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Gold Extends Winning Streak as Silver and U.S. Silver Coins Gain

The price of gold extended winnings into the new trading week on Monday after settling last week’s trade up and near the psychologically important $1,600 per troy ounce level.

By mid-morning trade on Monday, the spot price of gold gained $15.11 or 0.91 percent to $1,606.64 per troy ounce. U.S. gold futures for April delivery gained $15.90 or 0.84 percent to $1,605.90 per troy ounce.

According to Bloomberg, the current rally is the longest winning streak for gold since August 21. Currently, the gold market is pushed to higher prices by concern over the bailout deal in Cyprus which proposal a bank levy on depositors in order to pay for the government’s bailout.

Silver has also made strong gains, advancing for seven of the last eight sessions. Chintan Karnani, independent bullion analyst in New Delhi, said silver rose as copper and gold prices both rose. Karnani added that for silver to rise, both copper and gold prices need to rise, but said silver would move on its own once it trades over $29.90 per troy ounce.

The American Eagle Silver Coin continues strong sales on the price movements after experiencing a record-shattering January and strong sales in February. American Eagle Silver Coins advanced 665,500 to reach 12,429,000 ounces sold by the U.S. Mint for the current year. Since 2008, Silver Eagles have sold over the 12 million mark a year, though the current sales levels are occurring so early in the year it underscores the physical demand for silver coin bullion in the current market dynamic.

Sales of gold bullion also advanced at the U.S. Mint with sales of the one ounce American Eagle Gold Coin reaching 22,500 for the month of March, brining the year to date totals to 215,000. American Buffalo Gold Coins also gained with 5,500 ounces bringing the year to date total to 89,500 ounces.

Of course the clear winner in the current sales levels are the American Eagle Silver Coin, which has enjoyed a great deal of physical bullion demand since the beginning of November amid the increased market concern over the U.S. budget debates.

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