Gold, Silver and Platinum Bounce After Sharp Losses

by CoinNews.net on September 3, 2014 · 0 comments

Two silver bullion bars and gold nuggets

Most precious metals on Wednesday rebounded slightly from losses on Tuesday

Gold, silver and platinum rebounded modestly Wednesday following sharp losses in the previous session.

Gold for December delivery rose $5.30, or 0.4%, to settle at $1,270.30 an ounce on the Comex division of the New York Mercantile Exchange. For direction, traders are already looking toward economic data due out later in the week.

"We believe the lack of physical demand makes gold more vulnerable to the downside should U.S. employment data surprise on the upside this Friday," Reuters quoted Edel Tully, a precious metals strategist at UBS.

Gold prices ranged from a low of $1,261.90 to a high of $1,272.40. The precious metal in the prior session tumbled $22.40, or 1.7%.

Silver for December delivery picked up 4 cents, or 0.2%, to close at $19.19 an ounce. Silver prices traded from $19.14 to $19.28. They dropped in the previous session by 34 cents, or 1.7%.

In PGM futures on Wednesday:

  • October platinum added $3.60, or 0.3%, to $1,412.50 an ounce, ranging from $1,404 to $1,414.70.

  • Palladium for December delivery lost $7.30, or 0.8%, to $875.95 an ounce, trading between $870.05 and $888.30.

London Fix Precious Metals

Earlier fixed London precious metals declined. When comparing London bullion Fix prices and the LBMA Silver Price from Tuesday PM to Wednesday PM:

  • Gold fell $1.50, or 0.1%, to $1,265.50 an ounce,
  • Silver shed a dime, or 0.5%, to $19.10,
  • Platinum declined $4, or 0.3%, to $1,408 an ounce, and
  • Palladium dropped $13, or 1.5%, to $874 an ounce

US Mint Bullion Sales in August

United States Mint bullion coins are yet to hit the sales charts for September. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of bullion coins sold last week, last month and the year to date.

American Eagle and Buffalo Bullion Sales (# of coins)
Tuesday Sales Sales Last Week August Sales YTD Sales
$100 American Platinum Eagle Bullion Coins 0 0 700 13,600
$50 American Eagle Bullion Gold Coins 0 5,000 21,000 245,500
$25 American Eagle Bullion Gold Coins 0 0 0 27,000
$10 American Eagle Bullion Gold Coins 0 4,000 6,000 84,000
$5 American Eagle Bullion Gold Coins 0 0 25,000 410,000
$50 American Buffalo Bullion Gold Coins 0 1,500 8,000 125,000
$1 American Eagle Silver Bullion Coins 0 397,500 2,007,500 28,111,000
Great Smoky Mountains National Park 5 Oz Silver Bullion Coins 0 0 0 29,500
Shenandoah National Park 5 Oz Silver Bullion Coins 0 500 500 20,500
Arches National Park 5 Oz Silver Bullion Coins 0 1,200 1,200 21,200
Great Sand Dunes 5 Oz Silver Bullion Coins 0 7,500 7,500 7,500

 

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