Gold Steps Back From 11-Month Settlement High

by CoinNews.net on August 30, 2017 · 0 comments

Three 250g fine gold bars

Losses in precious metals futures ranges from less than 0.1% for silver to 1.3% for palladium

Precious metals futures declined Wednesday, Aug. 30, with gold dropping from an 11-month high and silver falling for a second day in a row.

Gold for December delivery shed $4.80, or 0.4%, to settle at $1,314.10 an ounce on the Comex division of the New York Mercantile Exchange.

Gold has "decidedly broke out to the upside through resistance at $1,300 and [closed] comfortably above that level two days in a row," MarketWatch quoted Tyler Richey, co-editor of the Sevens Report.

"The near-term trend is now higher, but the gold market has been finicky over the last two months, as now both a significant support and significant resistance level has been violated," he said. "That leaves the broader technical outlook very cloudy."

Gold futures ranged from a low of $1,310.10 to a high of $1,319.30. They advanced 0.3% in the previous session, scoring their highest settlement since Sept. 29, and gained 1.3% in their start to the week on Monday.

Silver for December delivery — the new, most active contract — declined 1.3 cents, or less than 0.1%, to settle at $17.503 an ounce — the highest close for a most active contract since June 6.

Silver futures traded between $17.37 and $17.56. They also dipped less than 0.1% on Tuesday, but rallied 2.3% on Monday.

In PGM futures on Wednesday:

  • October platinum lost $8.30, or 0.8%, to $995.20 an ounce, ranging from $986.10 to $1,003.40.

  • Palladium for December delivery dropped $12.65, or 1.3%, to $931.05 an ounce, trading between $926.75 and $944.35. They ended at $943.70 an ounce on Tuesday, logging their best close since February 2001.

London Precious Metals Prices

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

  • Gold declined $10.15 or 0.8%, to 1,308.50 an ounce.
  • Silver fell 16 cents, or 0.9%, to $17.44 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 Wednesday. 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 Last Week This Week July August YTD
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 0 20,000
$50 American Eagle 1 Oz Gold Coin 0 1,500 500 13,500 6,500 162,000
$25 American Eagle 1/2 Oz Gold Coin 0 1,000 0 0 2,000 29,000
$10 American Eagle 1/4 Oz Gold Coin 0 2,000 0 4,000 2,000 54,000
$5 American Eagle 1/10 Oz Gold Coin 0 15,000 0 30,000 15,000 305,000
$50 American Buffalo 1 Oz Gold Coin 0 500 500 6,000 3,000 75,000
$1 American Eagle 1 Oz Silver Coin 0 190,000 600,000 2,320,000 1,025,000 15,578,500
2017 Effigy Mounds 5 Oz Silver Coin 0 0 0 0 0 35,000
2017 Frederick Douglass 5 Oz Silver Coin 0 0 0 0 0 20,000
2017 Ozark Riverways 5 Oz Silver Coin 0 0 0 0 0 20,000
2017 Ellis Island 5 Oz Silver Coin 0 N/A 39,500 N/A 39,500 39,500

 

{ 0 comments… add one now }

Leave a Comment