Gold, Silver Dip on Profit-Taking; Modest US Gold Coin Gains

by CoinNews.net on October 23, 2013 · 0 comments

One Gold Bar

Gold snapped a two-session winning streak Wednesday as a bout of profit-taking took hold after prices reached an almost five-week high on Tuesday.

Gold for December delivery retreated $8.60, or 0.6%, to finish at $1,334 an ounce on the Comex division of the New York Mercantile Exchange. Prices ranged from a low of $1,328.50 to a high of $1,342.20.

"Gold prices ended the U.S. day session moderately lower Wednesday, with profit-taking from the shorter-term traders and a technical correction featured following recent gains," noted Jim Wyckoff, a senior analyst at Kitco Inc., in a daily note.

The precious metal had tacked on $28 for the week through Tuesday, closing at its highest price since Sept. 19.

Also lower for the first time in three days, silver for December delivery lost 17 cents, or 0.8%, to $22.62 an ounce. It traded between $22.50 and $22.82. Silver prices are still 70 cents, or 3.2%, higher on the week so far.

PGM’s declined for the first time in six sessions. In their daily numbers:

  • January platinum lost $11.10, or 0.8%, to $1,439.60 an ounce, ranging from $1,434 to $1,451.90.

  • Palladium for December fell $6.80, or 0.9%, to $746.10 an ounce, trading between $744.40 and $754.10.

London Fix Precious Metals

Earlier fixed London precious metals were mixed. In contrasting the Tuesday PM to Wednesday PM London fixings:

  • Gold dipped $1.75, or 0.1%, to $1,331.25 an ounce,
  • Silver gained 47 cents, or 2.1%, to $22.53 an ounce,
  • Platinum added $8, or 0.6%, to $1,440 an ounce, and
  • Palladium rose $4, or 0.5%, to $748 an ounce

U.S. Mint Bullion Sales in October

United States Mint gold bullion sales advanced modestly Wednesday following sharp gains on Tuesday. Sales on the day included 500 ounces in Gold Eagles and 500 ounces in Gold Buffalos. That compares to the prior day’s combined total of 10,000 ounces. Sales for the range of U.S. Mint bullion products follow.

American Eagle and Buffalo Bullion Sales (# of coins)
  Wednesday Sales Last Week Week-To-Date Sales October Sales YTD Sales
$50 American Eagle Gold Bullion Coins 0 12,000 9,000 31,000 636,000
$25 American Eagle Gold Bullion Coins 0 0 2,000 3,000 56,000
$10 American Eagle Gold Bullion Coins 0 0 8,000 10,000 114,000
$5 American Eagle Gold Bullion Coins 5,000 10,000 10,000 30,000 495,000
$50 American Buffalo Gold Bullion Coins 500 6,500 2,500 15,000 215,000
White Mountain 5 oz. Silver Bullion Coins Sold Out 35,000
Perry’s Victory 5 oz. Silver Bullion Coins 0 0 0 1,200 26,200
Great Basin 5 oz. Silver Bullion Coins 0 0 0 2,200 27,200
Fort McHenry 5 oz. Silver Bullion Coins 0 0 0 2,600 27,600
American Silver Eagle Bullion Coins 0 800,000 653,500 2,340,500 38,428,500

 

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