Limited Edition Silver Proof Set Debuts at U.S. Mint
Posted by Adam King on December 05, 2012
Among the U.S. Mint’s new product debuts expected to boost sales this month is the 2012 Limited Edition Silver Proof Set, for which the Mint began accepting orders on November 27, 2012. The latest weekly United States Mint sales figures will be watched closely to determine the popularity of the set.
In early trading on Wednesday, gold climbed back above $1,700 per troy ounce during a stock market firming and following the dip in prices to one-month lows that brought bargain buying back to the market. The spot price of gold gained 0.3 percent to $1,701.94 following a drop to $1,690.64 on Tuesday. U.S. gold futures for February delivery gained $8.00 to $1,703.80 per troy ounce.
Bart Melek, Toronto-based head of commodity strategy at TD Securities, said gold is being sold along with just about everything else in commodities with the worries on the fiscal cliff. He added the precious metal is usually said to be a safe haven, but the threat to economies globally from the fiscal cliff is having knock-on effects.
As U.S. Mint bullion coins on Tuesday entered the sales board for the first time in December, American Silver Eagles registered the largest gains with an increase of 700,000 ounces or 200,000 more than all of last week. Gold bullion coins reached a sales total of 10,000 ounces between the American Gold Eagle and the American Gold Buffalo.
Continued strength in the U.S. Mint sales reports suggest movement in the precious metals markets that may not be totally or accurately portrayed in the movements of prices. Among the postulated reasons, concern over the U.S. fiscal cliff is predominant. Technical selling postures to cover losses in other markets are often given as a reason for the price movements, as well. As the sales year at the U.S. Mint is winding down, buying before the holidays may be a more accurate reason in some respects. However, a single day move of 700,000 ounces of silver over a 500,000-ounce tally for all of the previous week is significant for investors.