Gold and Silver Rebound, US Mint Bullion Coins Gain

999.9 Fine Gold Bars
Precious metals rebounded Wednesday. All U.S. Mint one-ounce bullion coins also logged higher sales.

Gold prices bounced higher Wednesday on weakness in the U.S. dollar and from reports of strong physical demand, analysts opined.

Gold for June delivery rebounded $24.90, or 1.7%, to finish at $1,473.70 an ounce on the Comex in New York. Gold traded from a low of $1,446.70 to a high of $1,475.80. Gold prices dropped $19.20 during the previous session.

"The jump in prices was mainly on reports of strong physical buying from India and China," Michael Smith, the president of T&K Futures & Options Inc. in Port St. Lucie, Florida, said in a telephone interview according to Bloomberg. "Imports by China in April may have been even higher than in March."

Reversing a two-session slide, silver for July delivery gained 12.1 cents, or 0.5%, to settle at $23.927 an ounce. Silver ranged from $23.640 to $24.095. Higher-than-expected trade figures out of China were said to supportive.

"As well as a precious metal, silver has many industrial uses. So, when exports rise, so too should the demand for commodities and, therefore, silver, which falls into that category," MarketWatch quoted Fawad Razaqzada, technical analyst at GFT Markets.

In other New York precious metals futures on Wednesday:

  • July platinum shot up $23.70, or 1.6%, to $1,504.90 an ounce, trading between $1,480.80 and $1,509.00.

  • Palladium for June delivery surged $17.65, or 2.6%, to $698.25 an ounce, ranging from $681.15 to $699.40.

London Fix Precious Metals

London precious metals fixings were higher as well. In comparing the Tuesday PM to Wednesday PM London fixings:

  • Gold jumped $23.75, or 1.6%, to $1,468.00 an ounce,
  • Silver added 11.0 cents, or 0.5%, to $23.86 an ounce,
  • Platinum gained $10.00, or 0.7%, to $1,494.00 an ounce, and
  • Palladium rose $8.00, or 1.2%, to $690.00 an ounce

US Bullion Coin Sales in May

Sales of major U.S. Mint bullion coins advanced Wednesday. Increases were 2,000 for 22-karat Gold Eagles, 1,000 for 24-karat Gold Buffalos and 180,500 for 99.9% fine Silver Eagles.

In related coin news, beginning on Monday, May 13, the United States Mint will begin selling the first 2013-dated America the Beautiful Five Ounce Silver Bullion Coin. The 99.9% pure silver coin featuring White Mountain National Forest will be available for purchase in an allocated or rationed basis.

The following are daily, May and year-to-date bullion coin totals as published by the United States Mint.

American Eagle and Buffalo Bullion Coin Sales
  Wednesday Sales Last Week Week-To-Date May Sales YTD Sales
$50 American Eagle Gold Bullion Coins 2,000 38,000 5,000 15,000 449,000
$25 American Eagle Gold Bullion Coins 0 3,000 0 0 40,000
$10 American Eagle Gold Bullion Coins 0 4,000 0 0 72,000
$5 American Eagle Gold Bullion Coins* 0 5,000 0 0 300,000
$50 American Buffalo Gold Bullion Coins 1,000 14,500 1,000 2,500 134,500
American Silver Eagle Bullion Coins 180,500 845,000 900,000 900,000 19,210,000


*The U.S. Mint has temporarily suspended sales of its smallest American Gold Eagle until inventories are replenished. The Mint ran out of them on April 22.

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