Gold, Silver Decline for 4th Straight Day

by CoinNews.net on September 12, 2016 · 9 comments

silver bars, 3 and 1

Precious metals settled lower Monday

Gold and silver futures logged a fourth straight loss in starting the new trading week on Monday.

Gold for December delivery declined $8.90, or 0.7%, to settle at $1,325.60 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the weakest since Sept. 1.

"Gold prices ended the U.S. day session moderately lower Monday, as the marketplace is increasing the odds that a U.S. interest rate hike from the Federal Reserve could come yet this year — and as early as next week," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report.

Gold futures ranged from a low of $1,323.60 to a high of $1,333.80. They edged up 0.6% last week.

Silver for December delivery lost 36.8 cents, or 1.9%, to settle at $19.00 an ounce. Silver futures traded between $18.76 and $19.25. They climbed last week by less than 0.1%.

In other precious metals trading:

  • October platinum dropped $24.60, or 2.3%, to $1,042.90 an ounce, ranging from $1,039.10 to $1,069.30.

  • Palladium for December delivery fell $22.75, or 3.4%, to $656.70 an ounce, trading between $653.10 and $677.50.

Last week, the two metals gained 0.5% and 0.9%.

London Precious Metals Prices

In comparing earlier fixed London bullion prices from Friday PM to Monday PM:

  • Gold declined $6.25, or 0.5%, to $1,324.60 an ounce.
  • Silver sank 69 cents, or 3.6%, to $18.72 an ounce.

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

London metal prices posted gains last week of 0.5% for gold, 3.5% for silver, 2% for platinum and 1.2% for palladium.

US Mint Bullion Coin Sales in 2016

United Sates Mint bullion sales were unchanged Monday. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of bullion coins sold during varying periods Products with an asterisk (*) are no longer available.

US Mint Bullion Sales (# of coins)
Monday Sales Last Week Aug Sales Sept Sales 2016 Sales
$100 American Eagle 1 Oz Platinum Coins* 0 0 1,000 0 20,000
$50 American Eagle 1 Oz Gold Coins 0 14,500 50,000 19,500 505,500
$25 American Eagle 1/2 Oz Gold Coins 0 1,000 3,000 2,000 53,000
$10 American Eagle 1/4 Oz Gold Coins 0 6,000 4,000 6,000 106,000
$5 American Eagle 1/10 Oz Gold Coins 0 20,000 60,000 35,000 650,000
$50 American Buffalo 1 Oz Gold Coins 0 3,500 9,000 4,500 136,000
$1 American Eagle 1 Oz Silver Coins 0 170,000 1,280,000 310,000 29,210,500
2016 Shawnee 5 Oz Silver Coins* 0 0 0 0 105,000
2016 Cumberland Gap 5 Oz Silver Coins* 0 0 0 0 75,000
2016 Harpers Ferry 5 Oz Silver Coins 0 0 1,900 0 36,100
2016 Theodore Roosevelt 5 Oz Silver Coins 0 1,500 27,500 1,500 29,000

 

{ 9 comments… read them below or add one }

Synoptic 12 September 12, 2016 at 6:00 pm

This is why we invest not in bullion; rather looking to rare, or commemorative coins. in our personal opinion, rare coins will retain their value more so than bullion, by far.

Example: If one purchased an excessive amount of bullion at $1300.00, then gold slipped to $500.00 what would one do? ‘Sorry’ > “Speaking of bullion”, would not wish to mislead anyone. Same principle for silver bullion. Any responses would be greatly appreciated.

eric September 12, 2016 at 6:03 pm

That’s why I started investing in coins only and left bars behind…

Mouse September 12, 2016 at 6:11 pm

I fully agree with you Synoptic. When it comes to collecting, I gravitate to rare low mintage numismatic coins of four 9’s silver / gold or five 9’s gold. I purchase gold and silver bullion for investment only. I do not expect a hefty return on bullion soon after purchase, but it beats interest from any bank. A fine balance of cash/bullion and numismatic coins is a solid investment. Precious metals have and will always be our principle form of international currency. I never worry about a complete loss when I purchase. Riding the spot value is the fun.

Mouse

FLSharkvictim September 12, 2016 at 6:27 pm

Could not agree wit Synoptic 12 any more about collection rare coins not BULLION unless you have a Crystal ball and can predict the future. I only collect Silver and Gold Pandas with low mintages, Morgan Dollars, Peace Dollars b.c no matter what silver does those types coins with all carry there value and some b/c of the mintages. Don”t waste your money on eagles unless it’s some sort of commemorative coin that the US MINT puts out. Perfect example the gold mercury dime was worth scoping up if you were one of the lucky ones like myself..

