Gold Marks 2-Week Low Ahead of Brexit Results

by CoinNews.net on June 23, 2016 · 2 comments

Two silver bullion bars and gold nuggets

On Thursday, gold fell while silver advanced

Gold futures declined on Thursday for a fifth session in row, closing at a more than two-week low on the same day U.K. votes on an exit from the European Union (Brexit).

Gold for August delivery shed $6.90, or 0.5%, to settle at $1,263.10 an ounce on the Comex division of the New York Mercantile Exchange.

"The markets have already priced in an expectation that the referendum will be for Britain to stay in the EU," Reuters quoted Jeffrey Nichols, a New York-based senior economic adviser at Rosland Capital LLC. "If they stay in, that’s going to be a non-event. If they try to exit, we could have a very volatile reaction in financial markets, including gold. We’ll just have to wait and see."

Gold futures ranged from a low of $1,259.90 to a high of $1,274.90. Thursday’s settlement was the lowest since June 8. One week ago, gold closed at a more than 17-month high at $1,298.40 an ounce.

Up for the first time in three days, silver for July delivery added 4.1 cents, or 0.2%, to settle at $17.353 an ounce. Silver futures traded between $17.21 and $17.50.

In other precious metals futures trading:

  • July platinum dropped $17.20, or 1.8%, to $966.30 an ounce, ranging from $964 to $982.90.

  • Palladium for September delivery rose $3.65, or 0.7%, to $565.90 an ounce, trading between $556.10 and $566.60.

London Precious Metals Prices

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

  • Gold fell $2.70, or 0.2%, to $1,262.15 an ounce.
  • Silver rose 9 cents, or 0.5%, to $17.29 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 climbed by 1,000 ounces in American Gold Eagles and 86,000 ounces in American Silver Eagles

The U.S. Mint set its weekly allocation of American Silver Eagle at 2,204,500 coins. Bullion distributors have ordered 20.7% through Thursday. 2016 Silver Eagles are running at a record pace with sales of 25,252,500 coins, marking a 24.9% increase over those sold through same time in record-breaking year 2015.

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 Last Week This Week Apr Sales May Sale June Sales 2016 Sales
$50 American Eagle 1 Oz Gold Coins 1,000 14,000 8,500 93,500 64,500 44,500 388,000
$25 American Eagle 1/2 Oz Gold Coins 0 1,000 1,000 6,000 7,000 2,000 45,000
$10 American Eagle 1/4 Oz Gold Coins 0 2,000 6,000 14,000 10,000 10,000 86,000
$5 American Eagle 1/10 Oz Gold Coins 0 15,000 15,000 55,000 60,000 50,000 485,000
$50 American Buffalo 1 Oz Gold Coins 0 3,000 2,000 19,500 18,500 11,000 109,000
$1 American Eagle 1 Oz Silver Coins 86,000 468,000 457,000 4,072,000 4,498,500 1,839,500 25,252,500
2016 Shawnee 5 Oz Silver Coins 0 0 0 0 0 0 105,000
2016 Cumberland Gap 5 Oz Silver Coins 0 0 0 64,000 11,000 0 75,000
2016 Harpers Ferry 5 Oz Silver Coins 0 1,200 0 64,000 11,000 34,200 34,200

 

{ 2 comments… read them below or add one }

Seth Riesling June 24, 2016 at 12:36 am

Gold has shot up $80 a little after midnight Eastern time on the unexpected vote in UK to leave the EU (Brexit) & British Pound currency has dropped to lowest level in 31 years! Unbelievable! Stock markets in Asia are down considerably & the implied opening of US markets are also down around 5 percent. Hold on for a bumpy ride investors!

-NumisDudeTX

Seth Riesling June 24, 2016 at 12:41 am

My above post is for very early Friday morning 6-24 of course.

-NumisDudeTX

Leave a Comment