Gold eased 0.3% lower Wednesday as many investors were sidelined ahead of the Fed minutes. Prices retreated a bit further immediately following the release as it indicated little support at the time for more stimulus. Gold did firm later, however.
"We really don’t see any clear indication in these minutes that the Fed is any closer to QE3 than at their previous meeting," Reuters quoted Omer Esiner, chief market analyst at Commonwealth Foreign Exchange in Washington. "Very cautious on the economic outlook and the door remains open to QE3, but nothing imminent in these minutes."
Gold prices for August delivery retreated $4.10 to settle at $1,575.70 an ounce on the Comex in New York. Intraday prices ranged from a low of $1,565.50 to a high of $1,583.40.
"Gold, absent some QE or (higher) inflation numbers, is really stuck in a rut right now," said Sterling Smith, commodity analyst with Citi Institutional Client Group. "The minutes were not enough to lift it out of the rut."
More on Smith’s and other analysts’ comments may be read via this Kitco News article published today by Allen Sykora.
In other New York precious metals futures:
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Silver prices for September delivery closed to $27.023 an ounce, advancing 14.1 cents or 0.5%. Silver moved between $26.760 and $27.240.
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Platinum prices for October delivery climbed $1.90, or 0.1%, to settle at $1,431.60 an ounce. Prices traded between $1,420.40 and $1,435.90.
- Palladium prices for September delivery settled to $582.95 an ounce, adding $6.35 or 1.1%. Palladium bracketed $575.00 and $583.85.
London Precious Metals
Earlier London fixed precious metals registered heavy losses. When comparing the latest London PM fixings:
- Gold shed $18.25, or 1.1%, to $1,577.00 an ounce,
- Silver declined 46.0 cents, or 1.7%, to $27.11 an ounce,
- Platinum fell $29.00, or 2.0%, to $1,420.00 an ounce, and
- Palladium pulled back $9.00, or 1.5%, to $576.00 an ounce
U.S. Mint Bullion Coin Sales
Sales of U.S. Mint bullion coins were unchanged for a second straight day. The following are the latest daily, July and year-to-date bullion coin sales totals as published by the U.S. Mint.
| Sale of US Mint American Eagle and Buffalo Bullion Coins | |||
|---|---|---|---|
| Daily Gains | July Gains | YTD 2012 | |
| $50 American Eagle Gold Coin | 0 | 8,000 | 293,000 |
| $25 American Eagle Gold Coin | 0 | 0 | 56,000 |
| $10 American Eagle Gold Coin | 0 | 2,000 | 54,000 |
| $5 American Eagle Gold Coin | 0 | 0 | 175,000 |
| $50 American Buffalo Gold Coin | 0 | 1,500 | 76,500 |
| American Eagle Silver Coin | 0 | 755,000 | 18,147,000 |
| Sales of America the Beautiful 5 Oz. Bullion Silver Coins | |||
|---|---|---|---|
| Daily Gains | July Gains | All-Time Total | |
| 2012 El Yunque National Forest 5 oz. Silver Bullion Coins | 0 | 500 | 10,400 |
| 2012 Chaco Culture National Historical Park 5 oz. Silver Bullion Coins | 0 | 1,800 | 5,000 |
| 2011 Olympic National Park 5 oz. Silver Bullion Coins | 0 | 100 | 85,300 |
| 2011 Vicksburg National Military Park 5 oz. Silver Bullion Coins | 0 | 0 | 38,600 |
| 2011 Chickasaw Park 5 oz. Silver Bullion Coins | 0 | 0 | 28,900 |
| TOTAL | 0 | 2,400 | 166,900 |
The above U.S. Mint bullion coin sales are in coin totals, not the amount of ounces sold.
