Gold, Silver Dip while PGMs Gain for Second Session

Layered Gold Bars
Gold and silver retreated Thursday while platinum and palladium advanced. U.S. Mint bullion coins were flat.

Gold prices retreated Thursday as the U.S. dollar moved solidly higher.

Gold for June delivery dipped $5.10, or 0.4%, to $1,468.60 an ounce on the Comex in New York. Prices traded from an intraday low of $1,458.80 to a high of $1,476.00. Gold gained $24.90, or 1.7%, in the previous session.

"The sentiment in the market is very mixed," MarketWatch quoted Frederic Panizzutti, senior vice president at MKS Group. "Analysts are now dividend in two camps: those who have announced the end of the bull cycle and those who see the recent down move as a correction rather than a trend change."

Slipping in three of the last four sessions, silver for July delivery shed 1.6 cents, or less than 0.1%, to close at $23.911 an ounce. Silver ranged from $23.695 to $24.170. The precious metal on Wednesday moved up 12.1 cents, or 0.5%.

PGM futures advanced for a second straight session:

  • July platinum settled up $11.60, or 0.8%, to $1,516.50 an ounce, trading between $1,498.70 and $1,519.00.

  • Palladium for June delivery soared $16.50, or 2.4%, to $714.75 an ounce, ranging from $691.00 to $716.90.

London Fix Precious Metals

London precious metals fixings were mixed. In contrasting the Wednesday PM to Thursday PM London fixings:

  • Gold declined $2.50, or 0.2%, to $1,465.50 an ounce,
  • Silver gained 21.0 cents, or 0.9%, to $24.07 an ounce,
  • Platinum added $12.00, or 0.8%, to $1,506.00 an ounce, and
  • Palladium advanced $5.00, or 0.7%, to $695.00 an ounce

US Bullion Coin Sales in May

Sales levels for United States Mint bullion products were unchanged Thursday. 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
  Thursday Sales Last Week Week-To-Date May Sales YTD Sales
$50 American Eagle Gold Bullion Coins 0 38,000 5,000 15,000 449,000
$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 1,000 2,500 134,500
American Silver Eagle Bullion Coins 0 845,000 900,000 900,000 19,210,000


*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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