Precious Metals Decline Wed., Oct. 24

by CoinNews.net on October 24, 2018 · 0 comments

Three Gold Bullion Bars, Dark Background

Gold fell Wednesday, Oct. 24, from a 14-week high

Precious metals futures declined Wednesday after several scored milestone highs on Tuesday. Losses ranged from 05% for both gold and platinum to 0.9% for palladium.

Gold for December delivery slipped $5.70 to settle at $1,231.10 an ounce on the Comex division of the New York Mercantile Exchange.

"The most important reason is a little bit of a rebound in the U.S. dollar, which has a negative effect on gold," Reuters quoted Julius Baer analyst Carsten Menke. "On top of that, following a strong performance we had in gold in the past few days, this may be a little bit of profit taking, although this should not be the end of the recovery in gold."

Gold futures ranged from a low of $1,228.30 to a high of $1,236.80. They gained 1% on Tuesday — ending at their best price since July 16, and they declined 0.3% on Monday.

Silver for December fell 11.7 cents, or 0.8%, to finish at $14.676 an ounce. Silver futures traded between $14.66 and $14.83. They rose 1.4% on Tuesday — marking their highest settlement since Aug. 27, and they shed 0.4% on Monday.

In PGM futures on Wednesday:

  • January platinum lost $3.90 to $831.50 an ounce, ranging from $827.80 to $839.70.

  • Palladium for December delivery declined $10.50 to $1,112.30 an ounce, trading between between $1,108.70 and $1,127.30 On Tuesday, they ended at an all-time record.

London Precious Metals Prices

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

  • Gold declined $5.40, or 0.4%, to 1,230.55 an ounce.
  • Silver rose 3 cents, or 0.2%, to $14.745 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. Mint bullion products with columns listing the number of coins sold during varying periods.

US Mint Bullion Sales (# of coins)
Wednesday Last Week This Week September October 2018 Sales
$100 American Eagle 1 Oz Platinum Coin* 0 0 0 0 0 30,000
$50 American Eagle 1 Oz Gold Coin 0 2,500 4,000 14,500 17,000 168,000
$25 American Eagle 1/2 Oz Gold Coin 0 1,000 0 2,000 2,000 26,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 4,000 0 58,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 0 40,000 10,000 210,000
$50 American Buffalo 1 Oz Gold Coin 0 2,500 0 11,000 5,000 113,000
$1 American Eagle 1 Oz Silver Coin 0 200,000 200,000 2,897,500 1,330,000 13,465,000
Pictured Rocks 5 Oz Silver Coin* 0 0 0 0 0 30,000
Apostle Islands 5 Oz Silver Coin* 0 0 0 0 0 30,000
Voyageurs 5 Oz Silver Coin* 0 0 0 0 0 30,000
Cumberland Island 5 Oz Silver Coin 0 0 0 52,500 0 52,500

 

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