Gold Dips from 4-Month High as Silver Falls 0.6%

by CoinNews.net on August 28, 2012 · 0 comments

Fine Gold Bars

Gold fell from a more than four-month high

Gold fell from a more than four-month high and for the first time in four sessions Tuesday. Profit-taking was the common catalyst cited for the day’s modest loss.

Gold prices for December delivery dipped $5.90, or 0.4%, to close at $1,669.70 an ounce. Gold moved between intraday levels of $1,659.10 and $1,674.90. Trading volume was relatively light. Analysts opine that some investors are sidelined ahead of Fed Chairman Ben Bernanke’s Friday speech at an annual meeting in Jackson Hole, Wyoming.

"The market is in a wait-and-watch mode ahead of the meeting," Frank McGhee, the head dealer at Integrated Brokerage Services LLC in Chicago, said in a telephone interview relayed on Bloomberg. "We are also witnessing some profit taking."

In other New York bullion futures prices:

  • Silver for December delivery shed 17.3 cents, or 0.6%, to settle at $30.875 an ounce. The white metal touched an intraday low of $30.485 and reached a high of $30.975.

  • Platinum for October delivery fell $32.80, or 2.1%, to $1,520.40 an ounce, ranging from $1,517.50 to $1,547.00.

  • Palladium for December delivery — the new, most active contract — declined $15.35, or 2.3%, to $640.95 an ounce. Palladium traded between $637.25 and $654.00.

London Precious Metals

Following a holiday break on Monday, London markets reopened with mixed results. When comparing London PM Fix prices:

  • Gold edged up $1.00, or 0.1%, to $1,668.00 an ounce,
  • Silver advanced 44.0 cents, or 1.4%, to $30.81 an ounce,
  • Platinum declined $16.00, or 1.0%, to $1,521.00 an ounce, and
  • Palladium lost $3.00, or 0.5%, to $640.00 an ounce

U.S. Mint Bullion Coins

Sales levels for U.S. Mint bullion coins were unchanged Tuesday as of 4:22 PM ET. The following grid offers the most recent daily, August and year-to-date bullion sales figures, as published by the United States Mint.

US Mint American Eagle and Buffalo Bullion Coin Sales
  Daily Gains August Gains YTD 2012
$50 American Eagle Gold Coins 0 21,000 334,500
$25 American Eagle Gold Coins 0 1,000 57,000
$10 American Eagle Gold Coins 0 0 54,000
$5 American Eagle Gold Coins 0 20,000 210,000
$50 American Buffalo Gold Coins 0 6,500 85,500
American Silver Eagle Coins 0 2,121,000 21,791,000

 

America the Beautiful 5 Oz. Silver Bullion Coin Sales
  Daily Gains August Gains All-Time Total
2012 El Yunque National Forest 5 oz. Silver Coins 0 600 13,800
2012 Chaco Culture National Historical Park 5 oz. Silver Coins 0 1,100 8,500
2012 Acadia National Park 5 oz. Silver Coins 0 5,200 15,100
2011 Olympic National Park 5 oz. Silver Coins 0 300 85,800
2011 Vicksburg National Military Park 5 oz. Silver Coins 0 100 39,200
2011 Chickasaw Park 5 oz. Silver Coins 0 100 29,500
TOTAL 0 7,400 191,900

 

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

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