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US Mint Silver Coin Sales On Record Pace
Posted May 14th, 2014
TANGIBLE INVESTMENTS - Los Angeles - by James O'Dell - Gold and silver bullion prices advanced more than one percent on Wednesday as gold tracked strong gains in industrial metals to $1,305.70 an ounce while silver jumped to $19.74 an ounce on strong Silver Eagle sales by the U.S. Mint. Platinum climbed 1.7 percent to a two month high of $1,474.50 an ounce while Palladium hit its highest since August 2011, up 1.3 percent to $824 an ounce.
"It's the strength in industrial metals that is lifting gold and silver," said Saxo Bank's Ole Hansen. “Platinum and palladium are strongly up on South Africa’s strike situation and that has provided some support for gold and silver,” said Peter Fertig, of Quantitative Commodity Research.
The U.S. Mint reported on Wednesday that Silver Eagle sales figures for May, show that a total of 3,262,000 ounces have been sold so far this month, and at that pace, May remains on track to beat the record of 5,354,000 ounces set in March. Geopolitical tensions in Ukraine and in the mines of South Africa are most likely at the heart of the record sales this month in Silver.
Meanwhile, the announcement on Wednesday that the London Silver Market Fixing Limited will stop administering the London silver fixing on Aug. 14, has raised investor's concerns as to how it will impact the market. “It’s disappointing to see a 117-year institution coming to an end,” said Ross Norman, of Sharps Pixley. “My personal view is that it’s been conducted well….It’s not sufficient just to be good. You’ve got to be seen to be good as well.”
The London Bullion Market Association (LBMA) said on Wednesday that it is considering implementing an alternative. “As part of our role as the trade association for the London Bullion Market, the LBMA has launched a consultation in order to ensure the best way forward for a London silver daily price mechanism,” said Ruth Crowell, of the LBMA.
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