Gold Falls 0.7%, Silver Declines 3.4%

by CoinNews.net on December 28, 2015 · 0 comments

Gold nuggets and bar

Precious metals ended down on Monday

Precious metals futures settled lower Monday in exceptionally low-volume trading. Losses ranged from 0.4% for platinum to 3.4% for silver.

Gold for February delivery gave back on Monday exactly what it gained on Thursday, $7.60 or 0.7%. Prices settled at $1,068.30 an ounce on the Comex division of the New York Mercantile Exchange.

"The drop in oil prices overnight has reasserted some pressure on the gold and silver markets and although a softer tone may be expected this week, the metals should remain in a relatively tight range as the world gets ready to ring in 2016," said Peter Hug, global trading director, at Kitco Metals.

Gold prices traded from a low of $1,065.70 to a high of $1,076.50. They advanced 1% last week, their first weekly gain in three weeks.

Silver for March delivery tumbled 49.5 cents to settle at $13.884 an ounce. Silver prices ranged from $13.85 to $14.43. They surged last week by 2%.

In other precious metals futures:

  • January platinum fell $3.40 to $880.80 an ounce, trading between $874.80 and $896.

  • Palladium for March delivery declined $7.30, or 1.3%, to $551.95 an ounce, ranging from $551.10 and $564.90.

Last week, platinum gained 2.7% and palladium edged up 0.1%.

London Precious Metals Prices

London markets had been closed since Thursday morning. Metal prices then were:

  • Gold at $1,071.90 an ounce.
  • Silver at $14.20 an ounce.
  • Platinum at $874 an ounce.
  • Palladium at $554 an ounce.

As for last week, gains included 0.9% for gold, 2.7% for silver, 2.6% for platinum and 0.2% for palladium.

US Mint Bullion Coin Sales

United States Mint bullion sales were unchanged Monday as of 3:40 p.m. ET. Below is a listing of U.S. Mint bullion products with the number of coins sold during varying periods. Products with an asterisk (*) are no longer available.

US Mint Bullion Sales (# of coins)
Monday Sales Last Week Nov Sales Dec Sales YTD Sales
$50 American Eagle 1 Oz Gold Coins* N/A N/A 80,500 N/A 626,500
$25 American Eagle 1/2 Oz Gold Coins 0 0 7,000 1,000 75,000
$10 American Eagle 1/4 Oz Gold Coins* N/A N/A 12,000 N/A 158,000
$5 American Eagle 1/10 Oz Gold Coins* N/A N/A 100,000 N/A 980,000
$50 American Buffalo 1 Oz Gold Coins 0 0 38,000 1,500 220,500
$1 American Eagle 1 Oz Silver Coins* N/A N/A 4,824,000 2,333,500 47,000,000
2015 Homestead 5 Oz Silver Coins* N/A 35,000
2015 Kisatchie 5 Oz Silver Coins* 42,000
2015 Blue Ridge Parkway 5 Oz Silver Coins* 45,000
2015 Bombay Hook 5 Oz Silver Coins* 45,000
2015 Saratoga 5 Oz Silver Coins* N/A 35,800 9,200 45,000

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