Gold Prices Fall Back 0.2%, Silver Retreats 1.6%


Fine Gold BarsU.S. gold prices dipped slightly Wednesday as investors turned their attention toward riskier bets in stocks.

"Some investors may be pulling back from gold due to its high volatility, which may act to undermine its safe haven status," Reuters quoted James Steel, chief commodity strategist at HSBC. "A sharp decline in lease rates over the past two days is theoretically bearish gold as holders seek to use bullion holdings to raise cash."

Gold prices declined $3.60, or 0.2 percent, to settle at $1,826.50 an ounce in the December futures contract on the Comex in New York. The yellow metal traded from an intraday low of $1,813.30 to a high of $1,848.20.

Silver prices for December delivery ended down 66.0 cents, or 1.6 percent, to close at $40.533 an ounce. The white metal moved between $40.310 and $41.410.

Platinum prices for October delivery rose $2.40, or 0.1 percent, to settle at $1,815.90 an ounce on the New York Mercantile Exchange. Platinum ranged from $1,805.20 to $1,831.50.

Palladium prices for December delivery declined $7.50, or 1.0 percent, to settle at $721.00 an ounce. Palladium traded between $720.05 and $735.95.

London Precious Metals

Earlier fixed precious metals were again mixed in London. All but gold advanced.

"The entire (precious metals) complex has been buffeted by incessant volatility and indecision rules the day for yet another session," noted Jon Nadler, Senior Analyst at Kitco Metals Inc.

The "recent breakout by the greenback has several possible implications. Chief among them, is the possibility that its gains in strength might drag the stock and commodity markets to lower value zones," added Nadler.

In London Fix price comparisons between Wednesday (PM) and Tuesday (PM):

  • Gold prices declined $1.50 to $1,818.50 an ounce,
  • Silver advanced $1.21 at $41.23 an ounce,
  • Platinum rose a modest 50 cents to $1,815.50 an ounce, and
  • Palladium advanced $2.00 at $723.00 an ounce.

U.S. Mint Bullion Coin Sales

U.S. Mint coin totals were unchanged from Tuesday as of 3:41 p.m. ET. The latest available September and year-to-date U.S. Mint published sales figures are tabulated below:

Sales of US Mint American Eagle and Buffalo Bullion Coins
Gold Eagle Coin (1 oz.) 0 18,500 691,000
Gold Eagle Coin (1/2 oz.) 0 0 61,000
Gold Eagle Coin (1/4 oz.) 0 0 70,000
Gold Eagle Coin (1/10 oz.) 0 5,000 325,000
Gold Buffalo Coin (1 oz.) 0 4,000 123,500
Silver Eagles (1 oz.) 0 901K 29.852M


Sales of America the Beautiful 5 Oz. Silver Bullion Coins*
Gettysburg National Military Park 5 oz. 126,700
Glacier National Park 5 oz. 126,700
Olympic National Park 5 oz. 81,200
Vicksburg National Military Park 5 oz. 28,800
Chickasaw Park 5 oz. 17,500
TOTAL 381,200


*The Gettysburg and Glacier America the Beautiful Five Ounce Silver Bullion Coins are sold out. Unlike other investment-grade products, the United States Mint does not provide daily per coin sales totals for the Olympic, Vicksburg, and Chickasaw America the Beautiful Five Ounce Silver Bullion Coins. The individual totals are as of Friday, September 2, while the combined total is as of Monday, September 12.

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