Precious Metals Decline; US Mint 2016 Bullion Coins Selling Out

by CoinNews.net on December 6, 2016 · 4 comments

Two gold bullion bars

Precious metals futures declined with losses ranging from 0.3% for platinum to 1.6% for palladium

Precious metals fell in tandem Tuesday. Gold futures ended lower for the the fifth time in six sessions, and neared a 10-month settlement low.

Gold for February delivery dropped $6.40, or 0.5%, to finish at $1,170.10 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is 70 cents higher than gold’s close on Thursday when prices ended at their lowest level since Feb. 5.

"With the U.S. Dow Jones Industrial Average at a record high this week and other world stock markets being pulled along for the ride, traders and investors remain in upbeat moods heading into the holidays," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "That’s a big, bearish element for the safe-haven gold market."

Gold futures ranged from a low of $1,168.10 to a high of $1,177.10. They shed 0.1% in the previous session.

Snapping a three-session streak of gains, silver for March delivery lost 8.9 cents, or 0.5%, to settle at $16.81 an ounce. Silver futures traded between $16.74 and $16.95. On Monday, they advanced 0.4% after jumping 2.2% last week.

In rounding out precious metals trading action:

  • January platinum declined $2.90, or 0.3%, to $935.70 an ounce, ranging from $934.10 to $953.

  • Palladium for March delivery fell $11.65, or 1.6%, to $734.40 an ounce, trading between $732.60 and $755.

London Precious Metals Prices

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

  • Gold added $10.30, or 0.9%, to $1,172.50 an ounce.
  • Silver added 17 cents, or 1%, to $16.79 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 were unchanged Tuesday. Earlier in the day, the U.S. Mint declared sellouts for many 2016-dated bullion products to include:

  • American Eagle gold coins in 1 oz, 1/4 oz and 1/10 oz sizes,
  • the American Eagle silver coin, and
  • the Theodore Roosevelt 5 oz silver coin.

American Gold and Silver Eagles were introduced in 1986. Annual sales of this year’s American Silver Eagle at 37,701,500 coins rank fifth highest, falling 19.8% from last year’s annual record of 47 million coins. Combined sales of 2016 American Gold Eagles at 984,500 ounces are the highest since the 1 million ounces sold in 2011.

The Mint’s suite of 2017-dated bullion coins launch on Jan. 9.

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)
Tuesday Sales Last Week This Week Nov Sales Dec Sales 2016 Sales
$100 American Eagle 1 Oz Platinum Coins*   20,000
$50 American Eagle 1 Oz Gold Coins* 29,000 23,000 129,000 23,000 817,500
$25 American Eagle 1/2 Oz Gold Coins 0 1,000 2,000 7,000 2,000 73,000
$10 American Eagle 1/4 Oz Gold Coins* 2,000 2,000 18,000 2,000 152,000
$5 American Eagle 1/10 Oz Gold Coins* 20,000 40,000 105,000 40,000 925,000
$50 American Buffalo 1 Oz Gold Coins 0 6,500 5,500 29,500 5,500 212,500
$1 American Eagle 1 Oz Silver Coins* 100,000 175,000 240,000 3,061,000 240,000 37,701,500
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 0 100 1,500 100 38,100
2016 Theodore Roosevelt 5 Oz Silver Coins* -2,000 800 6,600 800 40,000
2016 Fort Moultrie 5 Oz Silver Coins 0 -3,000 0 27,800 0 27,800

 

This article was edited to include updated sales figures, as published by the U.S. Mint on Dec. 7, for the bullion American Silver Eagle.

{ 4 comments… read them below or add one }

Jp December 6, 2016 at 6:44 pm

I think 1150.00 is right around the corner for gold. I see the big boys are returning their 5 oz pucs… makes me think silver will be dropping to $15.00?

Silgold December 6, 2016 at 9:46 pm

By the way, gold and silver ratio should drop to 1:55 on 2017 ,if India ban gold import ,then we might see gold at $500 per oz and silver will jump over $50 -100 ,
India government only ban gold not the silver. ???

Mammoth December 7, 2016 at 9:42 am

Silgold – NO, we will not see gold drop to $500/oz.
Sorry.

Jp December 7, 2016 at 8:17 pm

I would be shocked if it dropped to 1000. I’m still feeling the 1150.00 mark.
I can’t figure silver out at all?

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