Gold Ends Near Three-Week Low; US Silver Bullion Coins Rise

Bullion Gold Bars, Three
Gold declined $9 to settle near a 3-week low. Sales of U.S. Mint bullion silver coins advanced.

Gold prices dropped toward a three-week low Tuesday despite factors that have supported gains in the past, including weakness in the U.S. dollar and falling equities.

Gold for August delivery lost $9.00, or 0.7%, to end at $1,377.00 an ounce on the Comex in New York. The settlement price was the lowest since May 22.

"We saw emerging markets sharply lower and a basket of commodities lower as well: copper, lead, zinc, etc. So bad day all around for commodities and gold is trapped in the middle, even on a risk-off day, which would normally be better for gold," MarketWatch quoted Jeffrey D. Wright, senior research analyst at Global Hunter Securities.

Gold touched an intraday low of $1,364.50 and hit a high of $1,387.20. The precious metal inched 0.2% higher on Monday.

Silver for July delivery fell 27.9 cents, or 1.3%, to close at $21.65 an ounce. It ranged from $21.40 to $22.96. Silver gained 0.8% in the previous session.

In other precious metals futures:

  • July platinum declined $27.00, or 1.8%, to $1,479.90 an ounce, trading between $1,475.40 and $1,511.10.

  • Palladium for September delivery dropped $16.90, or 2.2%, to $752.50 an ounce, ranging from $750.00 to $772.15.

London Fix Precious Metals

In London, palladium was fixed higher while other major precious metals moved lower. In comparing the Monday PM to Tuesday PM London Fix prices:

  • Gold declined $9.00, or 0.7%, to $1,374.25 an ounce,
  • Silver shed 23.0 cents, or 1.1%, to $21.58 an ounce,
  • Platinum lost $11.00, or 0.7%, to $1,487.00 an ounce, and
  • Palladium advanced $3.00, or 0.4%, to $762.00 an ounce

US Bullion Coin Sales in June

Though gold coins were kept in check, sales of U.S. Mint silver bullion coins advanced by a total of 191,500 ounces. Splits were:

  • 167,500 of the one-ounce Silver Eagles;
  • 3,600 of the five-ounce Perry’s Victory silver coins; and
  • 1,200 of the five-ounce White Mountain silver coins

The following are daily, June and year-to-date bullion coin totals as provided by the United States Mint.

American Eagle and Buffalo Bullion Coin Sales
  Tuesday Sales Last Week Week-To-Date June Sales YTD Sales
$50 American Eagle Gold Bullion Coins 0 14,000 3,500 17,500 513,000
$25 American Eagle Gold Bullion Coins 0 0 0 0 42,000
$10 American Eagle Gold Bullion Coins 0 0 0 0 78,000
$5 American Eagle Gold Bullion Coins 0 30,000 15,000 45,000 405,000
$50 American Buffalo Gold Bullion Coins 0 4,500 2,500 7,000 151,500
White Mountain 5 oz. Silver Bullion Coins 1,200 0 1,200 1,200 27,000
Perry’s Victory 5 oz. Silver Bullion Coins 3,600 8,000 5,900 13,900 13,900
American Silver Eagle Bullion Coins 167,500 782,000 846,000 1,628,000 23,396,500


Figures above are in the number of coins sold, not in ounces.

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Jamie Cohen

Any long term physical purchaser of silver and gold will always buy on price weakness. Hedge funds and paper traders trade for momentum and swing trade. Any weakness in the prices of precious metals is an opportunity to accumulate more gold and silver.