Gold Prices Rally, Silver Gains for Second Day

by on May 23, 2013 · 0 comments

1000 g fine gold

Gold and silver advanced as platinum and palladium declined. US Mint bullion coin sales were flat.

Gold prices surged 1.8% Thursday to close at their highest level in a week, one day after falling for the ninth time in ten sessions.

Gold prices for June delivery jumped $24.40 to finish at $1,391.80 an ounce on the Comex in New York. The settlement price was the highest since May 15. Gold traded from an intraday low of $1,355.00 to a high of $1,397.10. Gold prices dropped 0.7% in the previous session.

Long absent, a pick-up in safe-haven demand was attributed to gains. A weaker U.S. dollar was also cited.

"Nervous investors are turning to gold as everything else looks very bleak today," Carlos Perez-Santalla, a broker at Marex North America LLC, said in a telephone interview according to Bloomberg. "The weakness in the dollar is supportive for gold."

Tracking gold on Thursday and rising for a second day, silver for July delivery added 3.6 cents, or 0.2%, to $22.508 an ounce. Silver prices ranged from $21.92 to $22.62. The precious metal climbed 1.7 cents on Wednesday.

PGM futures moved opposite of silver and gold. In their daily breakdowns:

  • July platinum settled at $1,457.20 an ounce, falling $12.00, or 0.8%. Prices ranged from $1,449.50 to $1,471.90. Platinum gained 0.7%, in the prior session.

  • Snapping a two-session winning streak, palladium for June delivery declined $13.50, or 1.8%, to $738.65 an ounce. Prices traded between $734.00 and $748.70. Palladium added 0.5% on Tuesday.

London Fix Precious Metals

London Fix precious metals declined across the board Thursday after rising as a group during the previous two days. In contrasting the Wednesday PM to Thursday PM London fixings:

  • Gold prices fell $28.00, or 2.0%, to $1,380.50 an ounce,
  • Silver shed 15.0 cents, or 0.7%, to $22.47 an ounce,
  • Platinum lost $19.00, or 1.3%, to $1,455.00 an ounce, and
  • Palladium declined $11.00, or 1.5%, to $739.00 an ounce

US Bullion Coin Sales in May

Sales levels were unchanged Thursday for United States Mint bullion coins. The following are the latest daily, May and year-to-date bullion coin totals as published by the United States Mint.

American Eagle and Buffalo Bullion Coin Sales
  Thursday Sales Last Week Week-To-Date May Sales YTD Sales
$50 American Eagle Gold Bullion Coins 0 28,000 7,000 50,000 484,000
$25 American Eagle Gold Bullion Coins 0 2,000 0 2,000 42,000
$10 American Eagle Gold Bullion Coins 0 4,000 0 4,000 76,000
$5 American Eagle Gold Bullion Coins* 0 0 0 0 300,000
$50 American Buffalo Gold Bullion Coins 0 6,500 2,000 11,000 143,000
White Mountain 5 oz. Silver Bullion Coins 0 12,700 10,600 23,300 23,300
American Eagle Silver Coins 0 833,500 866,500 2,600,000 20,910,000


*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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