Gold Logs New 7-Week Low, Silver Gains for Second Day

by CoinNews.net on May 26, 2016 · 0 comments

silver bars, 3 and 1

Silver futures advanced for a second day in a row even as gold fell for a seventh straight session

Gold futures extended their losing streak on Thursday to seven straight sessions, and closed at a fresh, more than seven-week low.

Gold for June delivery slipped $3.40, or 0.3%, to end at $1,220.40 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since April 4 when the yellow metal ended at $1,219.30 an ounce.

 "Price action earlier saw some short covering in the futures market and bargain hunters buying the dip in the cash market," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "However, gold prices started eroding when crude oil prices backed down from their session highs."

Gold futures traded from a low of $1,220.10 to a high of $1,234.60. They are down 2.6% so far this week.

Higher for a second day in a row, silver for July delivery gained 8.2 cents, or 0.5%, to settle at $16.343 an ounce. Silver prices ranged from $16.25 to $16.58. They are still 1.1% lower on the week.

In other precious metals futures on Thursday:

  • July platinum added $1, or 0.1%, to $995.80 an ounce, trading between $992.10 and $1,011.60.

  • Palladium for September delivery jumped $12.80, or 2.4%, to $543.65 an ounce, ranging from $531.60 to $547.

London Precious Metals Prices

In comparing earlier fixed London gold and silver prices from Wednesday PM to Thursday PM:

  • Gold added $3.25, or 0.3%, to $1,223.80 an ounce.
  • Silver added 25.5 cents, or 1.6%, to $16.46 an ounce.

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

US Mint Bullion Coin Sales in 2016

United States Mint bullion sales were unchanged Thursday as of 3:02 p.m. ET, according to the agency’s website. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of bullion coins sold during varying periods of time.

US Mint Bullion Sales (# of coins)
Thursday Sales Last Week This Week Mar Sales Apr Sales May Sale 2016 Sales
$50 American Eagle 1 Oz Gold Coins 0 18,500 8,500 29,000 93,500 47,000 326,000
$25 American Eagle 1/2 Oz Gold Coins 0 1,000 0 1,000 6,000 4,000 40,000
$10 American Eagle 1/4 Oz Gold Coins 0 4,000 4,000 4,000 14,000 8,000 74,000
$5 American Eagle 1/10 Oz Gold Coins 0 30,000 5,000 75,000 55,000 45,000 420,000
$50 American Buffalo 1 Oz Gold Coins 0 3,000 2,000 7,000 19,500 15,000 94,500
$1 American Eagle 1 Oz Silver Coins 0 970,000 861,000 4,106,000 4,072,000 3,889,000 22,803,500
2016 Shawnee 5 Oz Silver Coins 0 0 0 0 0 0 105,000
2016 Cumberland Gap 5 Oz Silver Coins 0 11,000 0 0 64,000 11,000 75,000

 

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