U.S. Gold and Silver Coins Rise, Platinum Up

Tuesday brought advances in precious metals for a second straight session before a modest pullback in early trade on Wednesday. Platinum closed at a three-month high, topping gold for the first time since April of 2012.

U.S. platinum futures for April delivery surged $31.70, 1.9 percent, to $1,689.90 per troy ounce. Though the surge in platinum has partially been attributed to further distribution concerns from Anglo American Platinum, the mining company that coped with labor unrest in South Africa last summer, the rise in the metal lent support to gold and the yellow metal has held its ground.

Dan Smith, an analyst with Standard Chartered, said the trend in gold and platinum has been aggressively upwards in recent sessions. He added that we saw a little bit of dollar strength today and platinum is running through a strong technical resistance and also some profit-taking.

Meanwhile in trade on Tuesday, U.S. gold futures for February delivery gained $14.50, or 0.9 percent, to close at $1,683.90 per troy ounce. U.S. silver futures for March delivery added 41.9 cents, 1.4 percent, to $31.529 per troy ounce. The session close for silver was the highest settlement price since Dec. 18.

Commerzbank analyst Daniel Briesemann said precious metals are relatively robust against a firmer U.S. dollar. He added there may be some consolidation throughout the day but I wouldn’t say prices can fall considerably in the next couple of days.

Figures from the U.S. Mint indicated slightly slowing sales in U.S. gold and silver coin on Tuesday following the surging sales levels that have been breaking records and are poised to break decade long records. On Tuesday, 2,500 ounces of American Eagle Gold Coins moved at the Mint, 50,000 ounces of American Eagle Silver Coins sold, and 4,000 2011 Olympic National Park 5 oz. Silver Bullion Coins sold. The Mint lowered premiums on older 5 oz. bullion coins to move inventory recently, which then saw sales increases.

Already in the month of January, the Mint has sold 5,132,000 ounces of American Eagle Silver Coins including the strongest opening day for the Silver Eagle in the coin’s history, which saw 3,937,000 ounces ordered on January 7, 2013, the first day the coin was offered to the Mint’s network of authorized distributors.

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