Gold Ends at 4-Week Low, Silver Posts 7-Week Low

by on February 7, 2018 · 5 comments

American Eagle silver coins, bullion gold bars, money

Precious metals futures registered losses ranging from 1.1% for gold to 2.1% for silver

Precious metals finished lower Wednesday for a third day in a row this week. Gold ended at a four-week low and silver settled at a seven-week low.

Gold for April delivery dropped $14.90, or 1.1%, to close at $1,314.60 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since Jan. 9 when prices ended at $1,313.70 an ounce.

"It is hard to say where gold goes from here given that direction in the U.S. stock market remains unclear despite Tuesday’s impressive recovery," MarketWatch quoted Edward Meir, an independent commodity consultant at INTL FCStone.

"All we can say is that gold did not particularly perform well when stocks were melting down, while seeming to crumble rather effortlessly in the aftermath of Tuesday’s sharp rally."

Gold futures traded from a low of $1,313.50 to a high of $1,334.80. They shed 0.5% on Tuesday and dipped less than 0.1% on Monday.

Silver for March delivery tumbled 34.2 cents, or 2.1%, to settle at $16.238 an ounce. The close was the lowest since Dec. 19 when the precious metal finished at $16.153 an ounce. Silver futures ranged from $16.21 to $16.73. They shed 0.6% on Tuesday and lost 0.2% on Monday.

In PGM futures on Wednesday:

  • April platinum declined $12.60, or 1.3%, to $981.70 an ounce, trading between $980 and $998.

  • Palladium for March delivery fell $17.95, or 1.8%, to $984.55 an ounce, ranging from $976 to $1,011.

London Precious Metals Prices

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

  • Gold declined $6.75, or 0.5%, to $1,324.65 an ounce.
  • Silver fell 11.5 cents, or 0.7%, to $16.69 an ounce.

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

US Mint Bullion Sales in 2018

United States Mint bullion sales were unchanged. Below is a sales breakdown of U.S. bullion products with columns listing the number of coins sold during varying periods.

US Mint Bullion Sales (# of coins)
Wednesday Last Week This Week December January February 2018 Sales
$50 American Eagle 1 Oz Gold Coin 0 2,000 500 38,000 36,000 1,500 37,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 3,000 16,000 0 16,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 4,000 26,000 0 26,000
$5 American Eagle 1/10 Oz Gold Coin 0 5,000 0 25,000 80,000 0 80,000
$50 American Buffalo 1 Oz Gold Coin 0 1,500 500 14,000 24,000 1,500 25,500
$1 American Eagle 1 Oz Silver Coin 0 140,000 225,000 742,000 3,235,000 225,000 3,460,000


{ 5 comments… read them below or add one }

Seth Riesling February 7, 2018 at 7:53 pm

Silver has basically been going down for over 2 years overall & yet the U.S. Mint decides to raise its silver coin prices this year! It hasn’t lowered its silver coin prices in a long time even back a couple of years ago when silver reached a 6-year low twice that year! The Mint continues to not have a pricing grid for its silver products, although it has such a grid for gold, platinum & palladium coin products. Congress needs to fix this unfair situation. The Mint states on its website & in all catalogues & post cards mailed out that “Because of the variability of pricing on the precious metal markets, prices of products containing silver are subject to change.” Yet, the Mint only changes prices in recent years on the upside & hasn’t lowered silver coin prices when silver tanks like recently! They have the audacity to actually raise silver coin prices instead. Asinine! Especially when their customer base has been eroding since 2014 greatly! Get your act together U.S. Mint & cater to your ever decreasing base & for total fairness as a 100% monopoly, get a pricing grid for your silver products & stop playing the silver market on the backs of those who buy your silver products. The Mint makes more in profit on its silver coins than on all the other 3 precious metals products since more collectors can afford silver over the more expensive precious metals & the Mint takes an unfair advantage of that situation. No wonder sales have been down greatly in the past 3 fiscal years.


Mouse February 7, 2018 at 9:36 pm

Seth – I could not agree more. The days of any modern silver coin becoming the next or future million dollar auction ticket item are over. It appears to me that perhaps their over-inflated silver products are an attempt to push the market to purchase recycled silver numismatic and bullion products. There is always an inflated price when stocks are low / last kick at the can.

Just a though.

When it comes to my mint (RCM) they seem to base their inflated prices on the lower mintage’s they assign to a coin product. I have been purchasing internationally minted bullion and numismatic coins for awhile now. I will always have love for my mint and will from timer to time purchase a numismatic coin if the design is something special / Canadian bullion always, but the competition is strong in the market. If our mints do not provide the choice or prices we want, we need to act by purchasing product elsewhere.

Speaking of elsewhere, I plan to purchase a couple of 1/10 oz proof liberty coins tomorrow from the US mint. Looking forward to a couple of those beauties in my collection and it also gives me time to decide if I want to purchase the 1oz 2017 version…who am I trying to fool, I am going to buy the 2017 version.



Seth Riesling February 8, 2018 at 1:18 am

Mouse –

Good analysis. At least the RCM gives a reason why its silver coins are priced so high & it actually makes since in that very low mintages is what we collectors usually look for. But, they raised prices too much & I got out. I was a RCM Masters Club member for a few years from 2012 to 2016 & really like the high-quality coins & low mintages & vast variety the RCM offers compared to the U.S. Mint for sure. I still buy the occasional “special” coin when I can’t resist it from RCM & still buy select coins from Perth Mint Australia, & a few items from the Royal Mint of the UK. But, most of my purchases are from the U.S. Mint on new issues & from coin dealers (nearly 6,000 in the USA now) on older “classic” U.S. Mint coins. My eclectic tastes range from ancient to modern coins to tokens, medals, & paper money, so I am spreading myself out thin! The investment aspect is large, but actually I am a sucker for beauty & historical packaging also. I just don’t like to overpay for anything though. Our Mint is a 100% monopoly, so there is no choice in the matter since I can’t seem to quit collecting. The U.S. Mint is taking advantage more & more of the situation with silver products especially & it is simply counterproductive to increased sales. A crazy situation for sure.

Happy collecting Mouse!


Joe Brown February 8, 2018 at 2:14 am

don*t worry*, what go’s around, comes around, *always.

Mouse February 9, 2018 at 9:14 pm

Seth – very well put. I have also shifted the focus of my collection and shop for deals and investment based coins to ensure my sons coin collection will be strong when he inherits mine.

It appears to me that since our dollars are no longer based on the gold standard, precious metals (coin manufacturing) has become another highly controlled (monopoly) supply and demand tool. I have heard tale that within the next 100 years, we as a human race may have exhausted our ability to mine substantial amounts of precious metals for our ever hungry market. Maybe now we are seeing the times ahead and the increased price of manufacturing silver coins. Exciting times we live in.


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