Gold Falls 0.6%; Silver Drops 1.3% After 13-Month High

by CoinNews.net on July 25, 2019 · 0 comments

Gold Bullion Bars, Three

Gold futures declined Thursday, July 25, by 0.6%

Precious metals futures registered declines Thursday ranging from 0.3% for palladium to 1.3% for silver. Silver’s loss was its first in four sessions and comes on the heels of hitting a more than 13-month high settlement.

Gold for August delivery shed $8.90, or 0.6%, to close at $1,414.70 an ounce on the Comex division of the New York Mercantile Exchange.

Gold futures ranged from a low of $1,411.10 to a high of $1,434.10. They gained 0.1% on Wednesday, slipped 0.4% on Tuesday, and inched up 0.01% on Monday. Last Thursday, they ended at $1,428.10 an ounce for their highest close since May 13, 2013.

Meanwhile, silver for September delivery fell 21.5 cents to settle at $16.411 an ounce. Silver futures traded between $16.34 and $16.69.

"The key element that has been fueling the recent rally in silver was the stretched levels of the gold-silver ratio which suggested to many traders that silver was cheap relative to gold," Reuters quoted Julius Baer analyst Carsten Menke, who added that profit-taking was now occurring.

They added 0.9% on Wednesday — for their best close since June 14, 2018, they rose 0.4% on Tuesday, and they gained 1.3% on Monday.

In other precious metals futures Thursday:

  • October platinum declined $7.10, or 0.8%, to $874 an ounce, ranging from $871.40 to $889.70.

  • Palladium for September shed $4.60 to $1,533.90 an ounce, trading between $1,525.30 and $1,544.90.

London Precious Metals Prices

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

  • Gold fell $10.85, or 0.8%, to $1,416.10 an ounce.
  • Silver was unchanged at $16.535 an ounce.

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

US Mint 2019 Bullion Sales

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. Products with an asterisk (*) are no longer available.

US Mint Bullion Sales (# of coins)
Thursday Last Week This Week June July 2019 Sales
$50 American Eagle 1 Oz Gold Coin 0 500 500 4,500 1,000 79,500
$25 American Eagle 1/2 Oz Gold Coin 0 1,000 0 0 2,000 21,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 0 2,000 28,000
$5 American Eagle 1/10 Oz Gold Coin 0 5,000 5,000 5,000 15,000 160,000
$50 American Buffalo 1 Oz Gold Coin 0 500 0 3,000 500 48,000
$1 American Eagle 1 Oz Silver Coin 0 75,000 0 1,035,000 337,000 10,359,000
American Memorial Park 5 Oz Silver Coin 0 0 0 0 0 78,000
Lowell 5 Oz Silver Coin* N/A 80,000
$100 American Eagle 1 Oz Platinum Coin* N/A 40,000

 

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