After bullion prices plunged Monday, gold and silver recovered a touch on Tuesday. Gold prices added $11.20, or 0.7%, to $1,643.80 an ounce on the Comex division of the New York Mercantile Exchange. Gold prices hit an intraday low of $1,634.60 an ounce and touched a high of $1,650.10 an ounce.
"Right now, the long-put buyers have the control because they are in the money," Reuters quoted Anthony Neglia, president of Tower Trading and a COMEX gold options floor trader.
"If the put buyers are under-hedged, they are going to buy some gold. Conversely, for the short put sellers, if they are under-hedged, they are going to sell some gold. So we may be trapped in this range," he said.
In other New York bullion prices, May silver futures added 21.5 cents, or 0.7%, to $30.75 an ounce while PGM futures ended down. June palladium futures fell $5.10, or 0.8%, to $665.80 an ounce. July platinum futures declined $8.20, or 0.5%, to $1,548.10 an ounce.
United States Mint Bullion Coin Sales
United States Mint bullion coin sales were unchanged Tuesday but they did shine brighter on Monday. In particular, the American Silver Eagle improved greatly with a one-day gain of 400,000. The bullion coin had only edged up 100,000 during all of last week for its worst weekly performance of the year, and that pick-up had come on the previous Monday.
United States Mint Authorized Purchasers also ordered 3,500 ounces of gold bullion coins. Splits included 1,500 ounces of Gold Eagles with the remaining 2,000 ounces in Gold Buffalos.
The most recent bullion coin totals are offered in the daily, monthly and 2012 sales columns below.
|United States Mint 2012 Bullion Coin Sales|
|1 oz American Eagle Gold Coins||1,000||0||16,000||178,000|
|1/2 oz American Eagle Gold Coins||0||0||0||51,000|
|1/4 oz American Eagle Gold Coins||2,000||0||2,000||42,000|
|1/10 oz American Eagle Gold Coins||0||0||5,000||135,000|
|1 oz American Buffalo Gold Coins||2,000||0||9,000||55,500|
|5 oz America the Beautiful Silver Coins||0||0||200||8,000|
|1 oz American Silver Eagle||400,000||0||1,280,000||11,419,000|
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, April 9, 2012. All other bullion sales have an "as of date" of Tuesday, April 24, 2012, as published on the Mint website.
In related United States Mint news, the bureau has scheduled a Silver Eagle San Francisco Anniversary Set. The set is currently listed with a release date of June 7. It is expected that the set will contain a:
- 2012-S Proof American Silver Eagle and
- 2012-S Reverse Proof American Silver Eagle
Both are intended to help celebrate the 75th anniversary of United States Mint in San Francisco at its current location.
In one other news item of the day, as gold prices have declined in recent days, there is a good chance that the United States Mint will reduce numismatic gold coin prices on Wednesday. Price reductions, if implemented, would affect all First Spouse Gold Coins, all proof American Gold Eagle products and the 2012 Star-Spangled Banner $5 Commemorative Gold Coins.
London Bullion Prices
London bullion prices were split yet again Tuesday, although platinum’s PM fixing was unchanged against the previous one. The following grid offers London PM Fix daily prices with gains and losses over the most recent two-days.
|London Bullion Prices and Their Fixings (PM)|
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