Gold, silver and other precious metals retreated Tuesday, though physical demand remains robust. On that note, the U.S. Mint temporarily suspended sales for one of its gold bullion coins, saying today that:
Market demand for its "American Eagle and American Buffalo Gold Bullion Coins continues at a brisk pace" with sales of its 1/10 oz American Gold Eagle suspended until "inventories can be replenished."
In bullion futures, gold snapped a three-session winning streak as June contract prices fell $12.40, or 0.9%, to close at $1,408.80 an ounce on the Comex in New York. Prices ranged from an intraday low of $1,404.00 to a high of $1,432.80. The yellow metal advanced $25.60, or 1.8%, on Monday. Losses on Tuesday were attributed to a stronger U.S. dollar.
"Gold is lower as well as other commodities including crude oil and base metals, which fell after weaker-than-expected economic data out of China and Europe, which gave a boost to the dollar," Commerzbank analyst Carsten Fritsch said, according to Reuters.
Silver for May delivery sank 50.7 cents, or 2.2%, to close at $22.817 an ounce. The precious metal traded from $22.555 to $23.405. On Monday, silver posted an increase of 36.4 cents, or 1.6%, after falling for three straight sessions.
In PGM futures Tuesday:
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July platinum lost $19.00, or 1.3%, to $1,417.80 an ounce, ranging from $1,411.00 to $1,437.00.
- Palladium for June delivery turned down $8.55, or 1.3%, to $673.35 an ounce, trading between $666.20 and $684.10.
London Fix Precious Metals
Earlier London fixed precious metals declined as well. In contrasting the Monday PM to Tuesday PM London Fix prices:
- Gold lost $16.50, or 1.2%, to $1,408.00 an ounce,
- Silver declined 59.0 cents, or 2.5%, to $23.01 an ounce,
- Platinum fell $17.00, or 1.2%, to $1,417.00 an ounce, and
- Palladium shed $13.00, or 1.9%, to $670.00 an ounce
US Bullion Coin Sales in April
U.S. Mint sales advanced Tuesday for all bullion coins, excluding the suspended 1/10 oz Gold Eagle. Sales for the other Gold Eagles jumped 8,500 ounces, lifting April sales to 183,500 ounces — the highest for a month since 231,500 ounces moved in December 2009.
Aside from the smallest Gold Eagle, which will stay off sale until enough are produced to satisfy anticipated marketplace demand, there apparently is plenty of other gold bullion coins.
"The United States Mint continues to offer its other 22 karat gold bullion coin options. These include the American Eagle one ounce, one-half ounce and one-quarter ounce sizes. Sufficient inventories of the 24 karat American Buffalo One Ounce Gold Bullion Coins also exist," the U.S. Mint said Tuesday.
Sale of the American Buffalo gold bullion coins rose 4,000 on Tuesday for a month-to-date total of 32,500. That nearly triples the sales totals from February and from March.
Finally, American Eagle silver bullion coins climbed 164,000 for a new monthly total of just over 3.2 million. Sales are on track to surpass the monthly gains in March (3.3565 million) and in February (3.3685 million). Year-to-date sales are at 17.455 million. That level was not reached last year until July 2.
U.S. Mint bullion sales by day, for April and the year-to-date follow.
| American Eagle and Buffalo Bullion Coin Sales | |||||
|---|---|---|---|---|---|
| Tuesday Sales | Last Week | Weekly Sales | April Sales | YTD Sales | |
| $50 American Eagle Gold Bullion Coins | 7,500 | 104,000 | 14,500 | 163,000 | 409,500 |
| $25 American Eagle Gold Bullion Coins | 1,000 | 7,000 | 1,000 | 12,000 | 38,000 |
| $10 American Eagle Gold Bullion Coins | 2,000 | 18,000 | 2,000 | 24,000 | 70,000 |
| $5 American Eagle Gold Bullion Coins | 0 | 50,000 | 5,000 | 85,000 | 300,000 |
| $50 American Buffalo Gold Bullion Coins | 4,000 | 14,500 | 11,000 | 32,500 | 127,500 |
| American Eagle Bullion Silver Coin | 164,000 | 675,000 | 845,000 | 3,232,000 | 17,455,000 |
All bullion figures above are in the number of coins sold. Calculate total ounces by using the bullion coin’s weight. 2011-2012 America the Beautiful Five Ounce Silver Bullion Coins sold out on March 1, 2013. The U.S. Mint is not yet selling any of this year’s five ounce coins.
Unintended consequence of the orchestrated gold smash and related propaganda: unprecedented physical demand. The stampede to retail coin stores worldwide was to buy, not sell, the precious metal.
Reports are circulating that some retail individual “owners” of bought and paid for allocated gold cannot take delivery. Jim Sinclair’s friend is one example. He tried to take delivery of the more than 200,000 oz he had stored with a major Swiss bank. He owned it. But he could not get it. The bank’s reason? Anti-terrorism and money laundering laws.
Get ready for more of the same type of story, IMHO.
The ex CEO of CME group was denied delivery of two gold contracts (200 ounces) and forced to take a warehouse receipt.
How confident do you feel when the banks hold so many forms of capital and are starting to deny you possession? How many financial instruments can you hold in your hand? Stocks? hard to do, for most, they don’t. Bonds? Same. Mutual funds or 401k funds?
It is advisable to keep something in your own possession that is not controlled by banks ( sorry, cash doesn’t count)…
I always wondered if I bought something from one of these warehouse companies that the metal was really there…
Never did though.
Build a vault.
The title is a bit deceiving. How about US Mint “Suspends” 1/10 oz Gold Bullion Coins vs “Runs Out”.
Let’s go hire on with Todd Hoffman up in Alaska..!! We can all get our OWN DAMN GOLD…..and leave the US MINT out of it…!!
RBG –
There’s a distinction between suspends and runs out that can be made. Suspends is a fakey explanation one uses when they’ve run out and don’t have guts to admit it or the materials to make more. That’s what the mint said. Runs out as the heading of the article sounds more truthful to me about what’s actually happened. Neither means they won’t start sales again once they’ve got the blanks to make ’em.
George, I think Todd is headed to mine in South America next season. My money is on Dave Turin.
The mint is showing them available as of 4/26. See the price on the 1 oz? 1760.00. Spot at 1475. I realize it’s a proof, but still…
I’m glad to see heavy buying of the physical product when the price just got clobbered. It’s like gold just went on sale. Dealer prices are sometimes lower than the Mint.