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Gold, Silver Higher as U.S. Bullion Coins Gain

Gold continued an advance for the fourth day in a row on Thursday bolstered by a weakness in the U.S. dollar but still somewhat limited on a continued focus on equities.

By midmorning trade, the spot price of gold dropped a modest $6.37 or 0.44 percent to $1,577.00 per troy ounce. U.S. gold futures for April delivery gained $2.90 or 0.18 percent to $1,577.60 per troy ounce.

Howard Wen, metals analyst at HSBC said as long as equities keep hitting new highs, investors are not going to look toward gold. He added the focus is on equities right now and it doesn’t seem to be toward safe havens.

Tuesday saw the Dow rallying to a new record high and the S&P 500 closing at its highest point since October 2007.

Silver also registered modest gains for the week, with silver for May delivery gained $0.108 or 0.4 percent to $28.604 per troy ounce. The metal has been trading between $28.52 and $29.09 per troy ounce.

With the exception of five-ounce bullion coins, sales advanced through Tuesday for every type of United States Mint bullion product. In total, authorized distributors of the U.S. Mint ordered 4,000 ounces of gold coins and 113,500 ounces of silver coins. The 24-karat Gold Buffalo also entered the sales boards for the first time this month.

The one-ounce American Eagle Gold Coin saw sales last week of 20,000 ounces and sales up through Tuesday of 7,000 ounces, bringing the monthly total to 11,000 ounces thus far. Year to date, the one ounce denomination of the coin has sold 203,500 ounces. American Eagle Silver Coins have already surpassed last week’s sales of 822,000 ounces with 876,000 ounces being ordered by authorized distributors by Tuesday. Year to date, the Mint has taken orders for 11,743,000 ounces of the newly dated American Silver Eagle Coins.

Precious metals markets are continuing the trend of very strong physical demand with dampened prices as investors continue to look for more definitive market direction from central banks. Investors became unnerved after minutes from the Federal Reserve’s FOMC meeting in December indicated some members were leaning towards a pullback of quantitative easing, though since that time the bank has carefully reaffirmed it support of the easing programs.

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