Gold and Other Precious Metals Decline

by CoinNews.net on November 4, 2014 · 0 comments

Coins and Bullion bars

Precious metals declined Tuesday

Gold closed down for a fifth straight session. The precious metal was alone in its loss on Monday, but not on Tuesday as silver, platinum and palladium also declined.

Gold for December delivery tilted down $2.10, or 0.2%, to $1,167.70 an ounce on the Comex division of the New York Mercantile Exchange. Gold traded from a low of $1,163.40 to a high of $1,175.

"Gold prices ended the U.S. day session narrowly mixed Tuesday — cash (spot) gold slightly higher while Comex futures prices were modestly lower," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "The gold bears remain in firm technical control as prices trade not far above the recent four-year low. The key ‘outside markets’ remain in overall bearish postures for the precious metals — a stronger U.S. dollar and slumping crude oil prices."

Silver for December delivery fell 25 cents, or 1.5%, to settle at $15.95 an ounce. Silver prices ranged from $15.91 to $16.17.

In rounding out the precious metals complex:

  • January platinum declined $18.10, or 1.5%, to $1,224.70 an ounce, trading between $1,217.50 and $1,244.50.

  • Palladium for December delivery lost $13.75, or 1.7%, to $790.65 an ounce, ranging from $788 to $805.45.

London Fix Precious Metals

Earlier fixed London precious metals fell as well. In contrasting London bullion Fix prices from Monday PM to Tuesday PM:

  • Gold shed $1.25, or 0.1%, to $1,166.50 an ounce,
  • Silver fell 3 cents, or 0.2%, to $16.12 an ounce,
  • Platinum declined $13, or 1%, to $1,228 an ounce, and
  • Palladium turned down $2, or 0.3%, to $798 an ounce

US Mint Bullion Coin Sales in November

United States Mint bullion coin sales were unchanged Tuesday as of 3:37 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, and the year to date.

American Eagle and Buffalo Bullion Sales (# of coins)
Tuesday Sales Last Week Current Week October Sales YTD Sales
$100 American Platinum Eagle Bullion Coins N/A 400 16,700
$50 American Eagle Bullion Gold Coins 0 11,000 10,500 57,500 364,000
$25 American Eagle Bullion Gold Coins 0 0 1,000 6,000 39,000
$10 American Eagle Bullion Gold Coins 0 0 2,000 8,000 102,000
$5 American Eagle Bullion Gold Coins 0 10,000 5,000 50,000 495,000
$50 American Buffalo Bullion Gold Coins 0 500 2,500 21,000 163,000
$1 American Eagle Silver Bullion Coins 0 1,850,000 625,000 5,790,000 38,666,000
Great Smoky Mountains National Park 5 Oz Silver Bullion Coins 0 0 0 0 33,000
Shenandoah National Park 5 Oz Silver Bullion Coins 0 500 0 900 22,400
Arches National Park 5 Oz Silver Bullion Coins 0 0 0 0 22,000
Great Sand Dunes 5 Oz Silver Bullion Coins 0 0 200 4,200 16,400
Everglades 5 Oz Silver Bullion Coins 0 N/A 22,000 N/A 22,000

 

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