Gold and Silver Futures Dip as Dollar Rebounds

by CoinNews.net on August 11, 2016 · 4 comments

US Money and gold bar

Precious metals turned lower as the dollar rebounded

Precious metals futures settled lower Thursday as the U.S. dollar rebounded and stocks rallied. Declines in gold and silver were their first in three days.

Gold for December delivery retreated $1.90, or 0.1%, to settle at $1,350 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold prices ended the U.S. day session with modest losses in a two-sided and lackluster trading session Thursday," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "A rebound in the U.S. dollar index was a bearish outside market force working against the precious metals on this day."

Gold futures ranged from a low of $1,345.80 to a high of $1,359.40.

Silver for September delivery shed 15 cents, or 0.7%, to settle at $20.02 an ounce. Silver futures traded between $19.90 and $20.34.

In other precious metals futures on Thursday:

  • October platinum dropped $26.40, or 2.2%, to $1,156.70 an ounce, ranging from $1,144.70 to $1,185.

  • Palladium for September delivery tumbled $34.60, or 4.8%, to $691.80 an ounce, one day after notching their highest close since June 2015. The precious metal traded between $690 and $727.85.

London Precious Metals Prices

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

  • Gold rose $7.30, or 0.5%, to $1,355 an ounce.
  • Silver fell 12.5 cents, or 0.6%, to $20.21 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. 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. Products with an asterisk (*) are no longer available.

US Mint Bullion Sales (# of coins)
Thursday Sales Last Week This Week July Sales Aug Sales 2016 Sales
$100 American Eagle 1 Oz Platinum Coins 0 0 0 19,000 0 19,000
$50 American Eagle 1 Oz Gold Coins 0 5,000 16,000 30,000 21,000 457,000
$25 American Eagle 1/2 Oz Gold Coins 0 0 0 2,000 0 48,000
$10 American Eagle 1/4 Oz Gold Coins 0 0 0 10,000 0 96,000
$5 American Eagle 1/10 Oz Gold Coins 0 5,000 15,000 50,000 20,000 575,000
$50 American Buffalo 1 Oz Gold Coins 0 0 1,500 10,000 1,500 124,000
$1 American Eagle 1 Oz Silver Coins 0 75,000 150,000 1,370,000 225,000 27,845,500
2016 Shawnee 5 Oz Silver Coins* 0 0 0 0 0 105,000
2016 Cumberland Gap 5 Oz Silver Coins* 0 0 0 0 0 75,000
2016 Harpers Ferry 5 Oz Silver Coins 0 0 0 0 0 34,200

 

{ 4 comments… read them below or add one }

Seth Riesling August 11, 2016 at 4:37 pm

Once again the real headline should be the very large swing in the PGMs – palladium & platinum! Amazing movement up & down for 2 days now. A bumpy ride for sure!

-NumisDudeTX

Seth Riesling August 11, 2016 at 4:49 pm

Also, not a single HF 5-oz silver bullion puck sold in two months now. The Mint’s 13 worldwide bullion coin APs are not interested in them obviously for some strange reason. Any guesses why?

-NumisDudeTX

Mouse August 11, 2016 at 6:39 pm

As a proud RCM platinum plus member and Canadian, I am very selective with the coins I purchase. 5 -oz anything is a tough sell and an even tougher buy. Maybe one per year is a hit. The HF 5-oz silver bullion pucks you made mention of are a poor investment and possession to own. Investing is an art, but the appreciation of art and currency requires a coin of beauty and long term investment. These coins have none of those qualities. I hope your American mint listens to the consumer and starts to produce coins of not only unparalleled quality but innovation.
Mouse

Seth Riesling August 11, 2016 at 7:33 pm

Mouse-

I too am a RCM Masters Club Platinum member & respect your views. I live in the USA & have lived overseas in Japan 3 years & Germany 3 years, so I am well traveled. The RCM has fantastic customer service & marketing ability that the US Mint cannot match, even as the largest Mint in the world. Unlike the RCM, which is run as a corporation, the US Mint is controlled by the US Congress as to coinage issues per the US Constitution of 1789. The US Congress, not business professionals or numismatists basically tell the US Mint what to do & what not to do. Yet, the US Mint has produced some innovative coins such as Coin Of The Year award (COTY) judged by an international panel of numismatists on a number of occasions. The US Mint produced the world’s first curved (convex & concave) coin in copper-nickel alloy for the National Baseball Hall of Fame half dollar coin & the similar gold $5 coin & $1 silver coin in 2014 (two years before the RCMs 2016 Library of Parliament & basketball curved coins.) Each world Mint has its strengths & weaknesses & art is in the eye of the beholder. For example, I bought the 2016 Pop Art: Canada Goose silver coin on day one & in a week it had a very low 2 stars out of 5 rating on the RCM website by its customers. Now, that coin is considered a “modern art museum quality piece” by many art experts outside of numismatics. Many coin collectors call it ugly or strange. I love the design. To each his own.

Happy collecting!

-NumisDudeTX

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