Gold, Silver Prices Rise, US Gold Bullion Coin Sales Climb

by Bullion Prices Staff on March 7, 2012

Following a three-session losing streak and a six-week low, gold prices rose modestly Wednesday as weakness in the U.S. dollar and economic "optimism" was in favor. April gold prices added $11.80, or 0.7%, to $1,683.90 an ounce on the Comex division of the New York Mercantile Exchange.

"There is some positive news out there for the economy, and that is helping gold," Frank Lesh, a trader at FuturePath Trading in Chicago, said in a telephone interview that was cited on Bloomberg. "Some investors are back after the big fall."

Silver was the best performing precious metal Wednesday, advancing 2.4%. In dollar terms, May silver prices added 80.2 cents to $33.59 an ounce.

In PGM futures, June palladium prices rose $13.75, or 2.0%, to $685.35 an ounce while April platinum prices added $15.40, or 1.0%, to $1,627.30 an ounce.

United States Mint Bullion Sales

Perhaps the biggest United States Mint bullion coin news of the day was the lack of an increase for the Silver Eagle. It is the first zero-day gain for the 99.9% fine silver coin in eight (business) days.

The single bullion coin from the Mint to rise Wednesday was its 1 oz. Gold Eagle. It rose 6,000 to bring its March sales total to 14,500. That, in just a few days, is only 5,500 away from the entire total registered in February.

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

United States Mint 2012 Bullion Coin Sales
  Mon Tue Wed Mar 2012 Sales
1 oz American Gold Eagle 0 0 6,000 14,500 119,000
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 0 90,000
1 oz American Gold Buffalo 3,000 4,000 0 7,000 27,500
5 oz America the Beautiful Silver Coins 0 0 0 0 6,000
1 oz American Eagle Silver Coins 180,000 240,000 0 695,000 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 coin sales have an "as of date" of Wednesday, March 7, 2012, as published on the U.S. Mint website.

In news about U.S. Mint products, the following articles are of note:

The first article by covers the latest U.S. Mint numismatic and bullion silver coin sales. In summary, bullion demand is higher and the Infantry Soldier Dollar¬†commemorative products have remained the Mint’s top numismatic sellers since their release on February 16.

The second article by discusses price reductions implemented Wednesday for fourteen U.S. Mint products that contain gold. The cuts were made as a result of a lower weekly average for London gold.

London Bullion Prices

With the exception of a minor loss in silver, London bullion prices were flat to slightly higher. The following offers the most recent London PM Fix prices for this week.

London Fixings (PM)
  Mon Tue Wed Daily
Silver Prices $34.18 $33.22 $33.17 -0.05
Gold Prices $1,705 $1,669 $1,669 Unchanged
Palladium Prices $709 $673 $678 $5
Platinum Prices $1,672 $1,614 $1,627 $13


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

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