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Gold, Silver Break Six-Week Streak, U.S. Coin Sales Soar

January 14, 2013 - The price of gold retreated slightly on Friday, still holding onto a weekly gain that broke a six-week drop in the gold market that began during the fiscal cliff debates of December 2012.

In early trade on Monday, U.S. gold futures for February delivery gained $6.00, 0.36 per troy ounce, to $1,666.70 per troy ounce. The spot price of gold gained $4.33, 0.27 percent, to $1,667.45 per troy ounce.

Jeffrey Wright, managing director at Global Hunter Securities, said the overall trend is higher into next week. He added that volatility continues to be high in gold and silver with sharp intraday swings. He anticipates this level of movement to continue near term.

According to Kitco News, there is no majority of opinion on gold price direction for next week, with participants in the gold survey divided over the idea that fiscal policy uncertainty will support prices and other expecting prices to stay in the current range or move lower. Out of 33 participants, 23 responded with nine seeing prices up, seven seeing prices down, and seven seeing prices moving sideways or neutral.

U.S. Mint bullion coin sales are already at multi-month highs with more than two weeks left in January. Typically, January is a very strong month as the newly dated coins debut. Last week, the bureau began accepting orders for 2013-dated American Eagle Gold Coins and sales for 2013-dated American Eagle Silver Coins opened this week.

Gold bullion coins reached 54,000 ounce with 32,000 ounces in 22-karat American Eagle Gold Coins and 22,000 ounces in 24-karat American Buffalo Gold Coins. Gold Eagle sales at 97,500 ounces in January are higher than sales levels from nine different months in 2012. Gold Buffalo sales at 36,500 for the month are the strongest since March 2011.

Silver coins totaled 4,827,500 ounces this week as splits between 4,782,000 ounces of American Eagle Silver Coins and 9,100 America the Beautiful Five Ounce Silver Bullion Coins placed January 2013 as the third highest monthly total since the series started in 1986.

With more than two weeks left in the month of January, coins sales at the U.S. Mint will be watched by collectors and numismatists and are anticipated to continue at highs.


Daily Updates Archive

Jonathan Monroe

Senior Staff Writer -

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