Gold and Silver Mostly Flat in Start to New Trading Week

by CoinNews.net on August 7, 2017 · 0 comments

.9999 Fine Gold Pur Bars

Gold and silver futures changed little Monday

Gold and silver futures ended nearly flat Monday after both metals settled lower on Friday to mark their first weekly losses in four weeks.

Gold for December delivery added a dime to finish at $1,264.70 an ounce on the Comex division of the New York Mercantile Exchange. The increase was gold’s first in four sessions.

"It was a quieter start to the trading week, amid a dearth of new fundamental developments to drive the markets," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report.

"Much of Europe is on holiday during August, while many U.S. traders and investors are also taking family vacations. That can make for quieter trading conditions until after the U.S. Labor Day holiday in early September," Wyckoff added.

Gold futures traded from a low $1,261.30 to a high of $1,265.60. They dipped 0.3% last week.

Ending lower for a fifth straight session, silver for September delivery shed one-tenth of a cent to settle at $16.251 an ounce. Silver futures ranged from $16.09 to $16.28. They lost 2.7% last week.

In other precious metals futures on Monday:

  • October platinum added $2.60, or 0.3%, to $971.60 an ounce, trading between $961 and $973.90.

  • Palladium for September delivery advanced $10.40, or 1.2%, to $885.20 an ounce, ranging from $865.45 to $886.

Last week, platinum jumped 3.5% while palladium slipped 0.6%.

London Precious Metals Prices

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

  • Gold edged up 30 cents to 1,258 an ounce.
  • Silver dropped 40 cents, or 2.4%, to $16.30 an ounce.

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

Last week, gold dipped 0.6% while the other London bullion prices logged gains of 0.8% for silver, 4.2% for platinum and 1% for palladium.

US Mint Bullion Sales in 2017

United States Mint bullion coins registered their first gains of the month. Advances included 1,000 ounces in American Gold Eagles and 110,000 ounces in American Silver Eagles.

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 / Aug 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 500 1,000 4,000 13,500 156,000
$25 American Eagle 1/2 Oz Gold Coin 1,000 0 0 0 28,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 4,000 52,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 20,000 30,000 290,000
$50 American Buffalo 1 Oz Gold Coin 0 1,500 2,000 5,000 71,000
$1 American Eagle 1 Oz Silver Coin 110,000 50,000 986,000 2,320,000 14,663,500
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 sales figures.

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