Gold Ends at 19-Week Low, Silver Stretches Losing Streak to 7 Sessions

by CoinNews.net on December 7, 2017 · 1 comment

Two silver bullion bars and gold nuggets

Silver ended at a fresh, 21-week low

Precious metals futures were mostly lower Thursday. Silver advanced its losing streak to seven straight sessions, ending at a new 21-week low. Gold, meanwhile, settled at a 19-week low.

Gold for February delivery dropped $13, or 1%, to finish at $1,253.10 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the weakest since July 26 when the yellow metal ended at $1,249.40 an ounce.

"Scant risk aversion in the marketplace recently has emboldened the sellers," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "A rebound in the U.S. dollar index this week is also working against the precious metals market bulls."

Gold futures traded from a low of $1,247.60 to a high of $1,266.80. They rose 0.1% on Wednesday, declined 1% on Tuesday, and slipped 0.4% in starting the week on Monday.

Silver for March delivery declined 15.3 cents, or 1%, to close at $15.802 an ounce. The settlement is the lowest since July 13 when prices ended at $15.691 an ounce. Silver futures ranged from $15.76 to $16. They slipped 0.7% in the previous session, dropped 1.9% on Tuesday, and lost about 0.1% on Monday.

In other precious metals futures prices:

  • January platinum lost $8.30, or 0.9%, to $894.50 an ounce, trading between $893 and $904.

  • Palladium for March delivery advanced $16, or 1.6%, to $1,002.95 an ounce, ranging from $985 to $1,011.90.

London Precious Metals Prices

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

  • Gold fell $8.70, or 0.7%, to 1,255 an ounce.
  • Silver declined 20.5 cents, or 1.3%, to $15.91 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 sales were unchanged as of 3:41 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 Last Week This Week November December YTD
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 0 20,000
$25 American Eagle 1 Oz Palladium Coin* 0 0 0 0 0 15,000
$50 American Eagle 1 Oz Gold Coin 0 2,500 0 9,500 0 190,500
$25 American Eagle 1/2 Oz Gold Coin 0 2,000 0 2,000 0 34,000
$10 American Eagle 1/4 Oz Gold Coin 0 2,000 0 2,000 0 60,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 10,000 10,000 10,000 380,000
$50 American Buffalo 1 Oz Gold Coin 0 1,000 1,000 2,000 1,000 86,500
$1 American Eagle 1 Oz Silver Coin 0 90,000 110,000 385,000 110,000 17,433,500
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 0 0 0 0 40,000
2017 George Rogers Clark 5 Oz Silver Coin 0 0 0 32,400 0 32,400

{ 1 comment… read it below or add one }

Joe C. December 7, 2017 at 3:56 pm

What is the sales total so far on the Ellis Island P mint 5 oz coin? The mint shows it as “unavailable.

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