Gold Drops to 7-Month Low, Silver Falls 1.7%

by CoinNews.net on September 11, 2014 · 0 comments

Silver bullion bar

Precious metals declined Thursday with gold closing at the lowest price since Jan. 22.

Gold settled lower for a fourth session in a row Thursday, finishing at a more than seven-month low. U.S. dollar strength continues to pressure. In earlier trade Thursday, the greenback hit a fresh six-year high against the yen.

Gold for December delivery declined $6.30, or 0.5%, to close at $1,239 an ounce on the Comex division of the New York Mercantile Exchange. The settlement price was the lowest since gold ended at $1,238.60 an ounce on Jan. 22.

"It’s hard to get excited about gold in this current environment when the dollar is rising and the political tensions have eased," Scott Gardner, who helps manage $450 million at Verdmont Capital SA in Panama City, said in a telephone interview according to Bloomberg News. "People don’t want gold when rates are expected to rise, while inflation has remained muted."

Gold prices ranged from a low of $1,235.30 to a high of $1,251.

Silver prices ended lower for the third time in four sessions. Silver for December delivery tumbled 33 cents, or 1.7%, to $18.60 an ounce, trading between $18.57 and $18.99. The bottom was the lowest since June 28, 2013, noted Bloomberg News. Prices inched up less than a penny in the prior session.

In PGM futures on Thursday:

  • October platinum lost $10.30, or 0.8%, to $1,370.70 an ounce, ranging from $1,368.10 to $1,384.40.

  • Palladium for December delivery declined $15.85, or 1.9%, to $833.20 an ounce, trading between $830.60 and $854.35.

London Fix Precious Metals

Earlier fixed London precious metals were lower as well. In contrasting the London bullion Fix prices and the LBMA Silver Price from Wednesday PM to Thursday PM:

  • Gold fell $9.75, or 0.8%, to $1,241.25 an ounce,
  • Silver slid 31 cents, or 1.6%, to $18.70,
  • Platinum shed $4, or 0.3%, to $1,378 an ounce, and
  • Palladium declined $10, or 1.2%, to $846 an ounce

US Mint Bullion Sales

United States Mint bullion sales were unchanged Thursday as of 2:43 PM ET. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold last week, this week so far, last month, this month so far, and the year to date.

American Eagle and Buffalo Bullion Sales (# of coins)
Thursday Sales Sales Last Week Current Week August Sales September Sales YTD Sales
$100 American Platinum Eagle Bullion Coins 0 100 100 700 200 13,800
$50 American Eagle Bullion Gold Coins 0 13,500 3,500 21,000 17,000 262,500
$25 American Eagle Bullion Gold Coins 0 4,000 1,000 0 5,000 32,000
$10 American Eagle Bullion Gold Coins 0 2,000 0 6,000 2,000 86,000
$5 American Eagle Bullion Gold Coins 0 10,000 0 25,000 10,000 420,000
$50 American Buffalo Bullion Gold Coins 0 3,000 1,000 8,000 4,000 129,000
$1 American Eagle Silver Bullion Coins 0 340,000 440,000 2,007,500 780,000 28,891,000
Great Smoky Mountains National Park 5 Oz Silver Bullion Coins 0 0 500 0 500 30,000
Shenandoah National Park 5 Oz Silver Bullion Coins 0 0 500 500 500 21,000
Arches National Park 5 Oz Silver Bullion Coins 0 0 0 1,200 0 21,200
Great Sand Dunes 5 Oz Silver Bullion Coins 0 0 2,500 7,500 2,500 10,000

 

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