Gold Prices Drop to 6-Week Low, US Bullion Silver Coins Extend Run

by Bullion Prices Staff on March 6, 2012

Gold prices were driven down to a six-week low Tuesday as investors shied away from commodities in general on a "risk-off" trading day. On the Comex division of the New York Mercantile Exchange, gold prices declined $31.80, or 1.9%, to $1,672.10 an ounce, the weakest closing price since Jan. 24.

"People who are long gold are getting out. They don’t like what’s going on with Greece and the stock market is decisively lower. It’s a matter of raising money," Reuters quoted Jonathan Jossen, COMEX gold options floor trader. "But the bullish option flow usually tells me we could be near a bottom."

In other futures closings, May silver prices declined 91.2 cents, or 2.7%, to $32.78 an ounce, June palladium prices fell $35.35, or 5.0%, to $671.60 an ounce and April platinum prices lost $50.70, or 3.0%, to $1,611.90 an ounce.

United States Mint Bullion Sales

The United States Mint’s popular bullion silver coins have extended their consecutive winning/advancing days to seven as sales of the Silver Eagle jumped 240,000 Tuesday after an increase of 180,000 on Monday. Rising for two-straight days and for their first gains in March was the bullion Gold Buffalo. It rose 3,000 on Monday and 4,000 on Tuesday. The 7,000 total for March now equals the amount sold during the entire month of February. No other bullion coins have advanced this week, according to United States Mint sales data.

The most recent bullion figures are provided below in the daily, monthly and 2012 columns.

Sales of United States Mint 2012 Bullion Coins
  Mon Tue Mar 2012 Sales
1 oz American Gold Eagle 0 0 8,500 113,000
1/2 oz American Gold Eagle 0 0 0 49,000
1/4 oz American Gold Eagle 0 0 0 40,000
1/10 oz American Gold Eagle 0 0 0 90,000
1 oz American Gold Buffalo 3,000 4,000 7,000 27,500
5 oz America the Beautiful Silver Coins 0 0 0 6,000
1 oz American Eagle Silver Coins 180,000 240,000 695,000 8,292,000


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 Monday, February 27, 2012. All other bullion sales have an "as of date" of Tuesday, March 6, 2012, as published on the U.S. Mint website.

In news about U.S. silver coins, the following articles are of note:

The article talks about how the United States Mint brought back from suspensions its uncirculated Silver Eagle and five ounce America the Beautiful uncirculated silver coins. The United States Mint stopped selling them when silver went over $35 an ounce. With silver dropping for several days, the coins were made available today and at their pre-suspension prices.

The second article discusses the Mint’s new product schedule, which now includes release dates for several 2012-dated proof products, including the Silver Eagle, Gold Eagles and the Gold Buffalo.

London Bullion Prices

London bullion prices matched the intensity of New York precious metals futures losses. The following offers the most recent London PM Fix prices for this week.

London Fixings (PM)
  Mon Tue Daily
Silver Prices $34.18 $33.22 -0.96
Gold Prices $1,705 $1,669 -$36
Palladium Prices $709 $673 -$36
Platinum Prices $1,672 $1,614 -$58


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

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