Gold Tumbles 3.3% and Silver Dives 5.8%

by CoinNews.net on October 4, 2016 · 0 comments

Silver bullion bar

Silver futures sank $1.09, or 5.8%

Precious metals futures declined Tuesday, led by silver and followed by gold. The two metals settled at more than 3-month lows.

Gold for December delivery declined $43, or 3.3%, to end at $1,269.70 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the lowest since June 23 when the yellow metal ended at $1,263.10 an ounce on the day of the Brexit vote.

Gold dropped below "a heavy psychological support level at $1,300, which had been acting as the lower range for the metal since the EU referendum three months ago," MarketWatch quoted Jameel Ahmad, vice president of market research at FXTM. "The dollar is steadily regaining some momentum across the currency markets and if U.S. interest-rate expectations increase over the upcoming days, we can expect further losses for gold," he added.

Gold futures ranged from a low of $1,269 to a high of $1,315.40. They are down 3.6% for the week so far.

Elsewhere, silver for December delivery tumbled $1.09, or 5.8%, to settle at $17.775 an ounce. The close is the weakest since June 27 when silver ended at $17.744 an ounce. Silver futures traded between $17.74 and $18.94.

In other precious metals futures trading:

  • January platinum lost $18.60, or 1.8%, to $990.50 an ounce, ranging from $988 to $1,013.60.

  • Palladium for December delivery fell $12.25, or 1.7%, to $699.55 an ounce, trading between $696.50 and $714.95.

London Precious Metals Prices

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

  • Gold declined $30, or 2.3%, to $1,283.30 an ounce.
  • Silver dropped 44 cents, or 2.3%, to $18.74 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 5,500 ounces in gold coins and 350,000 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)
Tuesday Sales Last Week This Week / Oct Sept Sales 2016 Sales
$100 American Eagle 1 Oz Platinum Coins* 20,000
$50 American Eagle 1 Oz Gold Coins 4,000 24,000 8,500 79,000 573,500
$25 American Eagle 1/2 Oz Gold Coins 1,000 1,000 1,000 5,000 57,000
$10 American Eagle 1/4 Oz Gold Coins 0 6,000 0 16,000 116,000
$5 American Eagle 1/10 Oz Gold Coins 0 20,000 5,000 85,000 705,000
$50 American Buffalo 1 Oz Gold Coins 1,000 4,500 2,000 17,500 151,000
$1 American Eagle 1 Oz Silver Coins 345,000 370,000 530,000 1,675,000 31,105,500
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 0 200 36,300
2016 Theodore Roosevelt 5 Oz Silver Coins 1,000 -500 1,000 2,000 30,500

 

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