FLSharkvictim September 12, 2016 at 6:27 pm

Could not agree with Synoptic 12 any more about collection rare coins not BULLION unless you have a Crystal ball and can predict the future. I only collect Silver and Gold Pandas with low mintages, Morgan Dollars, Peace Dollars b.c no matter what silver does those types coins with all carry there value and some b/c of the mintages. Don”t waste your money on eagles unless it’s some sort of commemorative coin that the US MINT puts out. Perfect example the gold mercury dime was worth scoping up if you were one of the lucky ones like myself..

Synoptic 12 September 12, 2016 at 6:37 pm

@ ‘MSE’

You recently posted a couple of days ago on bullion sales. What you state is actually correct. However, someone else disagreed with the aforesaid facts due to me leaving “Any” out of the formula. I specified ‘Any’ to intrinsic value, leading the person to believe that I were speaking of bullion as well which I was not.
Speaking of bullion, I cannot see investing with this commodity in that the fluctuation is too unstable, and has been ongoing for several years. Well, you have much confidence is ‘spot’, whereas we’ll pass at this juncture. The last time we invested in any gold was when the price was around $400.00. We’ll sit on that with no qualms. But, to invest at the exorbitant prices of today (Gold), one must have a lot of nerve. Naturally, one cannot experience a ‘complete’ loss but one can lose half. Even though money is vanity, We do not like to lose at the game.

* By the way, as far as I know Silver is “3” 9’s (.999) as well as gold, unless that has changed. I really cannot consider taking a loss, ‘fun’ but if one seeks to play the game at the going price, feel free. Tell me though, if you purchased a half ton gold (Example) at $1200.00, then the price slumped to $600.00 would you not be concerned?

Synoptic 12 September 12, 2016 at 6:43 pm

@FLSharkvictim

Some smart hombre’s here. We passed on the Mercury dime. We figured the cost at around $125.00 melt. i believe it sold for around $225 or so. not a bad price, just the dime market is a little weak, like many.

* Did the Mint ever provide any figures on the Merc before they stopped production? We’re glad you purchased for there could be very, very limited numbers. I believe it sold out or the Mint stopped taking orders the very first day.

Mouse September 12, 2016 at 6:55 pm

Hi Synoptic,
As I am Canadian and a collector of modern low mintage Royal Canadian Mint (RCM) products, I am accustomed to 4 9’s silver and gold as well as 5’9s gold. The only time I would ever consider any gold coin lower than 4’9s is if it is over a hundred years old. I do love the history, so will compromise on the purity.
The RCM has and continues to put out highly refined purity of precious metals / coins.
When I purchase numismatic coins and bullion, I am not looking for an immediate return. I truly love the balance between art and currency and purchase / invest for my sons future. My collection, be it numismatic or bullion is always driven for my sons future. I see myself as a generational collector / investor. Money does not motivate me…art/beauty and history does.
If precious metals lower, it just means that time needs to pass and I must exercise patience. Things always get better.

Synoptic 12 September 12, 2016 at 7:20 pm

@ Mouse

Great synopsis. You must be a good dad for there are not many, if any exhibiting the morals you portray. I’m aware of the RCM manufacturing pieces at . 9999. The content must be very soft. I did not realize that you were from Canada. I like the Canadian people for they treated me very well at customs, more so than what the American customs did to me. They impounded my vehicle and combed it completely. I traveled to Canada to visit St. Joseph’s Oratory. staying only for a day. The Canadian people assisted me greatly, and met some very good people.

Irrespecive of triviality, we hope the best for you and your family members
Well, you present a great point in patience which is highly beneficial in this game. Most coin dealers; if not the lot, cannot stand to take a loss, or equate a lengthy
time to realize a ‘profit’. Too bad there are not more such as yourself. The numismatic field has tipped at a point of unease in which many have left.

* At the moment, we’re getting ready to purchase the A.S. E. proof with edge lettering on Friday. The concept of ‘edge lettering’ sure has placed an additional burden to the graders as to encasing the coin. I believe some have already designed a capsule whereas one can see the edge lettering. This facet will only lead to additional cost to the consumer. And, we do not purchase any ‘slabbed’ coins for it is merely a gimmick to multiply revenue, along with the “registry” > ‘Can you believe it’ ? We have a very, very limited amount of slabbed coins as they were only purchased as specimens. We know what those people do and I proved it.

Nice speaking with you. As I said earlier, there really are not that many, “if any” players with a heart in this field. At one time, yes but not any more.

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