Gold, Silver Trade Lower After Fed Statement

by CoinNews.net on December 14, 2016 · 5 comments

Gold Bars Close-up

Gold futures dropped toward $1,144 an ounce in later electronic trading

Precious metals futures posted gains in normal trading Wednesday, then gave them and more back in after-hours trade when the Fed released its latest policy statement.

Gold for February delivery added $4.70, or 0.4%, to settle at $1,163.70 an ounce on the Comex division of the New York Mercantile Exchange. In electronic trading after the Fed news, however, gold prices fell toward $1,144 — their lowest point since early February.

"Gold prices softened on expectations for further Fed rate increases, a stronger U.S. dollar and rising U.S. interest rates," MarketWatch quoted Rob Haworth, senior investment strategist at U.S. Bank Wealth Management.

After its two-day meeting ended Wednesday, the Fed raised interest rates by a quarter point and signaled quicker increases next year.

Gold futures slipped 0.6% on Tuesday, ending at their lowest level since Feb. 5, after edging up 0.3% on Monday.

Meanwhile, silver for March delivery tacked on 24.4 cents, or 1.4%, to settle at $17.221 an ounce. Silver futures traded between $16.94 and $17.29. The precious metal was last near $16.88 an ounce in after-hours trading. Silver fell 1.2% on Tuesday after rising 1.3% on Monday.

In PGM futures on Wednesday:

  • January platinum rose $4.10, or 0.4%, to $940.80 an ounce, ranging from $928.30 to $948.50.

  • Palladium for March delivery rose $1.95, or 0.3%, to $732.55 an ounce, trading between $726.20 and $734.20.

London Precious Metals Prices

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

  • Gold added $3.70, or 0.3%, to $1,162.25 an ounce.
  • Silver added a dime, or 0.6%, to $17.11 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 Wednesday. The agency’s most popular 2016-dated bullion coins have already sold out. New 2017-dated issues will go on sale 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)
Wednesday 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* 23,000 129,000 23,000 817,500
$25 American Eagle 1/2 Oz Gold Coins 0 2,000 1,000 7,000 3,000 74,000
$10 American Eagle 1/4 Oz Gold Coins* 2,000 18,000 2,000 152,000
$5 American Eagle 1/10 Oz Gold Coins* 40,000 105,000 40,000 925,000
$50 American Buffalo 1 Oz Gold Coins 0 5,500 1,500 29,500 7,000 214,000
$1 American Eagle 1 Oz Silver Coins* 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 0 100 0 1,500 100 38,100
2016 Theodore Roosevelt 5 Oz Silver Coins* 800 6,600 800 40,000
2016 Fort Moultrie 5 Oz Silver Coins 0 0 0 27,800 0 27,800

 

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Whistler
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Whistler

I am a gold bug…BUT I have something saved & the Fed has been awful with rate$ they need to go up, IF you are lucky to have sav some $ you shoulkd get mnore than .o1%, heck as a kid in the ‘6o’s I got 4-5%, $ doubled in 9 years….now it doubles when Mr. Spock visits Earth! AU/AG may fall @ 1st but that lovely INFLATION will return–> You know there is none ! And hey that’s only a cold sore….

Seth Riesling
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Seth Riesling

Jp –

You guessed right. Gold is now under $1150 in afterhours trading at $1142.

The Mint hasn’t sold a single silver or gold bullion version coin in two days now! They have 2 different gold bullion coins & 2 different silver bullion coins available right now, but no buyers!

-NumisDudeTX

Joe C.
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Joe C.

May the gold & silver prices keep falling and the TV hawkers eat their over-priced inventory.

Jp
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Jp

Yeah, gentlemen, Gold is trading after hours at 1139 right now. I think there will be a short spike then drop again to 1100-11teens. Maybe bottom out there? I like gold, but it’s too pricey for me to buy to make any real money on. I think a person could make a killing on it though day trading. Or lose your A$$! Whistler, your right about % rates. I see some CU’s (mostly) starting to come up on 1 yr rates, but 4-5% would look very good right now. That would really mess with the stock market. I think the market may see a sizable hit within 6 month’s too? It’s a guess. 300-400 points? Seth, your right, no buyers for the bullion… it’s a bit risky for those guys even, I think? Someone always is running a deal on 1 oz bars though if anyone is interested. Bullion Exchange… Read more »

Mouse
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Mouse

Gold is definitely a better buy right now over silver. Sometimes in this game you need to take risk…not for me right now lol i am a fan of capitalism but the prices of bullion over spot are ridiculous right now.