Gold Steps Back from 7-Month High, Silver Declines

Stacks of gold bars
Gold backed off a seven-month high on Tuesday

Gold retreated Tuesday from a seven-month high in yet another seesaw session around the threshold, an occurrence that has become routine since mid-September.

Gold prices for December delivery declined $7.70, or 0.4%, to settle at $1,775.60 an ounce on the Comex in New York. Prices traded between an intraday low of $1,772.30 and a high of $1,786.60.

Trading was somewhat muted with national holidays in China and India, noted analysts.

"Although these holidays may mute activity slightly this week, the new quarter and Friday’s employment report will be enough for CTAs (commodity trading advisors) and hedge funds to adjust gold positions this week," Carlos Perez-Santalla of brokerage PVM Futures, said in an email to clients that was relayed on Reuters.

Silver for December delivery settled at $34.669 an ounce, shedding 28.3 cents or 0.8%. Silver prices traded between $34.420 and $35.115.

Platinum for January delivery edged up $1.40, or 0.1%, to $1,687.200 an ounce, ranging from $1,672.80 to $1,690.40.

Palladium for December delivery surged $8.60, or 1.3%, to $654.20 an ounce, trading between $641.70 and $656.35.

London Precious Metals Prices

London bullion prices were mixed again Tuesday. In contrasting London PM Fix prices:

  • Gold declined $11.50, or 0.6%, to $1,775.50 an ounce,
  • Silver added 50.0 cents, or 1.5%, to $34.85 an ounce,
  • Platinum was unchanged at $1,678.00 an ounce, and
  • Palladium fell $4.00, or 0.6%, to $646.00 an ounce

U.S. Mint Bullion Coins

After a furious September, U.S. Mint bullion coins are yet to enter the sales charts for October. The following grid offers the latest bullion sales as published by the U.S. Mint.

Sales of US Mint American Eagle and Buffalo Bullion Coins
  Daily/October Sales YTD 2012
$50 American Gold Eagle Bullion Coins 0 410,500
$25 American Gold Eagle Bullion Coins 0 61,000
$10 American Gold Eagle Bullion Coins 0 62,000
$5 American Gold Eagle Bullion Coins 0 250,000
$50 American Gold Buffalo Bullion Coins 0 96,500
American Silver Eagle Bullion Coins 0 25,795,000


Sales of America the Beautiful 5 Oz. Silver Bullion Coins
  Daily/October Sales All-Time Total
2012 El Yunque National Forest 5 oz. Silver Bullion Coins 0 17,900
2012 Chaco Culture National Historical Park 5 oz. Silver Bullion Coins 0 17,200
2012 Acadia National Park 5 oz. Silver Bullion Coins 0 18,000
2012 Hawai’i Volcanoes 5 oz. Silver Bullion Coins 0 10,400
2011 Olympic National Park 5 oz. Silver Bullion Coins 0 85,900
2011 Vicksburg National Military Park 5 oz. Silver Bullion Coins 0 39,500
2011 Chickasaw Park 5 oz. Silver Bullion Coins 0 29,700
TOTAL 0 218,600


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

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Ummmm…….. Precious metals are holding ! You shouldn’t post these charts with your story.


Hey! Nadler has exclusive rights to compose articles that mention precious metal price declines. He stays up all night looking in his thesaurus for clever new adjectives…… Plunge, cascade, dive, fall, drop precipitously, annihilate, creamed, bludgeoned, retreat, surrender…. What else ya got, Jon?