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Gold Bounces After Early April Sell-off
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(4/9/12) In the week just past, gold prices took some harrowing dips, including Wednesday's loss of some 2.5% in one trading day. By Thursday, some stability seemed to be reached around the $1,630 level, just in time for the long trading pause in London and New York for Easter weekend.
Some new interest in physical came this past week from those 'buying on the dips.' But as is typical in a the week before the annual US income tax deadline, the predominant theme is liquidations. In fact, 2012 so far has seen a much lower level of physical gold bullion demand in the US. Although there are a world of choices for gold bullion buyers in the US, the predominant product is the gold eagle for the US Mint. the Mint publishes monthly mintage figures at their website, and a general picture of domestic gold bullion demand can be drawn from those figures. This february, for instance, the Mint only sold 20,000 1-ounce gold Eagles, their flagship product. Considering that the Mint annually sells over one million of these coins, February's mintage, along with March's production of 57,500, show a slackening of demand domestically sofar in 2012. Anecdotally, we can report an increase in liquidations of gold bullion sofar this year, and not just in the weeks ahead of tax season. This additional supply of gold bullionproduct being sold into dealers' hands has dampened demand for new product.

 

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