Gold, Silver Decline for Second Day, US Coins Unchanged

by CoinNews.net on August 1, 2012 · 0 comments

Gold bars and nuggets

Gold and silver declined for a second day

Gold declined Wednesday as investors’ doubts of more easing from the Fed turned into reality.

After ending 0.6% higher in July, gold prices for December delivery lost $7.30, or 0.5%, to $1,607.30 an ounce. It was gold’s second straight day of losses.

Gold declined in the wake of the FOMC policy meeting from the Fed that offered a gloomier view of the U.S. economy but did produce new stimulus measures.

"The metals markets were disappointed that the Fed chose not [to] act at today’s meeting," said Dave Meger, director of metals trading at Vision Financial Markets, according to Kitco News.

"The idea of further stimulus was anticipated and the market priced that in last week, so we’re taking some of that stimulus premium out."

Gold traded between an intraday low of $1,598.00 and a high of $1,621.80.

In other New York precious metals futures on Wednesday:

  • Silver prices for September delivery declined 37.9 cents, or 1.4%, to $27.535 an ounce. Silver ranged from $27.06 to $28.02.

  • Platinum prices for October delivery closed at $1,401.30 an ounce, falling $15.60 or 1.1%. Prices traded between $1,387.40 and $1,418.40.

  • Palladium for September delivery lost $7.95, or 1.4%, to $582.60 an ounce, ranging from $581.05 to $592.05.

In July, silver was the best performing precious metal as it gained 1.1%. In PGM metals last month, palladium climbed 1.0% while platinum fell 2.4%.

London Precious Metals

Like metal futures in New York, precious metals in London were lower on the day. In comparing the London PM Fix prices:

  • Gold declined $23.00, or 1.4%, to $1,599.00 an ounce,
  • Silver fell 33.0 cents, or 1.2%, to $27.87 an ounce,
  • Platinum lost $33.00, or 2.3%, to $1,394.00 an ounce, and
  • Palladium dipped $5.00, or 0.8%, to $586.00 an ounce

Last month in London, precious metal advances included 1.5% for gold, 4.1% for silver and 2.2% for palladium. Platinum fell 0.1%.

Sales of U.S. Mint Bullion Coins

U.S. Mint bullion coin sales levels were unchanged Wednesday as of 4:18 p.m. ET. Below are the most recent sales totals.

Sales of US Mint American Eagle and Buffalo Bullion Coins
  Daily Gains August Gains YTD 2012
$50 American Gold Eagle Bullion Coins 0 0 313,500
$25 American Gold Eagle Bullion Coins 0 0 56,000
$10 American Gold Eagle Bullion Coins 0 0 54,000
$5 American Gold Eagle Bullion Coins 0 0 190,000
$50 American Buffalo Gold Coins 0 0 79,000
American Eagle Silver Coins 0 0 19,670,000

 

For a look at recent U.S. Mint numismatic coin sales, read this weekly coin sales article.

Sales of America the Beautiful 5 Oz. Silver Bullion Coins
  Daily Gains August Gains All-Time Total
2012 El Yunque National Forest 5 oz. Silver Coins 0 0 13,200
2012 Chaco Culture National Historical Park 5 oz. Silver Coins 0 0 7,400
2012 Acadia National Park 5 oz. Silver Coins 0 0 9,900
2011 Olympic National Park 5 oz. Silver Coins 0 0 85,500
2011 Vicksburg National Military Park 5 oz. Silver Coins 0 0 39,100
2011 Chickasaw Park 5 oz. Silver Coins 0 0 29,400
TOTAL 0 0 184,500

 

Above U.S. Mint bullion coin sales are in coin totals, not the amount of ounces sold.

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