Gold Snaps 6-Session Losing Streak, Silver Advances

by CoinNews.net on June 3, 2014 · 1 comment

Staggered gold bars

Gold and silver prices edged higher Tuesday

Gold rose slightly Tuesday, ending higher for the first time in seven sessions and edging above a four-month low.

Gold for August delivery turned up 50 cents to $1,244.50 an ounce on the Comex division of the New York Mercantile Exchange. Gold prices traded from a low of $1,240.20 to a high of $1,247.90.

"The gold market seems to be slanted toward the weak side, trading well below $1,250," MarketWatch quoted Jason Rotman, president of Lido Isle Advisors in Newport Beach, Calif.

"We believe gold is really waiting for Friday’s jobs report," he said. "If the jobs report surprises to the upside, we could see more selling in gold down to $1,235, maybe lower. However, if the jobs number comes in lower than expectations, we could see a short covering rally above $1,250."

In other metals, silver is riding a two-day win streak after falling for five consecutive sessions. Silver for July delivery rose 2 cents, or 0.1%, to close at $18.76 an ounce. Silver prices ranged from $18.71 to $18.92.

And in PGMs, platinum fell for a fourth straight session and palladium advanced for a third. In their breakdowns:

  • July platinum shed $3.20, or 0.2%, to $1,433.50 an ounce, trading between $1,428.10 and $1,443.10.

  • Palladium for September delivery gained $4.05, or 0.5%, to $836.70 an ounce, ranging from $831.35 to $838.50.

London Fix Precious Metals

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

  • Gold lost $4.50, or 0.4%, to $1,242.75 an ounce,
  • Silver gained 6 cents, or 0.3%, to $18.87 an ounce,
  • Platinum fell $6, or 0.4%, to $1,431 an ounce, and
  • Palladium added $1, or 0.1%, to $834 an ounce

US Mint Bullion Sales in June

U.S. Mint bullion sales were unchanged Tuesday as of 2:54 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, this week so far, last month, the month so far, and the year-to-date.

American Eagle and Buffalo Bullion Sales (# of coins)
Tuesday Sales Sales Last Week Week-To-Date Sales May Sales June Sales YTD Sales
$100 American Platinum Eagle Bullion Coins 0 0 100 1,000 100 12,300
$50 American Gold Eagle Bullion Coins 0 6,500 4,000 29,000 4,000 159,500
$25 American Gold Eagle Bullion Coins 0 0 0 3,000 0 25,000
$10 American Gold Eagle Bullion Coins 0 0 0 6,000 0 68,000
$5 American Gold Eagle Bullion Coins 0 5,000 5,000 35,000 5,000 330,000
$50 American Buffalo Gold Bullion Coins 0 3,500 1,000 12,500 1,000 96,500
$1 American Silver Eagle Bullion Coins 0 426,500 0 3,988,500 0 21,436,500
Great Smoky Mountains National Park 5 Oz Silver Bullion Coins 0 0 0 4,000 0 27,000
Shenandoah National Park 5 Oz Silver Bullion Coins 0 1,700 0 19,100 0 19,100

 

{ 1 comment… read it below or add one }

J_Dog June 3, 2014 at 5:13 pm

It’s surprising how suddenly people stopped buying Silver Eagles.

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