Gold and Silver Prices Slip; US Mint Bullion Coins Rise

by CoinNews.net on October 27, 2014 · 0 comments

Gold Bar and Gold Bullion Coins

Precious metals were mixed on Monday.

Gold settled lower in light trading volume on Monday as investors looked ahead to the Fed’s two-day policy meeting that begins on Tuesday. Silver also edged down on the day, but palladium and palladium advanced.

Gold for December delivery ended down $2.50, or 0.2%, to $1,229.30 an ounce on the Comex division of the New York Mercantile Exchange.

"The market is in a wait-and-watch mode ahead of the Fed meeting," Bart Melek, the head of commodity strategy at TD Securities in Toronto, said in a telephone interview according to Bloomberg News. "The Fed’s guidance on interest rates will determine the future price direction."

Gold prices ranged from a low of $1,227.10 to a high of $1,232.10. Last week gold slipped 0.6%, a first weekly decline in three weeks.

Silver for December delivery lost what it gained on Friday, 2 cents or 0.1%. The precious metal closed at $17.16 an ounce, trading between $17.12 and $17.23. Last week, silver declined 0.9%.

In PGM futures on Monday:

  • January platinum gained $3.60, or 0.3%, to $1,254.50 an ounce, ranging from $1,248.20 to $1,258.60.

  • Palladium for December delivery rose $6.25, or 0.8%, to $787.15 an ounce, trading between $777.20 and $788.70.

In prices last week, platinum shed 0.8% and palladium rallied 3.2%.

London Fix Precious Metals

Earlier fixed London precious metals mostly declined. In contrasting London bullion Fix prices from Friday PM to Monday PM:

  • Gold lost $4, or 0.3%, to $1,228.75 an ounce,
  • Silver shed a penny to $17.18,
  • Platinum fell $1, or 0.1%, to $1,253 an ounce, and
  • Palladium climbed $4, or 0.5%, to $788 an ounce

Last week, palladium jumped 4.1% while other metals logged declines of 0.1% for gold, 1% for silver and 0.4% for platinum.

US Mint Bullion Coin Sales in October

The U.S. Mint’s three most popular bullion coins scored sales gains on Monday:

  • American Silver Eagles added 175,000;
  • American Gold Eagles (1 oz) added; and
  • American Gold Buffalo added 500

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

American Eagle and Buffalo Bullion Sales (# of coins)
Monday Sales Last 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 3,000 11,500 50,500 49,500 345,500
$25 American Eagle Bullion Gold Coins 0 1,000 6,000 6,000 38,000
$10 American Eagle Bullion Gold Coins 0 0 8,000 8,000 100,000
$5 American Eagle Bullion Gold Coins 0 10,000 30,000 40,000 480,000
$50 American Buffalo Bullion Gold Coins 500 3,500 14,500 21,000 160,500
$1 American Eagle Silver Bullion Coins 175,000 840,000 4,140,000 4,115,000 36,366,000
Great Smoky Mountains National Park 5 Oz Silver Bullion Coins 0 0 3,500 0 33,000
Shenandoah National Park 5 Oz Silver Bullion Coins 0 400 1,000 400 21,900
Arches National Park 5 Oz Silver Bullion Coins 0 0 800 0 22,000
Great Sand Dunes 5 Oz Silver Bullion Coins 0 1,400 4,500 4,200 16,200

 

*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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