Gold and Silver Prices Rebound, Bullion Gold and Silver Coins Rally

by Bullion Prices Staff on March 1, 2012

Gold and silver prices, along with palladium and platinum, rebounded Thursday to take back a portion of the deep losses precious metals suffered on the previous day.

On the Comex division of the New York Mercantile Exchange, April gold futures prices gained $10.90, or 0.6% to $1,722.20 an ounce, trading from $1,695.10 an ounce to $1,726.40 an ounce.

On Wednesday, the yellow metal plunged $77.10, or 4.3%. That helped spark physical buying in Asian markets overnight.

"It’s been a long time since we (saw) such decent buying," said one Hong Kong-based dealer, according to Reuters.

"We’ve seen physical flows coming off steadily since the beginning of February," said Standard Bank analyst Walter de Wet. "Physical demand is just not there when gold is at $1,750-$1,800, and you really need that on top of the financial demand to push gold much higher."

Silver was the best performing precious metal Thursday. May silver prices rallied $1.02, or 2.9%, to $35.66 an ounce. On Wednesday, silver prices tumbled $2.56, or 6.9%.

In PGM futures, June palladium prices added $8.35, or 1.2%, to $716.75 an ounce while April platinum prices added $8.50, or 0.5%, to $1,701.10 an ounce. The metals had slighter losses Wednesday, with palladium down 1.9%, and platinum down 1.8%.

United States Mint Bullion Sales

In the sense of daily increases, United States Mint bullion sales have been solid with gains every day thus far this week. Rising each of those days was 1 oz. American Eagles. Notably on Thursday, the Gold Eagle added 8,500 which will make its ending sales this week — even if there are zero on Friday — the highest of the year.

The most recent bullion sales are provided below in the daily and 2012 columns.

Sales of United States Mint 2012 Bullion Coins
  Mon. Tue. Wed. Thursday 2012 Sales
1 oz American Gold Eagle 3,000 500 1,000 8,500 113,000
1/2 oz American Gold Eagle 0 0 0 0 49,000
1/4 oz American Gold Eagle 0 0 0 0 40,000
1/10 oz American Gold Eagle 5,000 0 0 0 90,000
1 oz American Gold Buffalo 2,000 500 0 0 20,500
5 oz America the Beautiful Silver Coins 300 0 0 0 6,000
1 oz American Eagle Silver Coins 170,000 40,000 30,000 200,000 7,797,000


Notes: Figures above are in coins, not ounces sold. The United States Mint last updated sales of its 5 oz. America the Beautiful Silver Bullion Coins on Monday, February 27, 2012. All other bullion sales have an "as of date" of Thursday, March 1, 2012, as published on the Mint website.

In other world coin news, the Perth Mint of Australia released several new issues Thursday, including:

The 2012 Discover Australia Gold Proof Coins — five in all — feature 99.99% pure gold coins depicting Australia’s Green and Gold Bell Frog, the Red Kangaroo, the Kookaburra, the Goanna and the Whale Shark.

The new Australian Year of the Dragon coin is an interesting piece with its high-relief design. The coin is composed of 99.9% silver to a weight of one ounce. It is limited to a mintage of 7,500.

London Bullion Prices

London bullion prices declined in tandem Thursday as they moved closer to metal future settlements in New York on Wednesday. From the Wednesday PM to Thursday PM London Fix:

  • Gold declined $56, or 3.2%, to $1,714 an ounce,
  • Silver prices declined up $2.67, or 7.2%, to $34.56 an ounce,
  • Palladium declined $19, or 2.6%, to $703 an ounce, and
  • Platinum declined $40, or 2.3%, to $1,686 an ounce

Refer to this site’s home page for always updated bullion prices and news.

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