Gold Logs 7-Week Low, Silver Ends at 2017 Low

by CoinNews.net on May 4, 2017 · 0 comments

silver bars, 3 and 1

Falling for an eighth consecutive session, silver futures ended at their lowest price this year

Gold futures ended lower for a second day in a row Thursday, closing at their weakest level in seven weeks. Silver, meanwhile, extended its losing streak to eight straight sessions and ended at its lowest price this year.

Gold for June delivery dropped $19.90, or 1.6%, to settle at $1,228.60 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the lowest since March 16.

"Gold dropped suddenly, as various technical levels on the downside were violated," MarketWatch quoted Nico Pantelis, head of research at Secular Investor. "We still have to find out if this is a shakeout, or a turn of the uptrend."

Gold futures traded between $1,225.70 and $1,241.70. They declined 0.7% on Wednesday, edged up 0.1% on Tuesday and fell 1% in their start on Monday.

Silver futures for July delivery settled down 24.3 cents, or 1.5%, to $16.303 an ounce. The settlement is the weakest since Dec. 30. Silver futures ranged from $16.21 to $16.65. They lost 1.7% on Wednesday, dipped less than 0.1% on Tuesday and declined 2.4% on Monday.

In other precious metals futures on Thursday:

  • July platinum added $3.30, or 0.4%, to $907.70 an ounce, trading between $894.50 and $909.50.

  • Palladium for June delivery gained $1.35, or 0.2%, to $800.65 an ounce, ranging from $785.65 to $804.70.

London Precious Metals Prices

In comparing earlier fixed London gold and silver prices from Wednesday PM to Thursday PM:

  • Gold fell $21.85 or 1.8%, to $1,228.45 an ounce.
  • Silver declined 35 cents, or 2.1%, to $16.50 an ounce.

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

US Mint Bullion Sales in 2017

U.S. Mint bullion sales were unchanged as of 3:26 p.m. ET. 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)
Thursday Sales Last Week This Week / May 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 1,000 2,000 3,500 129,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 0 25,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 2,000 46,000
$5 American Eagle 1/10 Oz Gold Coin 0 10,000 0 20,000 210,000
$50 American Buffalo 1 Oz Gold Coin 0 1,000 1,000 3,500 60,000
$1 American Eagle 1 Oz Silver Coin 0 235,000 530,000 835,000 9,322,500
2017 Effigy Mounds 5 Oz Silver Coin 0 0 100 900 20,700
2017 Frederick Douglass 5 Oz Silver Coin 0 1,400 800 17,600 18,400

 

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