Gold Drops for Third Day, PGMs Rise; US Coins Gain

by CoinNews.net on May 8, 2014 · 0 comments

Platinum bars

Gold and silver declined Thursday but platinum and palladium rose

Gold finished lower for a third straight session Thursday with prices poised for a more than 1% decline by week’s end.

Gold for June delivery dipped $1.20, or less than 0.1%, to close at $1,287.70 an ounce on the Comex division of the New York Mercantile Exchange.
Gold prices traded from a low of $1,284.80 to a high of $1,295.50. They are down $15.20 for the week so far.

"The U.S. dollar index Thursday hit a multi-month low but then made a strong rebound to trade higher on the day. When the greenback bounced the gold market saw some increased selling pressure surface," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily note.

"Still, the greenback continues in a near-term price downtrend on the daily chart. The dollar bears are still in technical control, which is a bullish underlying factor for most of the raw commodities, including precious metals."

Silver tracked gold, ending lower for a second session after rising for three straight. Silver for July delivery fell 20 cents, or 1.1%, to settle at $19.14 an ounce. Prices ranged from $19.13 to $19.39.

PGMs, conversely, scored gains. In their daily breakdowns:

  • July platinum added $3.30, or 0.2%, to $1,438.10 an ounce, trading between $1,425.10 and $1,444.

  • Palladium for June delivery tacked on $7.35, or 0.9%, to $804.05 an ounce, ranging from $797 to $807.

London Fix Precious Metals

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

  • Gold slipped $9, or 0.7%, to $1,287 an ounce,
  • Silver fell 39 cents, or 2%, to $19.25 an ounce,
  • Platinum lost $8, or 0.6%, to $1,435 an ounce, and
  • Palladium declined $5, or 0.6%, to $805 an ounce

US Mint Bullion Sales in March

U.S. Mint bullion sales advanced Thursday for some gold and platinum coins. Additionally, the bureau logged bullion increases later on Wednesday. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of bullion coins sold on Thursday, Wednesday, 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)
Thursday Sales Wednesday Sales Sales Last Week Week To Date April Sales May Sales YTD Sales
$100 American Platinum Eagle Bullion Coins 200 400 200 600 1,200 600 11,800
$50 American Eagle Gold Bullion Coins 1,500 7,500 3,500 9,500 26,000 9,500 136,000
$25 American Eagle Gold Bullion Coins 0 0 4,000 0 5,000 0 22,000
$10 American Eagle Gold Bullion Coins 0 0 0 0 20,000 0 62,000
$5 American Eagle Gold Bullion Coins 0 0 20,000 10,000 55,000 15,000 305,000
$50 American Buffalo Gold Bullion Coins 0 0 5,000 1,000 17,500 2,500 85,500
$1 American Eagle Silver Bullion Coins 0 594,000 1,086,500 1,126,500 4,590,500 1,297,500 19,767,000
Great Smoky Mountains National Park 5 Oz Silver Bullion Coins 0 0 N/A* 3,500 10,600 3,500 26,500
Shenandoah National Park 5 Oz Silver Bullion Coins 0 400 15,200 N/A 15,200 15,200

 

*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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