Gold and silver following the New Year’s holiday extended gains to a second session after Congress passed a budget deal to steer away from the U.S. fiscal cliff.
Gold for February delivery climbed $13.00, or 0.8%, to $1,688.80 an ounce on the Comex in New York. The precious metal traded between an intraday low of $1,670.90 and a high of $1,695.40. The settlement price was the highest for gold since Dec. 17, 2012.
"With the fiscal cliff curtain drawn back, albeit halfway, we should see a stronger tone set in over the markets over the balance of the week," Kitco News quoted Edward Meir, commodities consultant with INTL FCStone.
"However, Congress’s uninspiring handling of this issue, typified by running well past self-imposed deadlines and failing to put anything on the table dealing with spending cuts or entitlement reform, means that investors will likely see more roller-coaster action over the next several weeks. For now, however, the buyers are firmly in charge of the asylum."
Silver led gains among precious metals. March silver surged 78.0 cents, or 2.6%, to settle at $31.007 an ounce. Silver prices ranged from $30.255 to $31.535. Silver’s close was the highest since Dec. 19, 2012.
Platinum for April delivery settled at $1,568.00 an ounce, tacking on $25.60 or 1.7%. Platinum traded between $1,539.00 and $1,582.50.
March palladium added $4.60, or 0.7%, to $707.95 an ounce, ranging between $696.75 and $718.85.
Bullion prices in London surged stronger than precious metals futures in New York. In contrasting the Monday AM fixings to the Wednesday PM fixings:
- Gold advanced $29.75, or 1.8%, to $1,693.75 an ounce,
- Silver shot up 92.0 cents, or 3.1%, to $30.87 an ounce,
- Platinum added $43.00, or 2.8%, to $1,566.00 an ounce, and
- Palladium gained $12.00, or 1.7%, to $711.00 an ounce
US Mint Bullion Coin Sales
New 2013-dated bullion coins sparked buying Wednesday. All sizes of 22-karat American Eagle gold coins advanced with sales totaling 50,000 ounces. The 24-karat American Buffalo gold coin gained 8,000.
U.S. Mint bullion sales on the day, the week-to-date and for 2013 follow.
|US Mint American Eagle and Buffalo Bullion Coin Sales|
|Wednesday Sales||Last Week||Week-To-Date||2013 Sales|
|$50 American Eagle Gold Coins||40,000||2,500||46,500||40,000|
|$25 American Eagle Gold Coins||5,000||0||5,000||5,000|
|$10 American Eagle Gold Coins||10,000||0||10,000||10,000|
|$5 American Eagle Gold Coins||50,000||0||50,000||50,000|
|$50 American Buffalo Gold Coins||8,000||0||8,000||8,000|
|American Eagle Silver Coin*||N/A*||0|
*2012-dated American Eagle silver coins sold out on Dec. 17, 2012. New 2013-dated Silver Eagles go on sale Jan. 7, 2013.
|America the Beautiful 5 Oz. Silver Bullion Coin Sales|
|Wednesday Sales||Last Week||Week-To-Date / Jan Sales||All-Time Sales|
|2012 El Yunque National Forest 5 oz. Silver Bullion Coins||0||0||0||21,900|
|2012 Chaco Culture National Historical Park 5 oz. Silver Bullion Coins||0||0||0||20,000|
|2012 Acadia National Park 5 oz. Silver Bullion Coins||0||0||0||25,400|
|2012 Hawai’i Volcanoes 5 oz. Silver Bullion Coins||0||0||0||20,000|
|2012 Denali National Park 5 oz. Silver Bullion Coins||0||0||0||20,000|
|2011 Olympic National Park 5 oz. Silver Bullion Coins||0||0||0||85,900|
|2011 Vicksburg National Military Park 5 oz. Silver Bullion Coins||0||0||0||39,500|
|2011 Chickasaw Park 5 oz. Silver Bullion Coins||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.