They logged respective increases last week of 0.5% and 0.6%.
London Bullion Prices
Bullion was off in London. When comparing the most recent London PM fixings:
- Gold shed 50.0 cents to $1,695.75 an ounce,
- Silver declined 31.0 cents, 1.0%, to $32.21 an ounce,
- Platinum fell $7.00, or 0.4%, to $1,606.00 an ounce, and
- Palladium lost $3.00, or 0.4%, to $697.00 an ounce
Last week platinum rose 0.8% and palladium added 0.3% while the gold fell 0.3% and silver lost 1.0%.
US Mint Bullion Coin Sales in December
U.S. Mint bullion products registered Monday gains. 22-karat American Eagle gold advanced 2,500 ounces, 24-karat American Buffalo gold coins rose 500 ounces and American Eagle silver coins added 232,000.
2012 American Eagle Silver Coin Sells Out
Today’s increase for the Silver Eagle will be its last for 2012. A U.S. Mint notice to its distributors on Monday indicates all the 2012-dated coins have sold out. Sales for the year end at 33,742,500, which is the third highest in the Eagle’s 27-year history. Stronger years were 2011 at 39,868,500 and 2010 at 34,662,500. The Mint will begin taking orders for the 2013-dated Silver Eagles on January 7, 2013.
U.S. Mint bullion sales on Monday, for the week-to-date, December and year-to-date follow.
|US Mint American Eagle and Buffalo Bullion Coin Sales|
|Monday Sales||Last Week||Week-To-Date||Dec Sales||YTD 2012|
|$50 American Eagle Gold Coins||2,000||9,000||2,000||35,500||629,500|
|$25 American Eagle Gold Coins||0||0||0||2,000||70,000|
|$10 American Eagle Gold Coins||2,000||0||2,000||6,000||76,000|
|$5 American Eagle Gold Coins||0||0||0||0||315,000|
|$50 American Buffalo Gold Coins||500||2,500||500||7,000||131,000|
|American Silver Eagle Coin||232,000||500,000||232,000||1,635,000||33,742,500|
|America the Beautiful 5 Oz. Silver Bullion Coin Sales|
|Monday Sales||Last Week||Week-To-Date||Dec Sales||All-Time Total|
|2012 El Yunque National Forest 5 oz. Silver Bullion Coins||0||0||0||2,000||21,900|
|2012 Chaco Culture National Historical Park 5 oz. Silver Bullion Coins||0||0||0||0||20,000|
|2012 Acadia National Park 5 oz. Silver Bullion Coins||0||0||0||0||25,400|
|2012 Hawai’i Volcanoes 5 oz. Silver Bullion Coins||0||0||0||0||20,000|
|2012 Denali National Park 5 oz. Silver Bullion Coins||0||0||0||0||20,000|
|2011 Olympic National Park 5 oz. Silver Bullion Coins||0||0||0||0||85,900|
|2011 Vicksburg National Military Park 5 oz. Silver Bullion Coins||0||0||0||0||39,500|
|2011 Chickasaw Park 5 oz. Silver Bullion Coins||0||0||0||0||29,700|
Coin sales figures shown above are in the number of coins sold. Calculate total ounces by using the bullion coin’s weight.