Gold Slips Below $1600, Silver Under $27, US Bullion Coins Up

US gold bullion coins
While gold and silver fell, U.S. bullion coins climbed

Gold extended a losing streak to three days, weighed down by disappointed over the perceived inaction from central banks. Neither the ECB on Thursday nor the Federal Reserve on Wednesday offered investor-desired stimulus measures.

"It appears that central banks now need more economic data for them to come out with more aggressive actions, and that’s disappointing for gold investors," Reuters quoted Phillip Streible, senior commodities broker at futures brokerage R.J. O’Brien.

"But the downside on all these precious metals markets are limited as there is a stimulus-put built onto prices."

Gold prices for December delivery slid $16.60, or 1.0%, to $1,590.70 an ounce. Prices traded between $1,586.30 and a high of $1,618.80.

"Although gold may stay on the defensive near term, we believe any further weakness is likely to be short-lived, as investors may shift focus to the next [Federal Open Market Committee] meeting in September," MarketWatch quoted James Steel, an analyst at HSBC Securities. 

In other New York precious metals futures:

  • Silver prices for September delivery fell 54.0 cents, or 2.0%, to settle at $26.995 an ounce. Silver ranged from an intraday low of $26.88 to a high of $27.78.

  • Platinum for October delivery declined $13.50, or 1.0%, to $1,387.80 an ounce, trading between $1,382.70 and $1,415.40.

  • Palladium for September delivery closed to $567.85 an ounce, plummeting $14.75, or 2.5%. Prices ranged from $562.35 to $589.10.

London Precious Metals

Precious metals in London were lower for a second day. In comparing the London PM Fix prices:

  • Gold shed $2.00, or 0.1%, to $1,597.00 an ounce,
  • Silver declined 45.0 cents, or 1.6%, to $27.42 an ounce,
  • Platinum dipped $3.00, or 0.2%, to $1,391.00 an ounce, and
  • Palladium plunged $10.50, or 1.8%, to $575.50 an ounce

Sales of U.S. Mint Bullion Coins

U.S. Mint bullion coins entered the sales boards for the first time this month. Gains were seen across each type of U.S. bullion product. In all, U.S. Mint distributors picked up 5,500 ounces of gold coins and 182,500 ounces of silver coins.

Below are the most recent bullion coins sales as published by the U.S. Mint.

Sales of US Mint American Eagle and Buffalo Bullion Coins
  Daily Gains August Gains YTD 2012
$50 American Gold Eagle Bullion Coins 2,500 2,500 316,000
$25 American Gold Eagle Bullion Coins 0 0 56,000
$10 American Gold Eagle Bullion Coins 0 0 54,000
$5 American Gold Eagle Bullion Coins 5,000 5,000 195,000
$50 American Buffalo Gold Coins 2,500 2,500 81,500
American Eagle Silver Coins 180,000 180,000 19,850,000


For a review of bullion coin performances last month, read about U.S. bullion sales in July.

Sales of America the Beautiful 5 Oz. Silver Bullion Coins
  Daily Gains August Gains All-Time Total
2012 El Yunque National Forest 5 oz. Silver Coins 100 100 13,300
2012 Chaco Culture National Historical Park 5 oz. Silver Coins 100 100 7,500
2012 Acadia National Park 5 oz. Silver Coins 300 300 10,200
2011 Olympic National Park 5 oz. Silver Coins 0 0 85,500
2011 Vicksburg National Military Park 5 oz. Silver Coins 0 0 39,100
2011 Chickasaw Park 5 oz. Silver Coins 0 0 29,400
TOTAL 0 0 184,500


Above U.S. Mint bullion coin sales are in coin totals, not the amount of ounces sold.

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