Precious Metals Decline to Start Week

by CoinNews.net on April 10, 2017 · 0 comments

Six Gold Bars

Precious metals declined Monday

Precious metals futures tripped out of gate to start the new trading week on Monday. Losses ranged from 0.3% for gold to 2.4% for platinum.

Gold for June delivery shed $3.40 to close at $1,253.90 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold has been trending higher so far in 2017, but the rally has met solid resistance at the $1,260 mark, failing to close above that level after multiple tests including in the wake of the Syrian missile strike and soft headline in the March jobs number late last week," MarketWatch quoted Tyler Richey, co-editor of the Sevens Report.

Gold futures traded between a low of $1,248.20 and a high of $1,258.90. They advanced 0.5% last week, for their fourth consecutive weekly gain. So far this year, the precious metal has advanced 8.9%.

Meanwhile, silver for May delivery dropped 23.6 cents, or 1.3%, to settle at $17.915 an ounce. Silver futures ranged from $17.73 to $18.03. Last week, they slipped 0.6% for their first weekly loss in four weeks.

In rounding out precious metals futures trading:

  • July platinum declined $22.60 to $940 an ounce, ranging from $938.40 to $957.50.

  • Palladium fell $13.70, or 1.7%, to $790 an ounce, trading between $786.50 and $802.40.

The two metals metals gained last week — 1.1% for platinum and 0.7% for palladium.

London Precious Metals Prices

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

  • Gold fell $16.40, or 1.3%, to $1,250.05 an ounce.
  • Silver declined 46 cents, or 2.5% to $17.94 an ounce.

LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.

Last week, London metal prices logged increases of 1.7% for gold, 1.9% for silver, 2.9% for platinum and 1% for palladium.

US Mint Bullion Coin Sales in 2017

U.S. Mint bullion sales registered gains of 75,000 ounces in American Silver Eagles and 10,000 ounces in Frederick Douglass 5 Oz Silver Bullion Coins.

Below is a sales breakdown of U.S. 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)
Monday Sales Last Week Mar Sales April Sales 2017 Sales
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 20,000
$50 American Eagle 1 Oz Gold Coin 0 1,500 16,000 1,500 125,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 1,000 0 25,000
$10 American Eagle 1/4 Oz Gold Coin 0 2,000 4,000 2,000 46,000
$5 American Eagle 1/10 Oz Gold Coin 0 5,000 35,000 5,000 195,000
$50 American Buffalo 1 Oz Gold Coin 0 1,000 8,500 1,000 56,500
$1 American Eagle 1 Oz Silver Coin 75,000 255,000 1,615,000 330,000 8,287,500
2017 Frederick Douglass 5 Oz Silver Coin 2,000 9,700 N/A 11,700 11,700
2017 Effigy Mounds 5 Oz Silver Coin 0 600 200 600 20,300

 

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