Gold Falls to Three-Month Low; Silver Tumbles

by CoinNews.net on November 7, 2019 · 0 comments

Bullion Gold Bars, Three

Gold futures ended at their worst point since Aug. 2

In futures trading Thursday, palladium gained while gold, silver and platinum declined. Losses in gold and silver brought them to respective settlement lows of more than three months and to over five weeks.

Gold for December delivery dropped $26.70, or 1.8%, to close at $1,466.40 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since Aug. 2.

“The optimism around potential agreement or the phase one agreement (in U.S.-China trade) is seeing some of the safe-haven flows starting to ease and some profit taking emerging on the back of that," Reuters quoted Suki Cooper, precious metals analyst at Standard Chartered Bank.

Gold futures ranged from a low of $1,461.40 to a high of $1,493.60. They rose 0.6% on Wednesday, fell 1.8% on Tuesday, and dipped 0.02% on Monday.

Silver for December delivery sank 58.8 cents, or 3.3%, to end at $17.01 an ounce. The settlement was the lowest since Sept. 30. Silver futures traded between $16.91 and $17.65. They inched 0.2% higher on Wednesday, tumbled 2.8% on Tuesday, and edged 0.08% higher on Monday.

In other precious metals futures prices on Thursday:

  • January platinum lost $17.70, or 1.9%, to $914 an ounce, ranging from $907.10 to $938.10.

  • Palladium for December delivery gained $16.70, or 1%, to $1,777.80 an ounce, trading between $1,756.30 and $1,782.50. A week ago Wednesday, Oct. 30, palladium posted a record settlement of $1,792.10 an ounce.

London Precious Metals Prices

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

  • Gold declined $1.80, or 0.1%, to $1,484.25 an ounce.
  • Silver lost a penny, or 0.06%, to $17.53 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 Thursday. 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 / November September October 2019 Sales
$50 American Eagle 1 Oz Gold Coin 0 0 0 3,500 8,000 98,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 2,000 1,000 1,000 27,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 2,000 4,000 34,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 0 10,000 20,000 190,000
$50 American Buffalo 1 Oz Gold Coin 0 0 0 2,500 3,000 55,000
$1 American Eagle 1 Oz Silver Coin 0 167,000 165,000 1,021,000 1,110,500 14,565,500
San Antonio Missions 5 Oz Silver Coin 0 0 0 37,700 17,500 55,200
War in the Pacific 5 Oz Silver Coin 0 0 0 2,500 500 72,500
American Memorial Park 5 Oz Silver Coin* 0 0 0 0 0 80,000
Lowell 5 Oz Silver Coin* N/A 80,000
$100 American Eagle 1 Oz Platinum Coin* N/A 40,000

 

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