Gold Prices Fall Below $1540, US Bullion Coins Surge

by Bullion Prices Staff on May 16, 2012

A rallying U.S. dollar on Wednesday continued to weigh heavily on gold and other precious metals. June gold prices declined $20.50, or 1.3%, to $1,536.60 an ounce on the Comex division of the New York Mercantile Exchange. The yellow metal traded from an intraday low of $1,523.70 an ounce to a high of $1,552.20 an ounce.

"Usually, gold could be viewed as a safe haven or a contra play to the U.S. dollar," Bloomberg quoted Bill Greiner, who helps manage $13 billion of assets as chief investment officer at Mariner Wealth Advisors in Kansas City, Missouri.

"It’s really doing neither right now. It’s highly possible that we’ll see gold and commodities in general continue to drift down until the Fed steps in with some sort of quantitative easing package."

July silver prices dived 88.4 cents, or 3.1%, to $27.20 an ounce. June palladium prices declined $7.00, or 1.2%, to $594.10 an ounce. July platinum fell $14.30, or 1%, to $1,432.20 an ounce.

New York Futures – Bullion Prices
  Mon Tue Wed Daily Gain
($/%)
May Gain
($/%)
Silver Prices $28.353 $28.08 $27.20 -$0.884
-3.1%
-$3.82
-12.3%
Gold Prices $1,561.00 $1,557.10 $1,536.60 -$20.50
-1.3%
-$127.60
-7.7%
Platinum Prices $1,442.60 $1,446.50 $1,432.20 -$14.30
-1.0%
-$139.70
-8.9%
Palladium Prices $594.85 $601.10 $594.10 -$7.00
-1.2%
-$88.25
-12.9%

 

United States Mint Bullion Coin Sales

With three days closed out and two still left, this week will already go down as a strong one for gold bullion coins and an exceptional one for silver bullion coins. So far this week, 9,000 ounces of gold coins and 900,000 ounces of silver coins have been sold by the United States Mint. With the day’s gains, the American Silver Eagle topped the 13 million milestone for sales so far this year.

The most recent bullion coin totals are offered in the daily, monthly and 2012 sales columns below.

United States Mint 2012 Bullion Coin Sales
  Mon Tue Wed May 2012 Sales
1 oz Gold American Eagle 0 2,500 1,500 35,500 216,500
1/2 oz Gold American Eagle 0 0 0 0 51,000
1/4 oz Gold American Eagle 0 0 0 0 42,000
1/10 oz Gold American Eagle 0 5,000 0 5,000 140,000
1 oz American Buffalo Gold Coins 0 500 4,000 5,500 61,000
5 oz America the Beautiful Silver Coins 0 0 0 0 8,000
1 oz American Silver Eagle 475,000 150,000 275,000 1,410,000 13,069,000

 

Notes: The sales 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, April 9, 2012. All other bullion figures have an "as of date" of Wednesday, May 16, 2012, as published on the Mint website.

In related United States Mint news on Wednesday, the bureau cut coin prices across its range of numismatic and commemorative gold coins. The action came as a result of lower gold prices over the last week. Price reductions ranged from a low of $12.15 to a high of $92.50.

London Bullion Prices

Bullion prices in London also retreated Wednesday. The following grid offers London PM Fix daily bullion prices with gains and losses over the most recent two-day period as well as for May.

London Bullion Prices and Their Fixings (PM)
  Mon Tue Wed Daily Gain
($/%)
May Gain
($/%)
Silver Prices $28.33 $28.28 $27.25 -$1.03
-3.6%
-$3.95
-12.7%
Gold Prices $1,558.50 $1,556.50 $1,548.50 -$8.00
-0.5%
-$102.75
-6.2%
Platinum Prices $1,448.00 $1,449.00 $1,427.00 -$22.00
-1.5%
-$143.00
-9.1%
Palladium Prices $602.00 $602.00 $590.00 -$12.00
-2.0%
-$89.00
-13.1%

 

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

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