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As Gold Rebounds, Sales Levels at U.S. Mint are Highest Since December 2009

April 19, 2013 - The price of gold bullion gained on Thursday with a 0.7 percent move upward, a trend that continued by midday on Friday as physical demand for precious metals continued to break records.

On the Comex Division of the New York Mercantile Exchange, U.S. gold futures for June delivery gained $4.60 or 0.33 percent per troy ounce to $1,393.50 per troy ounce. The spot price of gold also gained at a rate of $8.56 or 0.60 percent to $1,394.28 per troy ounce.

James West, portfolio adviser to Midas Letter Opportunity Fund told Market Watch the futures-market led attack on the gold price backfired to some extent as the widespread buying of physical gold induced by this price anomaly will now start to drive the price upward.

Market perception indicates that changes in the futures market, possibly over concerns in the economy, spurred a fear-based selling drive that was divergent from actual demand in the physical market. Though prices reached 11 percent lower as of Friday, buying demand has been at record levels both in the U.S. and abroad. The U.S. Mint shattered its daily sales record for gold bullion in the wake of the price moves with 63,500 ounces of gold moving in one day, far and away above the previous record of 50,000, which was also achieved in 2013.

With nearly half of the month of April remaining, sales stand at 153,000 ounces of gold bullion ordered by authorized distributors of the U.S. Mint, the strongest level for a month since December 2009.

Physical bullion investors appear to be looking beyond the most immediate economic influences to the role of gold on a longer span timeline. Marcus Grubb, managing director of investment at the World Gold Council, said the WGC believes that despite the current turbulence, the long-term fundamentals of the gold market remain intact. He added that physical gold demand in India, China, and Dubai is incredible because of the price fall.

In a survey by Bloomberg which polled 34 gold analysts, 15 said they expected the price of gold to move higher next week and 14 said they see the price moving down with five declaring themselves neutral.

Daily Updates Archive

Jonathan Monroe

Senior Staff Writer -

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