Gold Falls 3%, Silver Prices Tumble 6.9%


Fine Gold BarsGold tumbled 3.0 percent Thursday, its biggest single day loss in nearly two months. Other metals dived further, however, as silver prices sank 6.9 percent and palladium plummeted 7.8 percent. Platinum’s percentage loss was near gold at 3.1

"Apparent liquidation from fear of possible contagion from the European crisis has commodities, including gold, under continued pressure," Miguel Perez-Santalla, a sales vice president at Heraeus Precious Metals Management in New York, said in telephone interview that was cited on Bloomberg. "This is a big collapse."

Gold prices fell $54.10 to $1,720.20 an ounce in the December futures contract on the Comex in New York. The daily loss was gold’s biggest since September 23 when the yellow metal declined $101.90. Gold ranged from an intraday low of $1,711.00 to a high of $1,768.00.

Silver prices for December tumbled $2.325 to $31.497 an ounce. Silver prices traded between $31.04 and $33.98. Thursday’s loss was also silver’s biggest since September 23 when it lost $6.477.

Platinum is riding the longest streak of precious metals losses at four straight. Platinum prices for January delivery closed to $1,581.10 an ounce, falling $50.10. Platinum moved from $1,579.00 to $1,628.30.

Palladium prices for December delivery plummeted $50.75 to $603.70 an ounce. Palladium traded between $601.25 and $651.00.

London Precious Metals

London precious metals moved lower on the day as well. London fixings on Thursday (PM) from those on Wednesday (PM) had gold lower by $13.50 to $1,742.50 an ounce, silver prices down by $1.15 to $33.30 an ounce, platinum falling by $21.00 to $1,607.00 an ounce and palladium diving by $20.00 to $635.00 an ounce.

U.S. Mint Bullion Coin Sales

Gains in U.S. Mint bullion coins were restricted to the one-ounce American Gold Eagle. It rose 1,000 to 12,500 for the month of November. The latest available daily, monthly, and year-to-date U.S. Mint bullion coin sales figures follow. All sales represent coin totals, not ounces of gold or silver coins sold.

Sales of U.S. Mint American Eagle and Buffalo Bullion Coins
  Daily Gains November Gains YTD 2011
American Gold Eagle Coin (1 oz.) 1,000 12,500 818,500
American Gold Eagle Coin (1/2 oz.) 0 0 65,000
American Gold Eagle Coin (1/4 oz.) 0 2,000 80,000
American Gold Eagle Coin (1/10 oz.) 0 5,000 360,000
American Gold Buffalo Coin (1 oz.) 0 1,500 146,500
American Silver Eagle (1 oz.) 0 819,000 37,294,500


Sales of America the Beautiful 5 Oz. Silver Bullion Coins*
YTD 2011
Gettysburg National Military Park 5 oz. Silver Coin 126,700
Glacier National Park 5 oz. Silver Coin 126,700
Olympic National Park 5 oz. Silver Coin 83,300
Vicksburg National Military Park 5 oz. Silver Coin 32,200
Chickasaw Park 5 oz. Silver Coin 24,400
TOTAL 393,300


*The United State Mint does not provide daily sales figures for its 5-ounce silver coins. The sales are current as of Monday, November 14, 2011.

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