Gold Dips from 7-Month High, US Silver Coins Rally

American Eagle Silver Coin
One-day sales of US silver coins were higher than each of the past two weekly totals

Gold inched lower to start the new trading week, falling from a seven-month high in subdued trading.

Gold prices for December delivery eased $2.10, or 0.1%, to $1,770.60 an ounce on the Comex in New York. Prices traded from an intraday low of $1,762.60 to a high of $1,778.90.

Losses were attributed to profit-taking as prices advanced $32.20, or 1.9%, last week. The yellow metal has gained 4.9% this month after rising 4.5% in August.

"The good news about gold today is that we’re not down substantially," MarketWatch quoted Adam Klopfenstein, a senior market strategist with Archer Financial in Chicago. "The market is digesting a big meal from the Fed last week."

Silver for December delivery declined 28.9 cents, or 0.8%, to $34.367 an ounce. Prices ranged from an intraday low of $34.08 to a high of $34.94.

Platinum and palladium declined for the first time in eleven sessions. On Monday:

  • Platinum for October delivery fell $41.10, or 2.4%, to $1,672.60 an ounce, trading between $1,669.00 and $1,716.00.

  • Palladium for December delivery lost $10.20, or 1.5%, to $689.10 an ounce, ranging from $678.00 to $700.90.

Last week, silver jumped 2.9%, platinum soared 7.4% and palladium rallied 6.8%.

London Precious Metals

Precious metals in London also declined across the board on Monday. In contrasting PM fixing prices:

  • Gold fell $5.50, or 0.3%, to $1,770.00 an ounce,
  • Silver shed 18.0 cents, or 0.5%, to $34.53 an ounce,
  • Platinum declined $1.00, or 0.1%, to $1,696.00 an ounce, and
  • Palladium lost $11.00, or 1.6%, to $691.00 an ounce

Monday’s losses cut into gains from last week which were 2.7% for gold, 7.7% for silver, 6.5% for platinum and 8.5% for palladium.

U.S. Mint Bullion Coins

Sales advanced for each type of bullion coin sold by the U.S. Mint. Demand was particularly sharp for silver coins as sales on Monday were higher than the weekly totals since the end of August. American Eagle silver coins woke up from a slumber to log sales of 740,000, which is 280,000 more than the number sold during all of last week.

The following grid offers the latest daily, September and year-to-date bullion sales as published by the U.S. Mint.

Sales of US Mint American Eagle and Buffalo Bullion Coins
  Daily Gains September Gains YTD 2012
$50 American Eagle Gold Coins 1,500 29,500 377,000
$25 American Eagle Gold Coins 0 1,000 60,000
$10 American Eagle Gold Coins 0 0 58,000
$5 American Eagle Gold Coins 0 10,000 225,000
$50 American Buffalo Gold Coins 1,000 5,000 93,000
American Eagle Silver Coins 740,000 1,879,000 24,419,000


Sales of America the Beautiful 5 Oz. Silver Bullion Coins
  Daily Gains September Gains All-Time Total
2012 El Yunque National Forest 5 oz. Silver Coins 0 0 16,700
2012 Chaco Culture National Historical Park 5 oz. Silver Coins 0 0 17,000
2012 Acadia National Park 5 oz. Silver Coins 2,000 2,000 17,100
2012 Hawai’i Volcanoes 5 oz. Silver Coins 0 10,400 10,400
2011 Olympic National Park 5 oz. Silver Coins 0 0 85,900
2011 Vicksburg National Military Park 5 oz. Silver Coins 0 0 39,500
2011 Chickasaw Park 5 oz. Silver Coins 0 0 29,700
TOTAL 2,000 12,400 216,300


Sales figures above are in the number of coins sold, not in the amount of ounces sold.

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