Gold Down as Silver Eagle Coins Over 31M
Posted by Adam King on November 14, 2012
After a five-session winning streak that brought the gold markets the biggest weekly increase since January, gold continued an easing through Wednesday.
The spot price of gold dropped 0.1 percent to $1,722.91 per troy ounce in early trading, a further drop from Friday’s three-week high around $1,738.00 per troy ounce. U.S. gold futures for December delivery drifted another 0.1 percent, extending losses from yesterday, to $1,722.80 per troy ounce.
Jim Wyckoff with Kitco said bearish outside markets limited buying interest in the gold and silver markets, as the U.S. dollar index was firmer, while crude oil prices were weaker. He added that gold and silver have seen some mild profit taking and chart consolidations occur early this week, following last week’s good gains.
Last week, precious metals surged across the board at 3.3 percent for gold, 5.7 percent for silver, 0.9 percent for platinum, and 1.9 percent for palladium.
After an extended three-day weekend, the U.S. Mint recorded a surge in movement on Tuesday for bullion products. With the mid-point for the month still some days ahead, the Mint has seen sales levels in November that surpass the robust activity of October.
All of the Mint’s major bullion products gained on Tuesday, thought the Mint’s American Silver Eagle Coin perhaps made the most newsworthy performance with sales topping 31 million year to date. That has occurred only on two previous occasions in the coin’s 26-year history.
Sales of one-ounce American Eagle Gold Coins now stand at 39,500 for November and 504,000 for the year to date. American Buffalo Gold Coins advanced 6,000 in November with 113,500 ounces moving year to date. The American Silver Eagle Coin has sold 2,195,500 thus far in November, achieving 31,143,500 ounces sold year to date.
The re-election of President Barack Obama coupled with concerns over the U.S. fiscal cliff, a series of tax hikes and budget deficits set to confront a new and politically divided Congress in 2013, contributes to the investor demand now active in the precious metals markets. President Obama is scheduled to hold a news conference on Wednesday in which he will answer questions regarding the negotiations around the fiscal cliff in Washington, D.C.
Categories:
US Gold Market
Get Your Free Gold IRA Investor Kit & 7 Blunder Report
Free Investor Kit 
View Charts
