Gold Returns to 5-1/2-Month Low

by CoinNews.net on November 17, 2016 · 0 comments

Silver and Gold Bars, Antique Balance Scale

Gold and silver futures registered fresh, more than five-month lows

Gold futures declined for the eighth time in nine sessions Thursday, closing at a 5-1/2-month low, yet are down by a relatively modest 0.6% week to date.

Gold for December delivery shed $7, or 0.6%, to settle at $1,216.90 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the lowest since June 2.

"The release of several U.S. economic reports that were mostly stronger than expected and a resulting surge in the U.S. dollar index to a 13-year high pressured the gold and silver markets today," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report.

Gold futures ranged from a low of $1,210.50 to a high of $1,231.10. They dipped less than 0.1% on Wednesday after edging 0.2% higher on Tuesday. Gold logged its last about 5-1/2-month low on Monday.

Lower for the fourth time in five sessions, silver for December delivery declined 15.5 cents, or 0.9%, to settle at $16.772 an ounce. The close is the weakest since June 7. Silver futures traded between $16.62 and $17.08. They also last settled higher on Tuesday, climbing 0.9%.

In other precious metals trading:

  • January platinum lost $1.40, or 0.2%, to $945.10 an ounce, ranging from $933.80 to $952.90.

  • Palladium for December delivery tacked on $10.85, or 1.5%, to $729.65 an ounce, trading between $711.35 and $734.10.

London Precious Metals Prices

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

  • Gold declined $2.45, or 0.2%, to $1,226.75 an ounce.
  • Silver added 9 cents, or 0.5%, to $17.04 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 registered a daily advance of 6,000 ounces in American Eagle and Buffalo gold coins and 150,000 ounces in American Silver Eagles.

Silver sales so far this week at 1,537,000 ounces are higher than any week since January.

Week to date gold sales at 50,500 ounces are the best for a week since the one ended Oct. 7. An increase of more than 3,000 ounces on Friday would make weekly sales the highest since January.

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 2,500 19,000 33,500 100,500 69,000 734,500
$25 American Eagle 1/2 Oz Gold Coins 1,000 1,000 1,000 8,000 5,000 69,000
$10 American Eagle 1/4 Oz Gold Coins 2,000 6,000 2,000 16,000 12,000 144,000
$5 American Eagle 1/10 Oz Gold Coins 5,000 25,000 50,000 75,000 80,000 855,000
$50 American Buffalo 1 Oz Gold Coins 2,000 4,000 11,000 28,500 19,500 197,000
$1 American Eagle 1 Oz Silver Coins 150,000 425,000 1,400,000 3,825,000 2,045,000 36,445,500
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 0 300 200 300 36,800
2016 Theodore Roosevelt 5 Oz Silver Coins 0 0 2,300 3,100 2,600 35,200
2016 Fort Moultrie 5 Oz Silver Coins 0 0 24,800 3,100 24,800 24,800

 

{ 0 comments… add one now }

Leave a Comment