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« Eric Sprott and Rick Rule Skewer the U.S. with James West on Midas Letter Money | Main | Supply-side constraints may hit BRICS: PM »
Monday
Apr022012

Gold Gains Modestly, Silver Surges 1.9%, US Mint 1 Oz Coins Rise

Precious metals rallied in the first trading day in the second quarter with gains of 0.5% for gold, 1.9% for silver, and 0.7% for platinum and palladium.

Gold prices for June Delivery advanced $7.80 to $1,679.70 an ounce on the Comex in New York. The yellow metal gained for a second session after rising 1.0% Friday and closing the first quarter 6.7% higher. For the day, gold prices moved between an intraday low of $1,664.40 and a high of $1,685.40, according to Coin News.

"Attempts to lift gold beyond resistance at $1,680 or $1,700 could still be in the cards this week, with a potential target of $1,730 or so," notes Jon Nadler, Senior Analyst at Kitco Metals Inc.
"On the support-side, the $1,650 and $1,620 levels are being cited as key numbers that need to hold. Overall, the speculative trade is still concerned about the potential slackening of physical gold demand from key consuming nations such as India and Turkey and about waning investment demand."

Silver prices for May delivery surged 61.4 cents to settle at $33.098 an ounce, ranging from $32.34 to $33.25.

Platinum prices for July delivery climbed $10.80 to $1,654.90 an ounce, trading between $1,640.50 and $1,659.90.

Palladium prices for June delivery added $4.70 to $658.80 an ounce, moving from $651.50 to $666.10.

London Precious Metals

London precious metals were about unchanged for silver to higher for gold, platinum and palladium. When comparing the most recent London PM fixings:

  • Gold tacked on $15.00, or 0.9%, to $1,677.50 an ounce,

  • Silver dipped one penny to $32.42 an ounce,

  • Platinum edged up $1.00, or 0.1%, to $1,641.00 an ounce, and

  • Palladium gained $5.00, or 0.8%, to $656.00 an ounce

Last week, London gold slipped 0.1%, silver advanced 2.8%, platinum declined 1.4% and palladium lost 1.1%.

U.S. Mint Bullion Coins

U.S. Mint distributors started April with orders for the smallest bullion coin and each of the Mint’s one ounce bullion coins, according to the latest sales figures. Buyers grabbed a total of 5,000 ounces of gold coins and 195,000 ounces of silver coins.

The following are the most recent daily, April and year-to-date bullion coin totals as provided by the U.S. Mint.

Sales of U.S. Mint American Eagle and Buffalo Bullion Coins

 

Daily Gains

April Gains

YTD 2012

American Gold Eagles (1 oz.)

3,500

3,500

165,500

American Gold Eagles (1/2 oz.)

0

0

51,000

American Gold Eagles (1/4 oz.)

0

0

40,000

American Gold Eagles (1/10 oz.)

5,000

5,000

135,000

American Gold Buffalo Coin (1 oz.)

1,000

1,000

48,500

American Silver Eagles

195,000

195,000

10,334,000

 

Sales of America the Beautiful 5 Oz. Bullion Silver Coins

 

Prior Weekly

Weekly Gains

All-Time Total

Olympic National Park 5 oz. Silver Coins

200

0

85,100

Vicksburg National Military Park 5 oz. Silver Coins

200

0

38,300

Chickasaw Park 5 oz. Silver Coins

0

0

28,700

TOTAL

400

0

152,100

 

 All bullion sales in the above tables are in number of coins sold, not in the amount of ounces sold. The U.S. Mint has not sold five ounce bullion silver coins since Monday, March 26.

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