Gold Rises from 2014 Low, Silver Hits 4-Year Low

by CoinNews.net on September 22, 2014 · 0 comments

Partial Photo of Bullion Gold

Gold climbed from a 2014 low while other precious metals declined

Gold advanced modestly to kick off the new trading week on Monday. The yellow metal on Friday ended at its lowest price of the year.

Gold for December delivery rose $1.30, or 0.1%, to settle at $1,217.90 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold got some support from the weakness in equities and lower-than-expected U.S. home-sales data," Bart Melek, the head of commodity strategy at TD Securities in Toronto, said in a telephone interview according to Bloomberg News. "The overall sentiment remains bearish."

Gold prices ranged from an intraday low of $1,208.80 to a high of $1,221. Gold fell 1.2% last week.

Silver for December delivery slipped 7 cents, or 0.4%, to $17.77 an ounce, trading between $17.33 and $17.87. The low was the weakest price for silver since July 28, 2010, according to Bloomberg News. Silver prices last week tumbled by 4.1%.

In rounding out the precious metals complex:

  • October platinum shed $7.10, or 0.5%, to $1,330.20 an ounce, ranging from $1,327 to $1,338.20.

  • Palladium for December delivery slipped $9.45, or 1.2%, to $803.15 an ounce, trading between $801.25 and $816.60.

Last week, platinum fell 2.4% and palladium lost 2.8%.

London Fix Precious Metals

Earlier fixed London precious metals declined. In contrasting London bullion Fix prices and the LBMA Silver Price from Friday PM to Monday PM:

  • Gold shed $6.25, or 0.5%, to $1,213.50 an ounce,
  • Silver plunged 71 cents, or 3.9%, to $17.74,
  • Platinum declined $15, or 1.1%, at $1,329 an ounce, and
  • Palladium fell $16, or 1.9%, to $807 an ounce

Last week they registered losses of 1.2% for platinum, 0.7% for palladium, and 1% for both gold and silver.

US Mint Bullion Coin Sales

United States Mint bullion sales were unchanged Monday as of 3:50 PM ET. Last week, silver coin sales were the highest since the week ended May 9 and gold coin sales were the highest since the week ended Jan 10.

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

American Eagle and Buffalo Bullion Sales (# of coins)
Monday Sales Last Week August Sales September Sales YTD Sales
$100 American Platinum Eagle Bullion Coins 0 200 700 400 14,000
$50 American Eagle Bullion Gold Coins 0 15,500 21,000 34,500 280,000
$25 American Eagle Bullion Gold Coins 0 0 0 5,000 32,000
$10 American Eagle Bullion Gold Coins 0 2,000 6,000 4,000 88,000
$5 American Eagle Bullion Gold Coins 0 5,000 25,000 15,000 425,000
$50 American Buffalo Bullion Gold Coins 0 4,000 8,000 8,000 133,000
$1 American Eagle Silver Bullion Coins 0 950,000 2,007,500 1,760,000 29,871,000
Great Smoky Mountains National Park 5 Oz Silver Bullion Coins 0 1,500 0 2,000 31,500
Shenandoah National Park 5 Oz Silver Bullion Coins 0 0 500 500 21,000
Arches National Park 5 Oz Silver Bullion Coins 0 500 1,200 500 21,700
Great Sand Dunes 5 Oz Silver Bullion Coins 0 500 7,500 3,000 10,500

 

{ 0 comments… add one now }

Leave a Comment