Gold and Silver Slip for Third Session as Dollar Climbs

$1 Bill
Metals were pressured by strength in the dollar

Gold and silver prices settled lower Tuesday, extending losing streaks to three sessions. The metals were pressured by a stronger U.S. dollar, which gained after the IMF cut its growth forecast for the world economy.

Gold for December delivery fell $10.70, or 0.6%, to $1,765.00 an ounce on the Comex in New York. Intraday prices ranged from $1,762.00 to $1,781.60.

"Comex gold prices ended the U.S. day session with moderate losses Tuesday, on more profit taking and technical consolidation on the charts. A stronger U.S. dollar index has also lent selling pressure to gold and silver early this week," writes Jim Wyckoff in the PM Kitco Metals Roundup.

"The gold and silver market bulls are still in firm near-term technical control as no chart damage has occurred recently and as prices hover just below their recent seven-month highs," Wyckoff added.

In other New York precious metals prices on Tuesday:

  • Silver for December delivery dipped 3.2 cents, or 0.1%, to settle at $33.985 an ounce. Silver ranged from an intraday low of $33.57 to a high of $34.26.

  • Platinum for January delivery closed at $1,695.30 an ounce, dropping $3.50 or 0.2%. Prices traded between $1,687.80 and $1,714.50.

  • Bucking the other precious metals, palladium for December delivery added $1.25, or 0.2%, to $658.20 an ounce. Palladium ranged from $654.10 to $666.35.

London Bullion Prices

London precious metals, aside from palladium, changed marginally. In comparing the latest London PM Fix prices:

  • Gold advanced 50 cents $1,774.00 an ounce,
  • Silver added 2.0 cents to $33.87 an ounce,
  • Platinum gained $13.00, or 0.8%, to $1,695.00 an ounce, and
  • Palladium climbed $8.00, or 1.2%, to $660.00 an ounce

U.S. Mint Bullion Coin Sales for October and YTD

Sales amounts for U.S. Mint bullion coins remained unchanged Tuesday. The following grid offers the latest daily, October and year-to-date bullion sales figures as provided by the U.S. Mint.

Sales of US Mint American Eagle and Buffalo Bullion Coins
  Daily Sales October Sales YTD 2012
$50 American Eagle Gold Coins 0 7,500 418,000
$25 American Eagle Gold Coins 0 0 61,000
$10 American Eagle Gold Coins 0 0 62,000
$5 American Eagle Gold Coins 0 10,000 260,000
$50 American Buffalo Gold Coins 0 2,500 99,000
American Eagle Silver Coins 0 1,233,000 27,028,000


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


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3 days in a row for precious metals price declines. Wait til JPM pulls the rug from under the silver price in an engineered sell off. THEN Nadler will do a scathing commentary on the PMs. Look up some good adjectives, Jon.