Gold Falls for 5th Session, Silver Tumbles; US Silver Coins Gain

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

Gold bullion in pile

Precious metals plunged on Tuesday. Gold dropped for a fifth session in a row and silver extended its losing streak to four sessions.

Gold prices declined for a fifth straight session on Tuesday, closing below $1,200 an ounce and giving back all of last week’s gains.

Gold for February delivery fell $13.40, or 1.1%, to settle at $1,194.30 an ounce on the Comex division of the New York Mercantile Exchange.

"Prices fell back below the key $1,200.00 level, in a volatile day that saw prices trade both sides of unchanged," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report." Safe-haven demand early in the session gave way to selling pressure on ideas upcoming FOMC data will favor the U.S. monetary policy hawks. The gold and silver bulls have now lost most of the technical momentum they gained last week."

The FOMC’s monthly policy meeting began today and ends on Wednesday.

Gold prices ranged from an intraday low of $1,187.80 to a high of $1,223.90. They slipped in the prior session by $14.80 or 1.2%. Gold surged 2.7% last week, thanks in large part to a rally one week ago of more than $37.

Silver is on a four-session losing streak with the March contract plummeting 81 cents, or 4.9%, to $15.75 an ounce. Prices ranged from $15.54 to $16.67. They dropped 49 cents, or 2.9%, on Monday.

In PGM futures on Tuesday:

  • January platinum declined $18.40, or 1.5%, to $1,196.50 an ounce, trading between $1,195 and $1,228.

  • Palladium for March delivery dived $18.55, or 2.3%, to $784 an ounce, ranging from $781.50 to $807.60.

London Fix Precious Metals

Earlier fixed London precious metals were mixed. When comparing London bullion Fix prices from Monday PM to Tuesday PM:

  • Gold declined $6.75, or 0.6%, to $1,202.50 an ounce,
  • Silver tumbled 56 cents, or 3.3%, to $16.29 an ounce,
  • Platinum advanced $5, or 0.4%, to $1,217 an ounce, and
  • Palladium fell $8, or 1%, to $803 an ounce.

US Mint Bullion Coin Sales in December

United States Mint bullion silver sales advanced Tuesday with American Silver Eagles gaining 151,000 ounces and America the Beautiful 5 oz Silver Bullion Coins rising 2,500 ounces. On Dec. 5, the U.S. Mint said it anticipate having enough 2014-dated American Silver Eagles to offer through the week of December 15. Next year’s 2015-dated coins go on sale Jan. 12.

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, in December, 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 November Sales December Sales YTD Sales
$100 American Platinum Eagle Bullion Coins* 0 0 0 0 0 16,900
$50 American Eagle Bullion Gold Coins 0 0 0 49,000 12,000 414,500
$25 American Eagle Bullion Gold Coins 0 0 0 8,000 0 46,000
$10 American Eagle Bullion Gold Coins 0 0 0 12,000 6,000 118,000
$5 American Eagle Bullion Gold Coins 0 0 0 40,000 30,000 560,000
$50 American Buffalo Bullion Gold Coins 0 0 0 12,500 2,500 175,500
$1 American Eagle Silver Bullion Coins 151,000 901,000 235,500 3,426,000 1,958,000 43,505,000
Great Smoky Mountains National Park 5 Oz Silver Bullion Coins* 0 0 0 0 0 33,000
Shenandoah National Park 5 Oz Silver Bullion Coins 500 300 500 900 1,100 24,400
Arches National Park 5 Oz Silver Bullion Coins* 0 0 0 0 0 22,000
Great Sand Dunes 5 Oz Silver Bullion Coins 0 800 1,400 1,700 4,000 21,900
Everglades 5 Oz Silver Bullion Coins 0 0 0 27,000 7,000 34,000

 

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