Gold Marks Fresh 2-Week Low in October Start

by CoinNews.net on October 3, 2016 · 6 comments

Gold Bullion, five bars

Precious metals futures declined on Monday, posting losses that ranged from 0.3% for gold to 2.5% for platinum

Gold futures marked a fresh two-week low in their start to the new trading week, month and quarter.

Gold for December delivery shed $4.40, or 0.3%, to settle at $1,312.70 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the lowest since Sept. 16.

Gold futures ranged from a low of $1,311.80 to a high of $1,322.60. They closed the third quarter on Friday with a modest 0.3% loss but did rise in September by 0.4%.

"This week … there are plenty of U.S. macro data to look forward to which could have a big impact on the near-term direction of the dollar, and in turn buck-denominated precious metals," Reuters quoted Fawad Razaqzada, technical analyst for Forex.com. "So while they appear to be out of favor now, gold and silver could make a comeback if the incoming U.S. data, especially the nonfarm payrolls report on Friday, turn out to be mostly weaker than expected."

Meanwhile, silver for December delivery declined 34.6 cents, or 1.8%, to settle at $18.868 an ounce. Like for gold, the close is the lowest since Sept. 16. Silver futures traded between $18.80 and $19.39. They logged gains of 2.7% in September and 3.2% for the third quarter.

In other precious metals futures trading:

  • January platinum dropped $25.40, or 2.5%, to $1,009.10 an ounce, ranging from $1,006.50 to $1,036..

  • Palladium for December delivery fell $9.70, or 1.3%, to $711.80 an ounce, trading between $707 and $727.95.

London Precious Metals Prices

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

  • Gold rose $4.40, or 0.3%, to $1,322.50 an ounce.
  • Silver added 34 cents, or 1.8%, to $19.35 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

U.S. Mint bullion sales registered gains of 6,000 ounces in gold coins and 185,000 ounces in silver coins.

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 Sept Sales 2016 Sales
$100 American Eagle 1 Oz Platinum Coins* 20,000
$50 American Eagle 1 Oz Gold Coins 4,500 24,000 79,000 569,500
$25 American Eagle 1/2 Oz Gold Coins 0 1,000 5,000 56,000
$10 American Eagle 1/4 Oz Gold Coins 0 6,000 16,000 116,000
$5 American Eagle 1/10 Oz Gold Coins 5,000 20,000 85,000 705,000
$50 American Buffalo 1 Oz Gold Coins 1,000 4,500 17,500 150,000
$1 American Eagle 1 Oz Silver Coins 185,000 370,000 1,675,000 30,760,500
2016 Shawnee 5 Oz Silver Coins* 105,000
2016 Cumberland Gap 5 Oz Silver Coins* 75,000
2016 Harpers Ferry 5 Oz Silver Coins 0 0 200 36,300
2016 Theodore Roosevelt 5 Oz Silver Coins 0 -500 2,000 29,500

 

{ 6 comments… read them below or add one }

Seth Riesling October 3, 2016 at 5:12 pm

Mike Unser –

Is it a coincidence that the gold & silver futures figures are exactly what the London PM closing figures are (futures up & London down) by exactly $4.40 or 0.3 percent for gold & silver by exactly 34 cents or 1.8 percent also?!

-NumisDudeTX

Joe C. October 3, 2016 at 7:33 pm

Seth,
Are you saying that the gold and silver futures are manipulated? Na, you wouldn’t say that. Or would you?

Seth Riesling October 3, 2016 at 8:07 pm

Joe C. –

I was just looking at the numbers themselves for today only actually in my posting.
But, manipulation has happened of course. Remember the Hunt brothers trying to corner the silver market in 1979-80 & silver went to its all-time historic high in 1980 of about $50.35 an ounce – a record that stands to this day!

-NumisDudeTX

Joe C. October 4, 2016 at 11:46 am

Seth,
I surely remember 1980. I sold a lot of silver bars that year. I see right now gold is at $1275. If it stays below $1300 that will lower the mints gold prices. Hope it keeps going down.

Seth Riesling October 4, 2016 at 2:14 pm

Joe C. –

Gold down $41.30 right now! Silver down over $1. Amazing! Looks like we got our wish that gold goes way down before the gold half dollar is issued!
I was a senior in high school in 1980 & had just come back from living in Germany for 3 years where I bought every silver coin I could afford at flea markets & the coin shop & savings bank in the town near our NSA base where I worked summers at the base restaurant. I sold most of that silver 1 day after the high in 1980 & made a small fortune that helped with my college fund! Good times!

-NumisDudeTX

Joe C. October 4, 2016 at 2:54 pm

Hi, seth,
Looks like we did alright in 1980. I take it you were born in 1962. I was in the Army in 1962 and wanted to go to Germany when it was time to re-up but they said no so I got out. That was a life changing decision, but that’s another story.

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