Gold, Silver Prices Dip from Multi-Month Highs

by CoinNews.net on August 28, 2013 · 0 comments

Bars of Silver

Gold futures on Wednesday slipped from a three and a half month high while silver prices fell for the first time in five sessions and from a four and a half month high.

Gold for December delivery edged down $1.40, or less than 0.1%, to settle at $1,418.80 an ounce on the Comex division of the New York Mercantile Exchange. Trading occurred through an intraday range of $1,413.20 to $1,434.

"The gold and silver markets are going through a period of higher volatility, having strongly advanced for two solid weeks, but generally they are benefiting from their safe-haven status and the trend is definitely higher," MarketWatch quoted Gene Arensberg, editor of the Got Gold Report.

Gold futures in the previous session surged $27.10, or 2%, to finish at their highest price since May 14.

Silver prices for September delivery shed 26 cents, or 1.1%, to end at $24.39 an ounce. Silver futures traded between $24.22 and $25.12. In the prior session, they rallied 64.1 cents, or 2.7%, to settle at the highest price since April 12.

In PGMs on Wednesday:

  • Platinum scored it fourth increase in five sessions. October platinum gained $8, or 0.5%, to $1,540.10 an ounce. The metal traded between $1,516 and $1,546.60.

  • Palladium for December delivery — now the new most-active contract — fell $3, or 0.4%, to $748.25 an ounce. It ranged from $737 to $752.05. Palladium has fallen three times in the last four sessions.

London Fix Precious Metals

London precious metal fixings were mixed with gold and silver higher and PGMs lower. When comparing the Tuesday PM to Wednesday PM London Fix prices:

  • Gold was almost unchanged, up 25 cents to $1,419.50 an ounce,
  • Silver prices advanced 45 cents, or 1.9%, to $24.74 an ounce,
  • Platinum declined $18, or 1.2%, to $1,528 an ounce, and
  • Palladium dipped $3, or 0.4%, to $744 an ounce

U.S. Mint Bullion Sales

Sales totals for United States Mint bullion coins were unchanged Wednesday. U.S. Mint bullion sales on the day, the week, the month and year-to-date follow.

American Eagle and Buffalo Bullion Sales
  Wednesday Sales Last Week Week-To-Date Sales August Sales YTD Sales
$50 American Eagle Gold Bullion Coins 0 3,500 3,500 8,500 596,000
$25 American Eagle Gold Bullion Coins 0 0 0 1,000 48,000
$10 American Eagle Gold Bullion Coins 0 4,000 2,000 6,000 100,000
$5 American Eagle Gold Bullion Coins 0 0 0 5,000 455,000
$50 American Buffalo Gold Bullion Coins 0 4,000 1,000 9,500 189,500
White Mountain 5 oz. Silver Bullion Coins 0 100 1,100 1,200 31,100
Perry’s Victory 5 oz. Silver Bullion Coins 0 1,300 1,100 2,700 23,500
Great Basin 5 oz. Silver Bullion Coins 0 1,700 2,800 4,500 21,900
Fort McHenry 5 oz. Silver Bullion Coins 0 N/A 10,200 10,200 10,200
American Silver Eagle Bullion Coins 0 850,000 1,179,000 3,625,000 33,075,000

 

Figures above are in the number of coins sold, not in ounces.

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