Gold Edges Higher, Silver Climbs from 15-Month Low

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

250 g Fine Gold Bar

On Monday, gold, silver and palladium futures advanced while platinum dipped

Gold and silver futures somewhat rebounded Monday after sinking on Friday with gold ending at an almost 4-month low and silver closing at its worst price of the year.

Gold for August delivery added $3.50, or 0.3%, to end at $1,213.20 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold and silver prices ended a typical summertime U.S. trading session slightly higher on some perceived bargain-basement buying in the cash markets and on the covering of previously established short positions (short covering) in the futures markets," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "The bears still have a firm grip on both precious metals markets," Wyckoff added.

Gold futures ranged from a low of $1,204 to a high of $1,215. On Friday, they closed at their lowest level since March 15 and posted a 2.6% weekly decline.

Meanwhile, silver for September delivery tacked on 20.4 cents, or 1.3%, to settle at $15.629 an ounce. Silver futures traded between $15.14 and $15.71. They sank 7.2% last week, closing Friday at their weakest point since April 8, 2016.

In other precious metals prices on Monday:

  • October platinum shed $2.20, or 0.2%, to $901.90 an ounce, ranging from $894.10 to $910.20.

  • Palladium for September added $6.10, or 0.7%, to $837.35 an ounce, trading between $826 and $839.15.

Losses for the two metals last week totaled 2.4% for platinum and 0.7% for palladium.

London Precious Metals Prices

In comparing earlier fixed London gold and silver prices from Friday PM to Monday PM:

  • Gold declined $3.75, or 0.3%, to $1,211.90 an ounce.
  • Silver declined 6.2 cents, or 3.9%, to $15.22 an ounce.

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

Last week, LBMA prices registered drops of 2.1% for gold, 3.8% for silver, 1.2% for platinum and 0.8% for palladium.

US Mint Bullion Sales in 2017

U.S. Mint bullion sales advanced by 6,500 ounces in gold coins and by 670,000 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)
Monday Last Week June July YTD
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 20,000
$50 American Eagle 1 Oz Gold Coin 5,000 1,500 4,000 6,500 147,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 0 27,000
$10 American Eagle 1/4 Oz Gold Coin 0 4,000 0 4,000 52,000
$5 American Eagle 1/10 Oz Gold Coin 5,000 15,000 20,000 20,000 280,000
$50 American Buffalo 1 Oz Gold Coin 1,000 1,000 2,000 2,000 68,000
$1 American Eagle 1 Oz Silver Coin 670,000 320,000 986,000 990,000 13,223,500
2017 Effigy Mounds 5 Oz Silver Coin 0 0 8,800 0 35,000
2017 Frederick Douglass 5 Oz Silver Coin 0 0 0 0 20,000
2017 Ozark Riverways 5 Oz Silver Coin 0 0 20,000 0 20,000

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

{ 0 comments… add one now }

Leave a Comment