Gold Edges Lower in December Start

by CoinNews.net on December 1, 2016 · 0 comments

Gold and Silver Bullion, Gold Nugget

Metals closed mixed Thursday with gold and palladium falling as silver and platinum advanced

Precious metals futures ended mixed in their start to the new trading month on Thursday. Not a lot changed for gold. It retreated for the fifth time in six sessions, marking a fresh, almost 10-month low.

Gold for February delivery lost $4.50, or 0.4%, to close at $1,169.40 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the lowest since Feb. 5 when prices finished at $1,157.70 an ounce.

"The technical postures for both gold and silver markets remain solidly bearish," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "Fundamentally, traders and investor optimism remain generally upbeat and that’s also negative for safe-haven gold."

Gold futures ranged from a low of $1,162.20 to a high of $1,178.40. In the previous session, they fell 1.4% to end November with a 7.8% loss — their worst monthly decline since June 2013.

Ending higher for the fourth time in five sessions, silver for March delivery added 2.4 cents, or nearly 0.2%, to settle at $16.506 an ounce. Silver futures traded between $16.30 and $16.68. They slipped 1.5% on Wednesday, driving their November loss to 7.4%.

In rounding out precious metals trading:

  • January platinum gained $1.40, or 0.2%, to $911.30 an ounce, ranging from $898.50 to $918.20.

  • Palladium for March delivery tumbled $20.95, or 2.7%, to $751.70 an ounce, trading between $746.95 and $776.

London Precious Metals Prices

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

  • Gold declined $16.25, or 1.4%, to $1,161.85 an ounce.
  • Silver dropped 37 cents, or 2.2%, to $16.30 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 gold and silver sales were unchanged Thursday following sharp to strong gains in November. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of 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 Nov Sales 2016 Sales
$100 American Eagle 1 Oz Platinum Coins* 20,000
$50 American Eagle 1 Oz Gold Coins 0 25,500 29,000 129,000 794,500
$25 American Eagle 1/2 Oz Gold Coins 0 1,000 1,000 7,000 71,000
$10 American Eagle 1/4 Oz Gold Coins 0 4,000 2,000 18,000 150,000
$5 American Eagle 1/10 Oz Gold Coins 0 5,000 20,000 105,000 885,000
$50 American Buffalo 1 Oz Gold Coins 0 3,000 6,500 29,500 207,000
$1 American Eagle 1 Oz Silver Coins 0 690,000 175,000 3,061,000 37,461,500
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 1,200 0 1,500 38,000
2016 Theodore Roosevelt 5 Oz Silver Coins 0 6,000 -2,000 6,600 39,200
2016 Fort Moultrie 5 Oz Silver Coins 0 6,000 -3,000 27,800 27,800

 

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