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Gold Eases Slightly as Silver at Six-Week High


January, 28 2013 - The price of U.S. gold eased slightly from a five week high as the price of silver extended its winning streak to seven sessions and closed at its highest price in six weeks.

The price of gold bullion in early trade on Monday showed a nominal pullback with U.S. gold futures for April delivery down $2.30, or 0.14 percent, to $1,656.40 per troy ounce. The spot price of gold is off $1,76, or 0.17 percent, to $1,655.84 per troy ounce. U.S. silver futures for March delivery are also down slightly ahead of the policy-making meeting of the U.S. Federal Reserve at $30.98 per troy ounce, a change of $0.22 or 0.69 percent.

A weaker U.S. dollar and the stimulus news from the Bank of Japan has been supporting gold as recent price points have brought the price of gold up to four week highs. Standard Bank analyst Walter de Wet wrote gold should find support from the BOJ stimulus as the liquidity created by the BOJ finds its way into the broader global economy. He added the bank still expects $1,700 to provide resistance and $1,660 to provide support.

The outlier in precious metals has been silver. March silver prices gained $0.262 or 0.8 percent to $32.439 per troy ounce as of midweek with the settlement price the highest since December 12.

Analysts with GoldCore said silver has now rallied for seven days due to the flood of inflows into silver-backed exchange traded funds and investment demand for coins and bars internationally.

The U.S. Mint exhausted its supply of American Silver Eagle bullion coins last week after just ten days of availability and when it resumes sales it will do so on an allocation or rationing basis. The Royal Canadian Mint has also instituted a rationing program to avoid a depletion of its reserves in what it states as very strong demand for silver coins.

The suspension of the 2013-dated American Silver Eagle followed the record for one-day sales when orders to authorized distributors reached 3,937,000 ounces in one day. Totals for the month of January up to the suspension of sales saw 6,007,000 ounces ordered. The Royal Canadian Mint moved 12.7 million silver bullion coins up to and through the third quarter of 2012 compared to the U.S. mint’s sales of silver eagles at 25.795 million.

Daily Updates Archive

Jonathan Monroe

Senior Staff Writer -

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