Gold Prices Fall for Second Day, Silver Follows

by on December 16, 2010 · 0 comments

Fine Gold Bars

Gold prices declined for a second straight day Thursday, driven lower by the common culprits of late — a stronger dollar, profit-taking and year-end book-squaring.

"With the end of the year coming up, individual and institutional investors are attempting to book profits and take advantage of another great year for gold," David Beahm, vice president at Blanchard & Co., in New Orleans, said and was quoted on MarketWatch.

Gold prices fell to a two-week low and retreated 1.1 percent for the day. The yellow metal is up 25.1 percent in 2010.

"Gold is on the defensive," Adam Klopfenstein, a senior strategist at Lind-Waldock, a broker in Chicago, was cited on Bloomberg. "A lot of people have caught a huge move up this year, and they’re going to look to bank profit."

Other precious metals following gold, with silver again dropping the most with a 1.6 percent loss. It declined 1.8 percent on the previous day and is down $1 from Tuesday.

New York closing prices follow:

  • Gold prices for February delivery declined $15.20 to end at $1,371.00 an ounce on the Comex in New York. Prices ranged from $1,361.60 to $1,387.30.
  • March silver prices lost 47.1 cents to $28.782 an ounce. They ranged from $28.350 to $29.255. Silver has risen 70.9 percent this year.
  • Platinum prices for January delivery ended down $5.80, or 0.3 percent, to $1,698.60 an ounce. Platinum ranged between $1,686.50 and $1,707.30.
  • Palladium prices for March delivery declined $10.10, or 1.3 percent to settle at $742.55 an ounce. It ranged from $730.00 to $758.00.

In PM London bullion prices, the benchmark gold fixing was $1,363.00 an ounce for a loss of $25.75 from the previous day’s PM price. The silver fix rose 9 cents to $29.150. Platinum was $1,700.00 an ounce, down $1.00. Palladium was $745.00 for a fall of $7.00.

Sales of United States Mint bullion coins were unchanged for the first time this week. Their latest sales figures follow:

U.S. Mint 2010 Bullion Coin Sales
December* 2010 Totals
American Eagle Gold Coin (1 oz) 42,500 1,127,000
American Eagle Gold Coin (1/2 oz) 0 45,000
American Eagle Gold Coin (1/4 oz) 0 60,000
American Eagle Gold Coin (1/10 oz) 5,000 390,000
American Buffalo Coin (1 oz) Sold Out 209,000
American Eagle Silver (1 oz) 1,422,000 34,312,500


December sales have an "as of date" of December 16.

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