Gold and Silver End Near Two-Week Lows

by CoinNews.net on November 27, 2018 · 0 comments

American Eagle silver coins, bullion gold bars, money

Settlements in gold and silver were their lowest since Nov. 14

Precious metals declined as a group Tuesday. Losses in gold and silver where their third in a row with both ending at nearly two-week lows.

Gold for December delivery fell $9, or 0.7%, to settle at $1,213.40 an ounce on the Comex division of the New York Mercantile Exchange. The finish was the weakest since Nov. 14.

"Technically, the gold bears have the overall near-term technical advantage and gained downside momentum today," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "Gold bulls’ next upside near-term price breakout objective is to produce a close in February futures above solid technical resistance at the October high of $1,252.00."

Gold futures ranged from a low of $1,219.40 to a high of $1,225.20. They dipped less than 0.1% on Monday.

Elsewhere, silver for December delivery declined 12.1 cents, or 0.9%, to settle at $14.084 an ounce. The settlement was also the lowest since Nov. 14. Silver futures traded between $14.14 and $14.27. They fell 0.3% on Monday.

In other precious metals futures on Tuesday:

  • January platinum lost $12.50, or 1.5%, to $835.30 an ounce, ranging from $832.50 to $848.70.

  • Palladium for March delivery — the new, most active contact — shed $1.80, or 0.2%, to $1,122.10 an ounce. Palladium prices traded between $1,111.10 and $1,129.

London Precious Metals Prices

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

  • Gold declined $2.20, or 0.2%, to 1,221.20 an ounce.
  • Silver fell 10.5 cents, or 0.7%, to $14.275 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

The United States Mint has not reported any increases in bullion sales for more than a week. 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)
Tuesday / This Week Last Week October November 2018 Sales
$100 American Eagle 1 Oz Platinum Coin* 0 0 0 0 30,000
$50 American Eagle 1 Oz Gold Coin 0 0 21,000 5,000 177,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 4,000 2,000 30,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 2,000 2,000 62,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 10,000 15,000 225,000
$50 American Buffalo 1 Oz Gold Coin 0 0 6,500 3,000 117,500
$1 American Eagle 1 Oz Silver Coin 0 0 1,430,000 1,270,000 14,835,000
Pictured Rocks 5 Oz Silver Coin* 0 0 0 0 30,000
Apostle Islands 5 Oz Silver Coin* 0 0 0 0 30,000
Voyageurs 5 Oz Silver Coin* 0 0 0 0 30,000
Cumberland Island 5 Oz Silver Coin 0 0 0 0 52,500

 

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