Gold, Silver Prices Dive, US Mint Bullion Coins Unchanged

by Bullion Prices Staff on April 4, 2012

U.S. gold dived Wednesday in the wake of reduced expectations that the Fed will offer another round of monetary easing — that, taken from a reading of the latest FOMC meeting minutes which was released on Tuesday afternoon. June gold prices declined $57.90, or 3.5%, to $1,614.10 on the Comex division of the New York Mercantile Exchange, trading between $1,614 an ounce and $1,649.50 an ounce. The FOMC news was bullish for the U.S. dollar which in turned pressured commodities.

"The impact of a higher U.S. dollar on the gold price will be particularly pronounced given that a large majority of gold is invested in the U.S.," strategists at the National Australia Bank said, according to MarketWatch. "In the medium-to-longer term, we expect more certainty surrounding the European sovereign debt situation to emerge, while a relatively stronger U.S. dollar and a return to fundamentals should also help to lower prices," the strategists added.

In other New York bullion futures, May silver prices declined $2.22, or 6.7%, to $31.04 an ounce, June palladium prices lost $26.85, or 4.1%, to $632.75 an ounce, and July platinum prices declined $61.90, or 3.7%, to $1,598.60 an ounce.

United States Mint Bullion Coin Sales

The United States Mint on Wednesday did not report any new sales for its bullion coins — at least no as of 4:05 EDT. 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 April 2012 Sales
1 oz American Eagle Gold Coin 3,500 0 0 3,500 165,500
1/2 oz American Eagle Gold Coin 0 0 0 0 51,000
1/4 oz American Eagle Gold Coin 0 0 0 0 40,000
1/10 oz American Eagle Gold Coin 5,000 0 0 5,000 135,000
1 oz American Buffalo Gold Coin 1,000 2,000 0 3,000 49,500
5 oz America the Beautiful Silver Coins 0 0 0 0 7,800
1 oz American Silver Eagle 195,000 125,000 0 320,000 10,459,000


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, March 26, 2012. All other bullion sales have an as of date of Wednesday, April 4, 2012, as published on the Mint website.

In world coin news, two articles of note:

The first article is a reminder that the United States Mint will increase prices on each of its Star-Spangled Banner commemorative coin products by $5. The increases will go into affect on Thursday, April 5, 2012 at 5:00 PM ET. The second article covers a popular coin series from the Perth Mint of Australia. The Mint released ten different 2012 Year of the Dragon Silver Coins within a limited edition 10-coin set.

London Bullion Prices

London bullion prices took very heavy losses Wednesday, yet to a lesser degree than precious metals futures in New York. The following grid offers London PM Fix daily prices through this week and gains over the most recent two-days.

London Fixings (PM)
  Mon Tue Wed Daily Gain
Silver Prices $32.42 $32.97 $31.98 -$0.99
Gold Prices $1,677.50 $1,676.25 $1,621.00 -$55.25
Platinum Prices $1,641.00 $1,659.00 $1,616.00 -$43.00
Palladium Prices $656.00 $660.00 $647.00 -$13.00


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

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