Gold Drops for 10th Session; US Mint Gold Coin Sales Gain

by CoinNews.net on July 22, 2015 · 0 comments

Three Gold Bullion Bars, Dark Background

Precious metals declined in tandem Wednesday

Precious metals retreated on Wednesday. Gold dropped for a tenth straight session and to a fresh, more than five-year low while silver settled down for the seventh time in eight sessions.

Gold for August delivery fell $12, or 1.1%, to end at $1,091.50 an ounce on the Comex division of the New York Mercantile Exchange. The settlement price is the lowest since March 25, 2010 when gold ended at $1,088.80 an ounce.

"Gold prices ended the U.S. day session lower Wednesday, as the sellers are very confident due to the serious chart damage inflicted just recently, and by the lack of bullish fundamental news to support the safe-haven metal," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report.

Gold prices ranged from a low of $1,085.60 to a high of $1,102.30.

Silver for September delivery declined 6 cents, or 0.4%, to close at $14.73 an ounce. Silver prices traded from $14.59 to $14.87. The white metal edged up 3 cents on Tuesday, snapping a six-session losing streak.

In rounding out the precious metals complex:

  • October platinum shed $4.40, or 0.5%, to $979.90 an ounce, ranging from $962 to $982.20.

  • Palladium for September lost $2.70, or 0.4%, to $626.75 an ounce, trading between $612.35 and $629.90.

London Precious Metals Prices

London gold and silver prices were mixed. In comparing London bullion prices from Tuesday PM to Wednesday PM:

  • Gold declined $17, or 1.5%, to $1,088.60 an ounce.
  • Silver added 3 cents, or 0.2%, to $14.78 an ounce.

LBMA platinum and palladium prices are displayed on the LBMA’s website with a delay of midnight after the setting of the prices each day.

US Mint Bullion Coin Sales in July

United States Mint bullion products advanced on Wednesday with gold coins rising 9,500 ounces — 2,000 ounces in American Buffalo gold coins and 7,500 ounces in American Eagle gold coins.

Silver sales remained muted. American Silver Eagles temporarily sold out on July 7. Their sales will resume on July 27.

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)
Wednesday Sales Last Week This Week June Sales July Sales YTD Sales
$50 American Eagle 1 Oz Gold Coins 6,000 29,000 16,000 62,500 101,000 299,500
$25 American Eagle 1/2 Oz Gold Coins 2,000 2,000 2,000 4,000 6,000 42,000
$10 American Eagle 1/4 Oz Gold Coins 2,000 6,000 2,000 12,000 20,000 90,000
$5 American Eagle 1/10 Oz Gold Coins 0 40,000 0 85,000 95,000 485,000
$50 American Buffalo 1 Oz Gold Coins 2,000 5,000 4,000 21,000 17,000 113,500
$1 American Eagle 1 Oz Silver Coins** 0 0 0 4,840,000 2,709,000 24,495,000
2015 Homestead 5 Oz Silver Coins* 35,000
2015 Kisatchie 5 Oz Silver Coins* 42,000
2015 Blue Ridge Parkway 5 Oz Silver Coins 0 7,600 0 35,000 7,600 42,600

 

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