Gold Drops 1.3%, Silver Slips 0.6%

Nine Gold Bullion Bars
Precious metals declined Tuesday. U.S. Mint bullion coin levels were unchanged.

Gold declined Tuesday, giving back gains from Monday and all of last week. Outflows in gold-backed ETFs were attributed to pressuring the yellow metal.

"The SPDR gold holdings continue to decline, and that’s been a major enemy of any rally attempts here," Reuters quoted Bill O’Neill, partner of commodities investment firm LOGIC Advisors.

Gold for June delivery fell $19.20, or 1.3%, to settle at $1,448.80 an ounce on the Comex in New York. Gold prices ranged from a low of $1,440.40 to a high of $1,470.00. Prices edged up $3.80 on Monday and advanced $10.60 last week.

"There’s a lot of betting against gold going on… Professional money managers have built up a sizeable short position," MarketWatch quoted Ben Traynor, chief economist at BullionVault.

"At the same time, the ETFs continue to lose metal, which makes would-be gold investors circumspect."

In other New York precious metals futures on Tuesday:

  • Down for a second day, silver for July delivery declined 14.9 cents, or 0.6%, to close at $23.806 an ounce. Silver traded between $23.40 and $24.04. Silver lost 5.9 cents on Monday.

  • July platinum dropped $26.50, or 1.8%, to $1,481.20 an ounce, ranging from $1,477.30 to $1,506.90. The precious metal advanced $6.50 in the previous session.

  • Palladium for June delivery plunged $16.50, or 2.4%, to $680.60 an ounce, ranging from $677.70 to $696.00. Palladium gained $3.80 on Monday.

London Fix Precious Metals

London markets were closed Monday for a banking holiday. In comparing Friday PM to Tuesday PM London fixings:

  • Gold declined $25.00, or 1.7%, to $1,444.25 an ounce,
  • Silver lost 50.0 cents, or 2.1%, to $23.75 an ounce,
  • Platinum fell $17.00, or 1.1%, to $1,484.00 an ounce, and
  • Palladium dropped $12.00, or 1.7%, to $682.00 an ounce

US Bullion Coin Sales in May

Sales levels for U.S. Mint bullion products were unchanged Tuesday. The following are daily, May and year-to-date bullion coin totals as published by the United States Mint.

American Eagle and Buffalo Bullion Coin Sales
  Tuesday Sales Last Week Week-To-Date May Sales YTD Sales
$50 American Eagle Gold Bullion Coins 0 38,000 3,000 13,000 447,000
$25 American Eagle Gold Bullion Coins 0 3,000 0 0 40,000
$10 American Eagle Gold Bullion Coins 0 4,000 0 0 72,000
$5 American Eagle Gold Bullion Coins* 0 5,000 0 0 300,000
$50 American Buffalo Gold Bullion Coins 0 14,500 0 1,500 133,500
American Silver Eagle Bullion Coins 0 845,000 719,500 719,500 19,029,500


*The U.S. Mint has temporarily suspended sales of its smallest American Gold Eagle until inventories are replenished. The Mint ran out of them on April 22.

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