Gold, Silver Hit Multi-Month Lows; US Coin Sales Jump

by CoinNews.net on July 7, 2015 · 0 comments

100g fine gold 999.9 bar

Gold, silver and other precious metals dived on Tuesday

Precious metals futures tumbled on Tuesday, with gold marking a 16-week low and silver hitting a 7-month low.

Gold for August delivery fell $20.60, or 1.8%, to end at $1,152.60 an ounce on the Comex division of the New York Mercantile Exchange. The settlement price is the lowest point since gold ended at $1,151.30 an ounce on March 18. Strength in the U.S. dollar pressured prices, opined analysts.

"The economic crisis in Greece has not been able to help gold since most investors are rushing to buy more dollars," Bloomberg News quoted Bill O’Neill, a partner at Logic Advisors in Upper Saddle River, New Jersey. "The anticipation of tightening by the Fed is keeping gold under pressure."

Gold prices ranged from a low of $1,146.80 to a high of $1,170. The precious metal advanced on Monday by $9.70 or 0.8%.

Silver for September delivery tumbled 78 cents, or 5%, to settle at $14.97 an ounce. Silver traded as high as $15.71 and reached a low of $14.62, the weakest level since prices touched $14.16 an ounce on Dec. 1.

In PGM futures on Tuesday:

  • October platinum shed $24.80, or 2.3%, to $1,041.50 an ounce, ranging from $1027 to $1069.60.

  • Palladium for September dived $23.75, or 3.5%, to $652.40 an ounce, trading between $640.90 and $683.75.

London Precious Metals Prices

Earlier fixed London precious metals prices mostly declined. Silver was the exception. In comparing London bullion prices from Monday PM to Tuesday PM:

  • Gold fell $9.75, or 0.8%, to $1,156.25 an ounce,
  • Silver added 2 cents, or 0.1%, to $15.61 an ounce,
  • Platinum slipped $1, or 0.1%, $1,046 an ounce, and
  • Palladium declined $9, or 1.3%, to $661 an ounce.

US Mint Bullion Coin Sales in July

United States Mint bullion products scored another exceptional day of sales with gold coins advancing by 9,500 ounces and silver coins rallying by 1,001,000 ounces. Silver sales will remain unchanged for the rest of this week. The U.S. Mint’s Silver Eagle inventory ran out on Tuesday and Blue Ridge Parkway five-ounce coins, which temporarily sold out on June 22, will not return until Monday.

Below is a listing of U.S. Mint bullion products that shows the number of coins sold during varying periods. Products with an asterisk (*) are no longer available. Those with a double asterisk (**) are temporarily unavailable.

US Mint Bullion Sales (# of coins)
Tuesday Sales Last Week This Week June Sales July Sales YTD Sales
$50 American Eagle 1 Oz Gold Coins 8,500 21,000 17,000 62,500 26,000 224,500
$25 American Eagle 1/2 Oz Gold Coins 0 2,000 1,000 4,000 2,000 38,000
$10 American Eagle 1/4 Oz Gold Coins 0 8,000 2,000 12,000 6,000 76,000
$5 American Eagle 1/10 Oz Gold Coins 0 15,000 10,000 85,000 15,000 405,000
$50 American Buffalo 1 Oz Gold Coins 1,000 7,500 2,000 21,000 4,500 101,000
$1 American Eagle 1 Oz Silver Coins** 1,001,000 1,932,000 1,827,000 4,840,000 2,609,000 24,395,000
2015 Homestead 5 Oz Silver Coins* 35,000
2015 Kisatchie 5 Oz Silver Coins* 42,000
2015 Blue Ridge Parkway 5 Oz Silver Coins**   35,000 35,000

 

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