Gold Dips to 5-Week Low, Silver Marks 3-Week Low

by CoinNews.net on March 28, 2016 · 1 comment

Gold Bullion, five bars

Precious metals futures recorded modest losses ranging from less than 0.1% for silver to 0.1% for gold

Precious metals futures on Monday settled lower for a third straight session. Gold registered its lowest price in five weeks while silver closed at a more than three-week low.

Gold for April delivery declined $1.50, or 0.1%, to close at $1,220.10 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the weakest since Feb. 22 when gold ended at $1,210.10 an ounce.

"Less risk aversion in the marketplace to start the trading week is a negative for safe-haven gold," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily note. "Also, the recent selling pressure in gold has invited chart-based selling from the shorter-term futures traders."

Gold prices traded from a low of $1,206 to a high of $1,223.20. They fell last week by 2.6%, their third weekly loss in a row.

Silver for May delivery dipped 0.9 cents, or less than 0.1%, to settle at $15.190 an ounce. The settlement was the lowest since March 3 when the precious metal ended at $15.146 an ounce. Silver prices ranged from $15.14 to $15.38. They gave back 3.9% last week.

In PGM futures:

  • April platinum fell $7.70, or 0.8%, to $944.70 an ounce, trading between $939.20 and $956.30.

  • Palladium for June delivery shed $5.65, or 1%, to $567 an ounce, ranging from $566 to $584.55.

Last week, platinum dropped 1.9% and palladium dived 3%.

London Precious Metals Prices

London markets shut down for Good Friday and Easter Monday holiday. The most recent PM price changes from Wednesday PM to Thursday PM had:

  • Gold added $3.40, or 0.3%, to $1,221 an ounce.
  • Silver declined 30 cents, or 1.9%, to $15.28 an ounce.
  • Platinum declined $3, or 0.3%, to $957 an ounce.
  • Palladium declined $3, or 0.5%, to $577 an ounce.

Last week, they posted losses of 2.5% for gold, 4.1% for silver, 1.5% for platinum and 2.7% for palladium.

US Mint Bullion Sales in 2016

United States Mint bullion sales were unchanged.

Earlier on Monday, the U.S. Mint announced a sales limit of 1 million American Silver Eagles for this week, matching the last several weekly levels. The Silver Eagle’s cumulative sales total for this year is at 14 million coins, or 22.1% 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 0 6,000 89,000 67,500 24,000 180,500
$25 American Eagle 1/2 Oz Gold Coins 0 0 23,000 6,000 1,000 30,000
$10 American Eagle 1/4 Oz Gold Coins 0 0 36,000 12,000 4,000 52,000
$5 American Eagle 1/10 Oz Gold Coins 0 15,000 145,000 100,000 50,000 295,000
$50 American Buffalo 1 Oz Gold Coins 0 1,000 34,000 19,000 5,000 58,000
$1 American Eagle 1 Oz Silver Coins 0 1,000,000 5,954,500 4,782,000 3,263,500 14,000,000
2016 Shawnee 5 Oz Silver Coins 0 0 N/A 105,000 0 105,000

 

{ 1 comment… read it below or add one }

Seth Riesling March 28, 2016 at 10:17 pm

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-NumisDudeTX

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