Gold and Silver End Lower for First Time in Four Days

by CoinNews.net on October 16, 2014 · 0 comments

Two gold bullion bars

Precious metals declined Thursday

Gold prices snapped a three-session winning streak on Thursday, sliding slightly from the prior-day when gold closed at a five-week high. Silver and other precious metals also retreated.

Gold for December delivery slipped $3.60, or 0.3%, to end at $1,241.20 an ounce on the Comex division of the New York Mercantile Exchange.

"Despite the share prices weakness and the concerns about growth that spread in the financial markets, people do not seem to be returning to the gold market en masse," Reuters quoted Julius Baer analyst Carsten Menke.

Gold prices traded from $1,235.20 to $1,245.60. The yellow metal for the week so far is up 1.6%.

Silver for December delivery shed almost 3 cents, or 0.2%, to settle at $17.44 an ounce. Prices ranged from $17.20 to $17.54.

In PGM futures on Thursday:

  • January platinum settled down $9, or 0.7%, to $1,251.90 an ounce, trading between $1,239.70 and $1,265.10.

  • Palladium for December delivery fell $18.25, or 2.4%, to $746 an ounce, ranging from $729.95 to $771.25.

London Fix Precious Metals

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

  • Gold edged up a quarter to $1,237.75 an ounce,
  • Silver gained 45 cents, or 2.7%, to $17.46,
  • Platinum lost $15, or 1.2%, to $1,242 an ounce, and
  • Palladium tumbled $44, or 5.6%, to $743 an ounce

US Mint Bullion Coin Sales in October

United States Mint bullion coin sales were unchanged Thursday as of 2:35 p.m. ET. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of bullion coins sold last week, this week so far, last month, in October, and the year to date.

American Eagle and Buffalo Bullion Sales (# of coins)
Thursday Sales Last Week Current Week September Sales October Sales YTD Sales
$100 American Platinum Eagle Bullion Coins N/A* 2,700 400 16,700
$50 American Eagle Bullion Gold Coins 0 24,500 2,000 50,500 30,500 326,500
$25 American Eagle Bullion Gold Coins 0 3,000 0 6,000 4,000 36,000
$10 American Eagle Bullion Gold Coins 0 6,000 0 8,000 6,000 98,000
$5 American Eagle Bullion Gold Coins 0 5,000 15,000 30,000 25,000 465,000
$50 American Buffalo Bullion Gold Coins 0 8,500 4,000 14,500 15,000 154,500
$1 American Eagle Silver Bullion Coins 0 870,000 430,000 4,140,000 2,950,000 35,201,000
Great Smoky Mountains National Park 5 Oz Silver Bullion Coins 0 0 0 3,500 0 33,000
Shenandoah National Park 5 Oz Silver Bullion Coins 0 0 0 1,000 0 21,500
Arches National Park 5 Oz Silver Bullion Coins 0 0 0 800 0 22,000
Great Sand Dunes 5 Oz Silver Bullion Coins 0 800 1,500 4,500 2,800 14,800

 

*The U.S. Mint stopped selling bullion Platinum Eagles on Oct. 1. The agency will begin selling 2015-dated issues in early January.

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