Gold Rises Modestly, Silver Posts Lowest Close of 2017

by CoinNews.net on July 5, 2017 · 0 comments

silver bars stacked side by side

Silver futures ended at their lowest price since Dec. 23

Precious metals futures ended mixed Wednesday, one day after U.S. markets closed for 4th of July celebrations. Gold climbed from an 8-week low but silver settled at its lowest price of the year.

Gold for August delivery advanced $2.50, or 0.2%, to settle at $1,221.70 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold prices were ending the U.S. day session with modest gains Wednesday, after scoring a 3.5-month low in overnight action," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "Some short covering in the futures market and bargain hunting in the cash surfaced following the overnight selling pressure."

Gold futures ranged from a low of $1,216.50 to a high of 1,228.40. They slipped 1.9% on Monday, closing at their lowest point since May 10.

Silver for September delivery fell 19.6 cents, or 1.2%, to settle at $15.896 an ounce. The settlement is the weakest since Dec. 23. Silver futures ranged from $15.85 to $16.19. They tumbled 3.2% in starting the week on Monday.

In PGM futures on Wednesday:

  • October platinum gained $2.70, or 0.3%, to $908.80 an ounce, ranging from $901.90 to $917.80.

  • Palladium for September lost $8, or 1%, to $834.40 an ounce, trading between $830.85 and $857.95.

London Precious Metals Prices

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

  • Gold declined $3.45, or 0.3%, to $1,220.30 an ounce.
  • Silver declined 20 cents, or 1.2%, to $15.95 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

United States Mint bullion coins logged their first gains of the week and month. Advances included 4,300 ounces in gold coins and 320,000 ounces in silver 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)
Wednesday / Week / July Last Week June YTD
$100 American Eagle 1 Oz Platinum Coin 0 0 0 20,000
$50 American Eagle 1 Oz Gold Coin 1,500 1,000 4,000 142,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 27,000
$10 American Eagle 1/4 Oz Gold Coin 4,000 0 0 52,000
$5 American Eagle 1/10 Oz Gold Coin 15,000 10,000 20,000 275,000
$50 American Buffalo 1 Oz Gold Coin 1,000 1,000 2,000 67,000
$1 American Eagle 1 Oz Silver Coin 320,000 280,000 986,000 12,553,500
2017 Effigy Mounds 5 Oz Silver Coin 0 0 8,800 35,000
2017 Frederick Douglass 5 Oz Silver Coin 0 0 0 20,000
2017 Ozark Riverways 5 Oz Silver Coin 0 0 20,000 20,000

This article was edited to include updated U.S. Mint bullion figures.

{ 0 comments… add one now }

Leave a Comment