Gold Rises Slightly, Silver Falls 1.5%

by CoinNews.net on September 25, 2014 · 0 comments

1000 g Fine Gold 999.9

Gold climbed modestly Thursday. Other precious metals ended down.

Gold prices settled higher for the third time in four sessions on Thursday, lifted by improved haven demand as the dollar retreated and stocks dived.

Gold for December delivery added $2.40, or 0.2%, to close at $1,221.90 an ounce on the Comex division of the New York Mercantile Exchange.

"The stock market’s big drop is providing some temporary support to gold," Phil Streible, a senior commodity broker at R.J. O’Brien & Associates in Chicago, said in a telephone interview according to Bloomberg News. "Also, there could be some physical buying" after prices reached new lows, he said.

In U.S. stocks on Thursday, the Dow fell 1.5%, the S&P 500 lost 1.6% and the Nasdaq dropped 1.9%.

Gold prices ranged from a high of $1,224.80 to a low of $1,206.60, the weakest point since Jan. 2. The yellow metal this week has logged modest changes in daily closings. Gold slipped $2.50 on Wednesday, gained $4.10 on Tuesday and climbed $1.30 on Monday.

Silver for December delivery declined 26 cents, or 1.5%, to end at $17.44 an ounce. The white metal was down as far as $17.27 an ounce, the lowest since June 2010.

In PGM futures on Thursday:

  • October platinum dropped $5.20, or 0.4%, to $1,314.20 an ounce, ranging from $1,299.40 to $1,318.80.

  • Palladium for December delivery tumbled $17.30, or 2.1%, to $802.75 an ounce, trading between $795.50 and $816.90.

London Fix Precious Metals

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

  • Gold shed $3.50, or 0.3%, to $1,213.75 an ounce,
  • Silver fell 24 cents, or 1.4%, to $17.52,
  • Platinum shed $18, or 1.4%, at $1,310 an ounce, and
  • Palladium declined $14, or 1.7%, to $807 an ounce

US Mint Bullion Coin Sales

United States Mint bullion sales were unchanged Thursday, but they advanced later in the afternoon on Wednesday. Gains included 3,000 ounces in gold coins and 35,000 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)
Wednesday Sales Last Week Current Week August Sales September Sales YTD Sales
$100 American Platinum Eagle Bullion Coins 0 200 200 700 600 14,200
$50 American Eagle Bullion Gold Coins 2,000 15,500 7,500 21,000 42,000 287,500
$25 American Eagle Bullion Gold Coins 0 0 0 0 5,000 32,000
$10 American Eagle Bullion Gold Coins 0 2,000 2,000 6,000 6,000 90,000
$5 American Eagle Bullion Gold Coins 5,000 5,000 10,000 25,000 25,000 435,000
$50 American Buffalo Bullion Gold Coins 500 4,000 3,500 8,000 11,500 136,500
$1 American Eagle Silver Bullion Coins 35,000 950,000 1,040,000 2,007,500 2,800,000 30,911,000
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 0 0 500 500 1,000 21,500
Arches National Park 5 Oz Silver Bullion Coins 0 500 300 1,200 800 22,000
Great Sand Dunes 5 Oz Silver Bullion Coins 0 500 1,200 7,500 4,200 11,700

 

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