Gold Logs Fifth Loss in Sixth Sesson; US Mint Coin Sales Rise

by CoinNews.net on March 14, 2016 · 3 comments

Silver bullion bar

Precious metals futures started the week lower with losses on Monday ranging from 0.4% for platinum to 1.2% for palladium

Gold futures ended lower on Monday for the fifth time in six sessions as gains in the U.S. dollar pressure safe-havens.

Gold for April delivery declined $14.30, or 1.1%, to settle at $1,245.10 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since March 2. Gold prices ranged from a low of $1,238.40 to a high of $1,261.90.

"The dollar is showing a lot of strength, and obviously that’s gold bearish," Bloomberg News quoted Tim Evans, the chief market strategist at Long Leaf Trading Group Inc. in Chicago. "The economic view of the overall market has improved. And that’s what ultimately what led corrective price action that we had in the market."

Gold futures shed 0.9% last week, falling from the 13-month high on Thursday.

Silver for May delivery slipped 8.4 cents, or 0.5%, to settle at $15.521 an ounce. Silver prices traded between $15.41 and $15.85. They dropped 0.6% last week.

In other precious metals futures on Monday:

  • April platinum fell $4.30, or 0.4%, to $965.40 an ounce, ranging from $955.90 to $978.

  • Palladium for June delivery lost $7.15, or 1.2%, to $572.80 an ounce, trading between $565 and $578.25.

Last week, platinum declined 1.7% and palladium gained 3%.

London Precious Metals Prices

In comparing earlier fixed London gold and silver prices from Friday PM to Monday PM:

  • Gold declined $22, or 1.7%, to $1,242.75 an ounce.
  • Silver added 10 cents, or 0.7%, to $15.60 an ounce.

LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.

Last week, London bullion prices were mixed with gold down 1% and the others rising by 0.5% for silver, 1.5% for platinum and 4.7% for palladium.

US Mint Bullion Sales in 2016

United States Mint bullion products posted gains of 3,000 ounces in gold coins and 709,000 ounces in American Silver Eagles.

The U.S. Mint this week again limited sales of Silver Eagles to 1 million. Distributors ordered 70.9% of them on Monday, leaving 291,000 left until more become available next week. Their cumulative total for the year is 12,709,000 coins, or 27.3% higher than through the same time in record year 2015.

Below is a sales breakdown of United States Mint bullion products with columns listing the number of bullion coins sold during varying periods of time.

US Mint Bullion Sales (# of coins)
Monday Sales Last Week Jan Sales Feb Sales Mar Sales 2016 Sales
$50 American Eagle 1 Oz Gold Coins 3,000 11,500 89,000 67,500 15,500 172,000
$25 American Eagle 1/2 Oz Gold Coins 0 1,000 23,000 6,000 1,000 30,000
$10 American Eagle 1/4 Oz Gold Coins 0 4,000 36,000 12,000 4,000 52,000
$5 American Eagle 1/10 Oz Gold Coins 0 10,000 145,000 100,000 20,000 265,000
$50 American Buffalo 1 Oz Gold Coins 0 2,000 34,000 19,000 2,000 55,000
$1 American Eagle 1 Oz Silver Coins 709,000 1,000,000 5,954,500 4,782,000 1,972,500 12,709,000
2016 Shawnee 5 Oz Silver Coins 0 0 N/A 105,000 0 105,000

 

{ 3 comments… read them below or add one }

Seth Riesling March 14, 2016 at 7:06 pm

FYI CoinNews readers –

On this day March 14, 1900 the U.S. Congress passed the Gold Standard Act. That didn’t last long till FDR stopped it in 1933. Good idea in theory, not in practice!

-NumisDudeTX

Dale March 14, 2016 at 7:30 pm

12.7 mil.. and no silver eagle collector coins 2016

Seth Riesling March 14, 2016 at 8:10 pm

Dale –

The U.S. Mint announced in December that due to a new law passed by Congress & signed by Obama December 4, the 2016 ASE collector version coins will not be ready for sale till some time in the summer because they are required to have special 30th anniversary edge lettering that takes awhile to make the collars & do test striking. Have patience & just buy the bullion version if you can’t wait!

Happy collecting Dale!

-NumisDudeTX

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