Gold and silver prices declined Tuesday, the first time in three sessions. Gold gave way to a U.S. dollar that hit a five-week high.
Gold for August delivery shed $12.30, or 1%, to end at $1,243.40 an ounce on the Comex in New York. Prices traded from a low of $1,240.10 to a high of $1,267.00.
"The dollar index is strengthening quite a bit, equities are strengthening and you’re seeing interest rates go up. That seems to be the perfect storm against the metal at the moment," Reuters quoted Phillip Streible, senior commodities broker at R.J. O’Brien in Chicago, adding that gold’s failure to push through resistance near $1,260 per ounce caused other players to sell.
Gold had added $44.10 over the prior two sessions. This year so far prices have dropped $432.40, or 25.8%.
With the U.S. Independence Day holiday on Thursday and the U.S. jobs report on Friday, "it is difficult to say whether gold has resumed its downward trajectory," MarketWatch quoted Fawad Razaqzada, technical analyst at GFT Markets.
Silver for September delivery lost 26.9 cents, or 1.4%, to $19.31 an ounce, ranging from $19.29 to $19.79. The precious metal during the previous two sessions advanced a total of $1.03.
PGMs split Tuesday:
October platinum declined $14.70, or 1.1%, to $1,367.80 an ounce, trading between $1,367.10 and $1,388.70.
- Sister metal palladium was an outlier. September palladium gained $2.20, or 0.3%, to close at $688.90 an ounce. Prices range from $682.65 to $695.95.
London Fix Precious Metals
London precious metals advanced modestly compared to the soaring increases on the previous day. In contrasting the Monday PM to Tuesday PM London fixings:
- Gold added $9.75, or 0.8%, to $1,252.50 an ounce,
- Silver climbed 18 cents, or 0.9%, to $19.62 an ounce,
- Platinum rose $18, or 1.3%, to $1,375 an ounce, and
- Palladium gained $9, or 1.3%, to $687 an ounce
US Bullion Coin Sales in July
United States Mint sales levels for its bullion coins were unchanged Tuesday after soaring on Monday. The following are daily, July and year-to-date bullion coin totals as published by the U.S. Mint.
|American Eagle and Buffalo Bullion Coin Sales|
|Tuesday Sales||Last Week||Weekly / July Sales||YTD Sales|
|$50 American Eagle Gold Bullion Coins||0||12,500||12,000||556,500|
|$25 American Eagle Gold Bullion Coins||0||1,000||2,000||45,000|
|$10 American Eagle Gold Bullion Coins||0||4,000||2,000||88,000|
|$5 American Eagle Gold Bullion Coins||0||10,000||10,000||425,000|
|$50 American Buffalo Gold Bullion Coins||0||7,000||5,500||167,000|
|White Mountain 5 oz. Silver Bullion Coins||0||0||1,000||28,000|
|Perry’s Victory 5 oz. Silver Bullion Coins||0||0||1,000||15,200|
|Great Basin 5 oz. Silver Bullion Coins||0||9,900||4,300||14,200|
|American Silver Eagle Bullion Coins||0||847,000||826,000||25,869,500|
Figures above are in the number of coins sold, not in ounces.
These gold and silver prices can’t stay this low for long. Mining operations can’t be sustained at these price levels. Demand will out pace supply and the prices will rise again. Get as much as you can at these prices.