Gold and Silver Fall as Dollar Gains

by CoinNews.net on September 24, 2014 · 0 comments

250g Gold Bars and US Money

Gold and silver priced declined as the U.S. dollar surged

Gold closed lower for the first time in three sessions on Wednesday as the U.S. dollar rallied to a four-year high.

Gold for December delivery dipped $2.50, or 0.2%, to settle at $1,219.50 an ounce on the Comex division of the New York Mercantile Exchange.

"A rally in the U.S. dollar index to a four-year high has been a major bearish ‘outside market’ factor working against gold and silver," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "Also, the continued bearish technical postures for both gold and silver are allowing the sellers to remain in control."

Gold prices ranged from an intraday low of $1,216.20 to a high of $1,226.70. Gold advanced $4.10 on Tuesday and $1.30 on Monday.

Silver for December delivery declined 8 cents, or 0.4%, to $17.70 an ounce, trading between $17.51 and $17.87. Silver inched up a penny in the previous session.

In PGM futures on Wednesday:

  • October platinum lost $13.30, or 1%, to $1,319.40 an ounce, ranging from $1,316.50 to $1,341.50.

  • Palladium for December delivery rose $4.25, or 0.5%, to $820.05 an ounce, trading between $813.60 and $825.45.

London Fix Precious Metals

Earlier fixed London precious metals moved in the same direction as bullion futures in New York. In contrasting London bullion Fix prices and the LBMA Silver Price from Tuesday PM to Wednesday PM:

  • Gold shed $4.75, or 0.4%, to $1,217.25 an ounce,
  • Silver lost 16 cents, or 0.9%, to $17.76,
  • Platinum fell $9, or 0.7%, at $1,328 an ounce, and
  • Palladium advanced $10, or 1.2%, to $821 an ounce

US Mint Bullion Coin Sales

United States Mint bullion sales were unchanged Wednesday as of 2:46 PM ET, but they advanced later in the afternoon on Tuesday. Gains included:

  • 100 ounces in platinum coins,
  • 3,300 ounces in gold coins, and
  • 354,500 ounces in silver coins.

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

American Eagle and Buffalo Bullion Sales (# of coins)
Tuesday Sales Last Week Current Week August Sales September Sales YTD Sales
$100 American Platinum Eagle Bullion Coins 100 200 200 700 600 14,200
$50 American Eagle Bullion Gold Coins 2,000 15,500 5,500 21,000 40,000 285,500
$25 American Eagle Bullion Gold Coins 0 0 0 0 5,000 32,000
$10 American Eagle Bullion Gold Coins 2,000 2,000 2,000 6,000 6,000 90,000
$5 American Eagle Bullion Gold Coins 3,000 5,000 5,000 25,000 20,000 430,000
$50 American Buffalo Bullion Gold Coins 500 4,000 3,000 8,000 11,000 136,000
$1 American Eagle Silver Bullion Coins 345,000 950,000 1,005,000 2,007,500 2,765,000 30,876,000
Great Smoky Mountains National Park 5 Oz Silver Bullion Coins 0 1,500 0 0 2,000 31,500
Shenandoah National Park 5 Oz Silver Bullion Coins 500 0 500 500 1,000 21,500
Arches National Park 5 Oz Silver Bullion Coins 200 500 300 1,200 800 22,000
Great Sand Dunes 5 Oz Silver Bullion Coins 1,200 500 1,200 7,500 4,200 11,700

 

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