Gold Ends Lower for Second Day, Silver Declines

by CoinNews.net on May 7, 2014 · 0 comments

Edges of Gold Coins

Gold settled lower for a second day. Silver and platinum declined for the first time since Thursday.

Gold turned lower for a second straight session Wednesday and closed below $1,300 an ounce for the first time since May 1.

Gold for June delivery dropped $19.70, or 1.5%, to settle at $1,288.90 an ounce on the Comex division of the New York Mercantile Exchange.
Gold prices traded from a low of $1,286.60 to a high of $1,315. Losses on the day were attributed to positive economic comments from Fed Chair Janet Yellen.

"The message today the gold traders heard was that tapering will continue," Bill O’Neill, a partner at Logic Advisors in Upper Saddle River, New Jersey, said in a telephone interview according to Bloomberg News. "The Ukraine crisis provided some support, but the overall sentiment remains subdued."

Gold started the week at a three-week high and then dipped 70 cents on Tuesday.

In other precious metals, silver and platinum snapped a three-session winning streak and palladium fell for the first time since Friday. In their daily breakdowns:

  • Silver for July delivery fell 30 cents, or 1.5%, to $19.34 an ounce, ranging from $19.30 to $19.77.

  • July platinum declined $23.30, or 1.6%, to $1,434.80 an ounce, trading between $1,433.10 and $1,458.70.

  • Palladium for June delivery plunged $21.70, or 2.7%, to $796.70 an ounce, ranging from $795.40 to $818.45.

London Fix Precious Metals

Aside from silver which was flat, London precious metals fixing declined. In contrasting the London fix prices from Tuesday PM to Wednesday PM:

  • Gold shed $10.25, or 0.8%, to $1,296 an ounce,
  • Silver was unchanged at $19.64 an ounce,
  • Platinum lost $7, or 0.5%, to $1,443 an ounce, and
  • Palladium declined $7, or 0.9%, to $810 an ounce

US Mint Bullion Sales in March

Sales totals of United States Mint bullion coins were unchanged Wednesday as of 4:35 p.m. ET. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of bullion coins sold last week, the week-to-date, last month, the month so far, and the year-to-date.

American Eagle and Buffalo Bullion Sales (# of coins)
Wednesday Sales Sales Last Week Week To Date April Sales May Sales YTD Sales
$100 American Platinum Eagle Bullion Coins 0 200 0 1,200 0 11,200
$50 American Eagle Gold Bullion Coins 0 3,500 500 26,000 500 127,000
$25 American Eagle Gold Bullion Coins 0 4,000 0 5,000 0 22,000
$10 American Eagle Gold Bullion Coins 0 0 0 20,000 0 62,000
$5 American Eagle Gold Bullion Coins 0 20,000 10,000 55,000 15,000 305,000
$50 American Buffalo Gold Bullion Coins 0 5,000 1,000 17,500 2,500 85,500
$1 American Eagle Silver Bullion Coins 0 1,086,500 532,500 4,590,500 703,500 19,173,000
Great Smoky Mountains National Park 5 Oz Silver Bullion Coins 0 N/A* 3,500 10,600 3,500 26,500
Shenandoah National Park 5 Oz Silver Bullion Coins 0 14,800 N/A 14,800 14,800

 

*The U.S. Mint had temporarily sold out of Great Smoky Mountains National Park 5 Oz Silver Bullion Coins. Shenandoah National Park 5 Oz Silver Bullion Coins debuted this week.

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