Gold Ends at 3-Week Low, Silver Falls 1.9%

by CoinNews.net on March 20, 2014 · 0 comments

5.45 Oz Fine Silver Bars

Gold prices closed at a three-week low Thursday, extending a losing streak to four sessions after having notched five-straight gains to end last week at a six-month high.

Gold for April delivery shed $10.80, or 0.8%, to finish at $1,330.50 an ounce on the Comex division of the New York Mercantile Exchange. The settlement price was the lowest since gold closed at $1,321.60 an ounce on Feb. 28.

"With the geopolitical crisis easing [in Ukraine] and Yellen delivering an unintended shock to the markets yesterday, the speculators are running away from gold right now," MarketWatch quoted Brien Lundin, editor of Gold Newsletter.

Gold traded from a low of $1,320.80 to a high of $1,335.30. Prices so far this week have declined $48.50, or 3.5%.

Also lower for a fourth consecutive day, silver for May delivery lost 40 cents, or 1.9%, to end at $20.43 an ounce. It ranged from $20.14 to $20.73. Silver prices are off nearly $1 from last Friday.

PGM futures split. In the daily closings:

  • April platinum turned down $16.90, or 1.2%, to $1,434.80 an ounce, trading between $1,424.20 and $1,454.

  • Palladium for June delivery gained $3.45, or 0.5%, to $771.65 an ounce, ranging from $746.30 to $772.70. Palladium’s pick-up was a first since Monday.

London Fix Precious Metals

Earlier fixed London precious metals declined. In contrasting the London fix prices from Wednesday PM to Thursday PM:

  • Gold fell $11, or 0.8%, to $1,327 an ounce,
  • Silver dropped 58 cents, or 2.8%, to $20.17 an ounce,
  • Platinum lost $18, or 1.2%, to $1,436 an ounce, and
  • Palladium lost $14, or 1.8%, to $754 an ounce

US Mint Bullion Coin Sales in March

Sales totals for United States Mint bullion coins were unchanged Thursday. Below is a sales breakdown across U.S. Mint bullion products with columns offering the number of bullion coins sold last week, the week-to-date, last month, the month-to-date, and the year-to-date.

American Eagle and Buffalo Bullion Sales (# of coins)
Thursday Sales Sales Last Week Week-To-Date Sales February Sales March Sales YTD Sales
$100 American Platinum Eagle Bullion Coins 0 8,700 100 N/A 8,800 8,800
$50 American Gold Eagle Bullion Coins 0 4,000 3,500 22,000 8,500 93,000
$25 American Gold Eagle Bullion Coins 0 2,000 0 3,000 2,000 17,000
$10 American Gold Eagle Bullion Coins 0 4,000 0 10,000 4,000 42,000
$5 American Gold Eagle Bullion Coins 0 15,000 0 50,000 25,000 235,000
$50 American Buffalo Gold Bullion Coins 0 1,500 3,500 12,000 9,000 62,500
$1 American Silver Eagle Bullion Coins 0 1,200,000 843,000 3,750,000 3,143,000 11,668,000
Great Smoky Mountains National Park 5 Oz Bullion Coins 0 N/A 10,500 N/A 10,500 10,500

 

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