Palladium Prices Take Pounding

by Bullion Prices Staff on March 22, 2012

Precious metals declined as a group Thursday, but palladium prices plunged the most at 5.5%. Silver followed with a loss of 2.7%, then platinum at 1.7% and, finally, gold which dipped at a relatively modest 0.5%. Losses were driven by weaker-than-expected manufacturing data from China and Germany which created a "risk off" mentality and refreshed concerns for metal demand.

April gold prices declined $7.80 to $1,642.50 an ounce on the Comex division of the New York Mercantile Exchange, trading between $1,627.50 an ounce and $1,656.60 an ounce.

"Gold’s been 100 percent focused on the China slowdown," Reuters cited Jeffrey Sica, chief investment officer of SICA Wealth Management with more than $1 billion in assets."

May silver futures prices stepped down 88.2 cents to $31.35 an ounce.

And for the noble metals, June palladium prices plummeted $37.60 to $651.05 an ounce while April platinum futures prices fell $28.30 to $1,612.10 an ounce — once again lower than gold.

United States Mint Bullion Coins

For a second straight day, zero increases in bullion coins were published by the United States Mint on Thursday. The most recent bullion coin totals are offered in the daily, monthly and 2012 sales columns below.

Sales of United States Mint 2012 Bullion Coins
  Mon Tue Wed Thurs Mar 2012 Sales
1 oz American Eagle Gold 1,500 1,000 0 0 32,500 137,000
1/2 oz American Eagle Gold 0 0 0 0 0 49,000
1/4 oz American Eagle Gold 0 0 0 0 0 40,000
1/10 oz American Eagle Gold 5,000 5,000 0 0 25,000 115,000
1 oz American Buffalo Gold 0 0 0 0 18,500 39,000
5 oz America the Beautiful Silver Coins 900 0 0 0 1,400 7,400
1 oz American Eagle Silver 215,000 0 0 0 1,862,000 9,459,000

 

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 12, 2012. All other bullion sales have an “as of date” of Thursday, March 22, 2012, as published on the Mint website.

London Bullion Prices

Palladium prices also declined severely in London. Major metals were down for a third consecutive day. The following grid offers this week’s London PM Fix daily prices and gains or losses over the most recent two-days.

London Fixings (PM)
  Mon Tue Wed Thurs Daily Gain
($/%)
Silver Prices $32.44 $32.22 $31.97 $31.79 -$0.18
-0.6%
Gold Prices $1,661.50 $1,656.75 $1,649.25 $1,635.50 -$13.75
-0.8%
Platinum Prices $1,673.00 $1,656.00 $1,640.00 $1,607.00 -$33.00
-2.0%
Palladium Prices $702.00 $699.00 $690.00 $658.00 -$32.00
-4.6%

 

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

{ 0 comments… add one now }

Leave a Comment

Previous post:

Next post: