Gold and Silver Decline; Platinum and Palladium Rise

by CoinNews.net on May 21, 2014 · 0 comments

2013 American Platinum Eagle

Gold and silver prices declined Wednesday while PGMs gained

Gold declined on Wednesday for the first time since Friday, though the last two rounds of session gains totaled a modest $1.20.

Gold for June delivery fell $6.50, or 0.5%, to settle at $1,288.10 an ounce on the Comex division of the New York Mercantile Exchange. The closing price is the lowest since May 9. Gold ranged from an intraday low of $1,282.90 to a high of $1,296.30.

"Gold prices were moderately lower in afternoon trading Wednesday, selling off just a bit after the market place perceived the latest FOMC minutes as slightly favor the hawkish camp," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report.

"Prices then rebounded to near pre-FOMC report levels. A bit of a ‘risk-on’ trader and investor mentality in the market place Wednesday and a firmer U.S. dollar index were also negatives for the safe-haven yellow metal. "

Minutes from the last FOMC meeting show that the Fed is beginning to weigh options to eventually raise interest rates.

Silver tracked gold, snapping a two-day winning streak that tallied to 7 cents. Silver for July delivery shed 6 cents, or 0.3%, to $19.34 an ounce, trading between $19.27 and $19.50.

PGMs advanced with platinum rebounding from a modest prior-day loss and palladium increasing for a fourth straight session. In their breakdowns:

  • July platinum gained $6, or 0.4%, to $1,474.90 an ounce, ranging from $1,469.40 to $1,484.50.

  • Palladium for June delivery turned up $4.60, or 0.6%, to $830.45 an ounce, trading between $825.45 and $834.50.

London Fix Precious Metals

Earlier fixed London precious metals moved in the same direction as New York bullion futures. In contrasting the London fix precious metal prices from Tuesday PM to Wednesday PM:

  • Gold declined $8.25, or 0.6%, to $1,287.25 an ounce,
  • Silver dipped 6 cents, or 0.3%, to $19.31 an ounce,
  • Platinum rose $5, or 0.3%, to $1,474 an ounce, and
  • Palladium added $8, or 1%, to $828 an ounce

US Mint Bullion Sales

U.S. Mint bullion coin totals were unchanged Wednesday but they rose broadly in later hours Tuesday with sales of:

  • 300 ounces in platinum coins;
  • 8,000 ounces in gold coins; and
  • 303,500 ounces in silver coins

Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of bullion coins sold on Tuesday, this week so far, last month, the month so far, and the year-to-date.

American Eagle and Buffalo Bullion Sales (# of coins)
Wednesday Sales Tuesday Sales Sales Last Week Week-To-Date Sales April Sales May Sales YTD Sales
$100 American Platinum Eagle Bullion Coins 0 300 100 300 1,200 1,000 12,200
$50 American Gold Eagle Bullion Coins 0 4,500 2,000 6,000 26,000 17,500 144,000
$25 American Gold Eagle Bullion Coins 0 0 3,000 0 5,000 3,000 25,000
$10 American Gold Eagle Bullion Coins 0 0 6,000 0 20,000 6,000 68,000
$5 American Gold Eagle Bullion Coins 0 10,000 5,000 10,000 55,000 30,000 320,000
$50 American Buffalo Gold Bullion Coins 0 2,500 3,500 2,500 17,500 8,500 91,500
$1 American Silver Eagle Bullion Coins 0 300,000 918,000 300,000 3,569,500 3,562,000 21,010,000
Great Smoky Mountains National Park 5 Oz Silver Bullion Coins 0 500 0 500 10,600 4,000 27,000
Shenandoah National Park 5 Oz Silver Bullion Coins 0 200 2,000 200 N/A 17,400 17,400

 

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