Gold and Silver Prices Retreat, Bullion Coin Sales Ride High

by Bullion Prices Staff on February 8, 2012

A bout of profit taking was in the mix Wednesday as gold fell after soaring during the previous session. April gold prices added $17.10, or 1% to $1,731.30 an ounce on the Comex division of the New York Mercantile Exchange. Gold ranged from $1,726 an ounce to $1,712.60 an ounce to $1,754.80 an ounce.

"Comex April gold futures ended the U.S. day session lower and near the daily low Wednesday as some profit-taking pressure was featured. The key ‘outside markets’ also turned from a bullish posture for the precious metals in early dealings Wednesday, to a bearish posture by the close," noted Jim Wyckoff of Kitco News.

"It was a mildly ‘risk on’ trading day in the market place early Wednesday, which was mildly bullish for the precious metals, as the European Union sovereign debt crisis was perceived by the market place to be more stabilized. A debt- restructuring deal between the Greek government and the private sector had been reported as very close to being agreed upon," added Wyckoff.

Silver prices followed gold. March silver prices dipped 49 cents, or 1.4%, to $33.70 an ounce.

Noble metals bucked the direction of both gold and silver as palladium gained 1% and platinum rose 0.8%. In dollar terms and in closings, March pallatium futures prices added $6.75 to $715.90 an ounce while April platinum futures prices added $13.30 to $1,668.10 an ounce.

United States Mint Bullion Coin Sales

It was another day of gains for 1 oz. U.S. Mint bullion coins. Sales of the Gold Eagle added 2,000 while the Silver Eagle gained 40,000 and the Gold Buffalo advanced 500.

The latest bullion coin sales are provided below in the daily, monthly and 2012 columns.

Sales of United States Mint 2012 Bullion Coins
Monday Gains Tues. Gains Wed. Gains Feb. Sales 2012 Sales
1 oz American Gold Eagle 4,000 1,000 2,000 8,000 92,500
1/2 oz American Gold Eagle 0 0 0 0 49,000
1/4 oz American Gold Eagle 2,000 0 0 2,000 40,000
1/10 oz American Gold Eagle 0 0 0 0 85,000
1 oz American Gold Buffalo 0 1,000 500 1,500 15,000
5 oz America the Beautiful Silver Coins 0 0 0 0 5,700
1 oz American Eagle Silver Coins 375,000 200,000 40,000 710,000 6,817,000

Notes: Figures above are in coins, not ounces sold. The United States Mint last updated sales of its 5 oz. America the Beautiful Silver Coins on Friday, January 27, 2012. All other figures have an "as of date" of Wednesday, February 8, 2012, as published on the Mint website.

In major United States Mint news which is not necessarily related to bullion, the following articles are of note:

Both articles discuss weekly sales of United States Mint products, including numismatic and bullion coins. The first article is more encompassing in that it covers all of the Mint’s major coins for sale. The second article focusses on only silver-related coin products.

London Bullion Prices

London bullion prices shot higher across the board. From the Tuesday PM to Wednesday PM London Fix prices:

  • Gold added $22, or 1.3%, to $1,746 an ounce,
  • Silver prices advanced $1.09, or 3.3%, to $34.37 an ounce,
  • Palladium climbed $7, or 1%, to $707 an ounce, and
  • Platinum rose $28, or 1.7%, to $1,647 an ounce

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

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