Mid-Day Gold & Silver Market Report – 4/17/2013

Nicholas Wilsey

4/17/2013 12:05:00 PM

GOLD AND SILVER COIN SALES SURGE

The recent drop in the price of Gold and Silver has caused coin sales to surge. Sales of Gold American Eagle coins have risen more than 65% since Friday. The U.S. Mint has sold more than 83,000 ounces of Gold Eagles in the first three weeks of the month, compared to just 20,000 in April 2012. "It's been nearly two years since people have been getting such low prices, so those waiting for more favorable buying conditions are now coming forward," said one analyst.

A meeting of financial policymakers from the leading economies in the world is taking place this week in Washington, D.C. The discussion of economic easing is expected to be the dominant topic throughout the week-long meeting. Easing has kept interest rates low; however, it is understood that the current monetary policies can’t continue indefinitely. "Interest rates are now at very low levels and ... we can see that there is a risk. In case of raising interest rates, the rising cost of debt will lead to yet another wave of debt problems, as the cost of servicing sovereign debt will increase," said Russian Finance Minister Anton Siluanov.

At 1:00 pm (EDT), the APMEX precious metals spot prices were:

• Gold, $1380.20, Down $10.70.
• Silver, $23.31, Down $0.42.
• Platinum, $1432.50, Down $19.10.
• Palladium, $662.80, Down $16.40.

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