Gold, Silver Rebound; No Stopping US Gold Bullion Coin Sales

Three Gold Bars
Gold and silver rebounded Wednesday and U.S. Mint sales of gold bullion coins shot higher

Gold bounced higher Wednesday to score a fourth win in five sessions. The precious metal has been riding a wave of higher physical demand worldwide. In the U.S., sales of gold bullion coins continue to soar.

Gold for June delivery bounced back $14.90, or 1.1%, to settle at $1,423.70 an ounce on the Comex in New York. The yellow metal tracked a pricing range of between $1,411.50 and $1,433.60.

"The bounce in price-sensitive physical demand, especially in the emerging world, is impressive and has lifted prices," Howard Wen, an analyst at HSBC Securities (USA) Inc., said in a report according to Bloomberg. "ETF selling remains the main obstacle to a more vigorous recovery."

On Tuesday, gold prices slid $12.40, or 0.9%, as the U.S. dollar climbed against other world currencies. The greenback retreated modestly on Wednesday.

Silver for May delivery inched higher by 1.6 cents, or less than 0.1%, to $22.833 an ounce. Prices traded through a range of $22.805 and $23.325. Silver on Tuesday tumbled 50.7 cents, or 2.2%.

Rounding out other New York precious metals futures:

  • July platinum gained $13.00, or 0.9%, to $1,430.80 an ounce, ranging from $1,415.00 to $1,433.60.

  • Sister metal palladium was the outlier. Palladium for June delivery declined $5.70, or 0.9%, to $667.65 an ounce, trading between $666.75 and $684.15.

London Fix Precious Metals

Earlier London fixed precious metals were mixed with all but silver rising. In contrasting the Tuesday PM to Wednesday PM London Fix prices:

  • Gold shot up $20.50, or 1.5%, to $1,428.50 an ounce,
  • Silver shed 10.0 cents, or 0.4%, to $22.91 an ounce,
  • Platinum added $10.00, or 0.7%, to $1,427.00 an ounce, and
  • Palladium edged up $4.00, or 0.6%, to $674.00 an ounce

US Bullion Coin Sales in April

United States Mint gold bullion coin sales surged another 14,000 ounces Wednesday with splits of 13,000 ounces in 22-karat American Gold Eagles and 1,000 in 24-karat American Gold Buffalos.

Gold Eagles are on a fiery sales pace this month, already at 196,500 ounces. The next milestone to beat is sales of 231,500 ounces from December 2009 and then sales of 269,000 ounces from March 1999.

U.S. Mint bullion sales by day, for April and the year-to-date follow.

American Eagle and Buffalo Bullion Coin Sales
  Wednesday Sales Last Week Weekly Sales April Sales YTD Sales
$50 American Eagle Gold Bullion Coins 12,000 104,000 26,500 175,000 421,500
$25 American Eagle Gold Bullion Coins 1,000 7,000 2,000 13,000 39,000
$10 American Eagle Gold Bullion Coins 2,000 18,000 4,000 26,000 72,000
$5 American Eagle Gold Bullion Coins* 0 50,000 5,000 85,000 300,000
$50 American Buffalo Gold Bullion Coins 1,000 14,500 12,000 33,500 128,500
American Eagle Bullion Silver Coin 0 675,000 845,000 3,232,000 17,455,000


*The U.S. Mint has temporarily suspended sales of its smallest Gold Eagle until inventories are replenished. The bureau ran out of the gold coins on Monday.

All bullion figures above are in the number of coins sold. Calculate total ounces by using the bullion coin’s weight. 2011-2012 America the Beautiful Five Ounce Silver Bullion Coins sold out on March 1, 2013. The U.S. Mint is not yet selling any of this year’s five ounce coins.

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This is great news for gold and silver buyers. I like to buy at the lower prices, but it’s nice to know gold and silver won’t be down for long.