Gold Falls to More Than 2-Week Low; Silver Hits 5-Week High

by CoinNews.net on November 10, 2016 · 2 comments

Large silver bullion bar, smaller gold bar and nugget

Precious metals futures were divided Thursday with silver and palladium higher and gold and platinum lower

Gold and silver futures were mixed yet again Thursday. Gold fell for a fourth day in a row and logged a more than two-week low while silver extended its winning streak to three sessions and closed at a more than five-week high.

Gold for December delivery lost $7.10, or 0.6%, to end at $1,266.40 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the lowest since Oct. 24.

"People are suddenly very bullish on the economy," Bloomberg News quoted Tai Wong, director of commodity products trading at BMO Capital Markets in New York. "Look at stocks, the possibility of higher rates and the stronger dollar, which combined is having a negative effect on gold.

The Dow Jones industrial average closed at a record high of 18,807.88.

Gold futures ranged from a low of $1,258 to a high of $1,292.50. They are 2.9% lower so far this week.

Silver for December delivery advanced 35.9 cents, or 2%, to settle at $18.737 an ounce. The settlement is the highest since Oct. 3. Silver futures traded between $18.38 and $18.99. They rose 0.1% on Wednesday and gained 1.1% on Tuesday.

In other metal dealings:

  • January platinum dropped $21.10, or 2.1%, to $982.20 an ounce, trading between $972.70 and $1,009.20.

  • Palladium for December delivery tacked on $15.05, or 2.2%, to $696.50 an ounce, ranging from $674.50 to $698.65.

London Precious Metals Prices

In comparing earlier fixed London bullion prices from Wednesday PM to Thursday PM:

  • Gold declined $13.90, or 1.1%, to $1,267.50 an ounce.
  • Silver declined 6 cents, or 0.3%, to $18.75 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 products gained with sales of 2,000 ounces in American Buffalo gold coins. Below is a sales breakdown of U.S. Mint bullion coins 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)
Thursday Sales Last Week This Week Oct Sales Nov Sales 2016 Sales
$100 American Eagle 1 Oz Platinum Coins* 20,000
$50 American Eagle 1 Oz Gold Coins 0 23,000 19,000 100,500 35,500 701,000
$25 American Eagle 1/2 Oz Gold Coins 0 4,000 1,000 8,000 4,000 68,000
$10 American Eagle 1/4 Oz Gold Coins 0 4,000 6,000 16,000 10,000 142,000
$5 American Eagle 1/10 Oz Gold Coins 0 10,000 25,000 75,000 30,000 805,000
$50 American Buffalo 1 Oz Gold Coins 2,000 7,500 4,000 28,500 8,500 186,000
$1 American Eagle 1 Oz Silver Coins 0 370,000 425,000 3,825,000 645,000 35,045,500
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 0 36,500
2016 Theodore Roosevelt 5 Oz Silver Coins 0 300 0 3,100 300 32,900

 

{ 2 comments… read them below or add one }

Seth Riesling November 11, 2016 at 9:58 am

Precious metals are down considerably this morning (Friday Nov. 11) with gold down $21. Look like the gold WL quarter might be priced at lesd than the expected $890 issue price next week!

-NumisDudeTX

Seth Riesling November 11, 2016 at 3:25 pm

Today (Friday) gold closed down about $34 & silver tanked down $1.27. Amazing!
Looks like the gold WL half dollar will be $25 or $50 less than the expected price of $890 when issued next Thursday. Great news!

-NumisDudeTX

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