Gold Returns Below $1,200 as Dollar Rebounds, US Mint Silver Coins Gain

by CoinNews.net on December 2, 2014 · 0 comments

Silver coins and silver bullion bar

Precious metals turned lower in later trade Tuesday. Sales of U.S. Mint silver coins advanced.

Gold prices moved sharply lower Tuesday, giving back nearly half of the prior session’s gains and returning to below $1,200 an ounce.

Gold for February delivery dropped $18.70, or 1.5%, to end at $1,199.40 an ounce on the Comex division of the New York Mercantile Exchange. Gold prices ranged from a low of $1,191.40 to a high of $1,212.60.

In the previous session, prices rallied $42.60, or 3.6%, for the biggest gain since September 2013 and settled at a five-week high. Gains on Monday came as the U.S. dollar weakened and crude oil prices rebounded, opposite of what happened on Tuesday.

"The dollar’s strength is gold’s biggest enemy," Fain Shaffer, the president of Infinity Trading Corp. in Indianapolis, said in a telephone interview according to Bloomberg News. "Investors are wondering whether yesterday’s rally in oil prices was a dead-cat bounce."

Silver for March delivery fell 24 cents, or 1.4%, to $16.46 an ounce. Prices ranged from $16.07 to $16.54. Silver on Monday soared $1.14 or 7.3%.

In PGM futures prices:

  • January platinum lost $24.10, or 1.9%, to $1,217.50 an ounce, trading between $1,212.50 and $1,239.60.

  • Palladium for March delivery declined $4.35, or 0.5%, to $803.75 an ounce, ranging from $796.20 to $811.95.

London Fix Precious Metals

Earlier fixed London precious metals moved mostly higher. In contrasting London bullion Fix prices from Monday PM to Tuesday PM:

  • Gold eked up $1, or less than 0.1%, to $1,195 an ounce,
  • Silver gained 43 cents, or 2.7%, to $16.16 an ounce,
  • Platinum added $12, or 1%, to $1,220 an ounce, and
  • Palladium was unchanged at $804 an ounce

US Mint Bullion Coin Sales in December

United States Mint bullion sales on Tuesday included 139,500 ounces in American Silver Eagles and 15,000 ounces in America the Beautiful Five Ounce Silver Bullion Coins. Silver Eagles are now 465,501 away from hitting a new annual sales record.

Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of bullion coins sold on Tuesday, last week, this week, last month, and the year to date. Coins with an asterisk (*) have sold out.

American Eagle and Buffalo Bullion Sales (# of coins)
Tuesday Sales Last Week Current Week / Month November Sales YTD Sales
$100 American Platinum Eagle Bullion Coins* 0 0 0 0 16,700
$50 American Eagle Bullion Gold Coins 0 7,500 12,000 49,000 414,500
$25 American Eagle Bullion Gold Coins 0 3,000 0 8,000 46,000
$10 American Eagle Bullion Gold Coins 0 2,000 4,000 12,000 116,000
$5 American Eagle Bullion Gold Coins 0 10,000 15,000 40,000 545,000
$50 American Buffalo Bullion Gold Coins 0 1,500 500 12,500 173,500
$1 American Eagle Silver Bullion Coins 139,500 736,500 662,500 3,426,000 42,209,500
Great Smoky Mountains National Park 5 Oz Silver Bullion Coins* 0 0 0 0 33,000
Shenandoah National Park 5 Oz Silver Bullion Coins 300 0 300 900 23,600
Arches National Park 5 Oz Silver Bullion Coins* 0 0 0 0 22,000
Great Sand Dunes 5 Oz Silver Bullion Coins 1,200 0 1,200 1,700 19,100
Everglades 5 Oz Silver Bullion Coins 1,500 0 7,000 27,000 34,000

 

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