Gold Prices Plunge 3% as Silver Falls 4.2%, Bullion US Coin Sales Up

by Bullion Prices Staff on March 14, 2012

U.S. gold prices plunged to an eight-week low and for a third straight day Wednesday as the aftermath of Tuesday’s FOMC statement was attributed to pressuring commodities. The statement was taken as burying any hopes of new monetary easing as investors were apparently expecting/wanting. By day’s end, gold prices for April delivery fell $51.30, or 3%, to $1,642.90 an ounce on the Comex division of the New York Mercantile Exchange. The settlement price was the lowest since January 13.

"Technical momentum is a powerful short-term market mover and could take the price through $1,600 to re-test Decembers low at $1,523," Reuters quoted Janet Mirasola, managing director of futures brokerage R.J. O’Brien.

Silver prices were pounded more than any other precious metal on Wednesday. May silver futures tumbled $1.40, or 4.2%, to $32.18 an ounce.

PGM’s were impacted to a lesser degree Wednesday, although platinum and palladium each still fell 1.6%. In their futures, June palladium prices declined $11.40 to $697.45 an ounce while April platinum prices declined $26.50 to $1,675.30 an ounce.

United States Mint Bullion Coin Sales

The United States Mint’s most popular bullion coins registered sales increases Wednesday after no gains were reported by the bureau on Tuesday.

Gaining the most was the American Eagle Silver bullion coin with 352,000, lifting its March sales to over 1.4 million and its year-to-date sales over 9 million.

The United States Mint also sold a combined 6,500 ounces of its gold bullion coins. For specifics on these, check out the daily, monthly and 2012 sales columns below.

United States Mint 2012 Bullion Coin Sales
  Mon Tue Wed Mar 2012 Sales
1 oz American Gold Eagle 2,000 0 2,500 23,000 127,500
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 0 0 0 5,000 95,000
1 oz American Gold Buffalo 0 0 4,000 16,000 36,500
5 oz America the Beautiful Silver Coins 900 0 0 1,400 7,400
1 oz American Eagle Silver Coins 320,000 0 352,000 1,417,000 9,014,000

 

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, March 12, 2012. All other bullion sales have an “as of date” of Wednesday, March 14, 2012, as published on the U.S. Mint website.

In other United States Mint news of the day, the bureau on Wednesday did not adjust any of its platinum or gold coin prices as it did during the previous weeks, but the proof Buffalo Gold price is now known and will start at $1,960.00 — that can change weekly. The United States Mint will release the collector coin Thursday at 12:00 ET.

London Bullion Prices

London bullion prices declined Wednesday as well. The following table offers this week’s London PM Fix prices as well as the latest daily PM changes.

London Fixings (PM)
  Mon Tue Wed Daily Gain
($/%)
Silver Prices $33.77 $33.58 $32.84 -$0.74
-2.2%
Gold Prices $1,697.50 $1,690.00 $1,644.25 -$45.75
-2.7%
Palladium Prices $704.00 $701.00 $700.00 -$1.00
-0.1%
Platinum Prices $1,687.00 $1,691.00 $1,679.00 $12.00
0.7%

 

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

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