Gold Ends at 3-Month Low, Silver Slips 4 Cents

by CoinNews.net on September 9, 2014 · 0 comments

Pure silver bullion bars

Precious metals declined on Tuesday. Gold settled at a 3-month low.

Gold closed lower for a second session in a row Tuesday, ending at a more than three-month low.

Gold for December delivery fell $5.80, or 0.5%, to finish at $1,248.50 an ounce on the Comex division of the New York Mercantile Exchange. The settlement price was the lowest since gold ended at $1,244.30 an ounce on June 4.

"Some traders have given up on gold as the $1,250 level represents the line in the sand for many traders. Also, geopolitical risks also appeared to be fading for now," Reuters quoted Phillip Streible, senior commodities broker at RJO Futures in Chicago.

Gold prices ranged from a low of $1,248.10 to a high of $1,258.90. They dropped $13, or 1%, in the prior session.

Silver for December delivery shed 4 cents, or 0.2%, to  $18.92 an ounce, trading between $18.89 and $19.11. Silver prices declined 20 cents, or 1%, in the previous session.

In PGM futures on Tuesday:

  • October platinum dropped $11.70, or 0.8%, to $1,385.80 an ounce, ranging from $1,383.20 to $1,402.40.

  • Palladium for December delivery tumbled $25.70, or 2.9%, to $860.45 an ounce, trading between $855.60 and $888.10.

London Fix Precious Metals

Earlier fixed London precious metals were mostly lower. In contrasting the London bullion Fix prices and the LBMA Silver Price from Monday PM to Tuesday PM:

  • Gold lost $3.25, or 0.3%, to $1,255.75 an ounce,
  • Silver declined 19 cents, or 1%, to $19,
  • Platinum shed $9, or 0.6%, to $1,395 an ounce, and
  • Palladium added $2, or 0.2%, to $886 an ounce

US Mint Bullion Sales

United States Mint bullion sales were unchanged Tuesday as of 2:40 PM ET. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of bullion coins sold last week, last month, this month so far, and the year to date.

American Eagle and Buffalo Bullion Sales (# of coins)
Tuesday Sales Sales Last Week August Sales September Sales YTD Sales
$100 American Platinum Eagle Bullion Coins 0 100 700 100 13,700
$50 American Eagle Bullion Gold Coins 0 13,500 21,000 14,500 260,000
$25 American Eagle Bullion Gold Coins 0 4,000 0 5,000 32,000
$10 American Eagle Bullion Gold Coins 0 2,000 6,000 2,000 86,000
$5 American Eagle Bullion Gold Coins 0 10,000 25,000 10,000 420,000
$50 American Buffalo Bullion Gold Coins 0 3,000 8,000 3,000 128,000
$1 American Eagle Silver Bullion Coins 0 340,000 2,007,500 580,000 28,691,000
Great Smoky Mountains National Park 5 Oz Silver Bullion Coins 0 0 0 500 30,000
Shenandoah National Park 5 Oz Silver Bullion Coins 0 0 500 500 21,000
Arches National Park 5 Oz Silver Bullion Coins 0 0 1,200 0 21,200
Great Sand Dunes 5 Oz Silver Bullion Coins 0 0 7,500 2,500 10,000

 

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