Gold and Silver Prices Firm as US Dollar Weakens

Seven Gold Bars
Gold and silver prices advanced Wednesday. US Mint bullion coin sales totals were unchanged.

Gold and silver futures settled higher Wednesday, ahead of Independence Day on Thursday when U.S. markets are closed.

Gold for August delivery added $8.50, or 0.7%, to close at $1,251.90 an ounce on the Comex in New York. Gold prices traded through a range from $1,236 to $1,259.30. The precious metal on Tuesday declined $12.30, or 1%, when the U.S. dollar index notched a five-week high. On Wednesday, the greenback slipped and safe-haven demand for gold climbed.

"Gold prices ended the U.S. day session moderately higher Wednesday, on some safe-haven demand amid geopolitical tensions, and on more short-covering and bargain hunting," said Jim Wyckoff, a senior analyst at Kitco Inc, in a daily note. "A weaker U.S. dollar index Wednesday’s was also a positive for the gold and silver markets."

Silver prices for September delivery rallied 39.1 cents, or 2%, to finish at $19.70 an ounce, ranging from $19.32 to $19.89. The white metal in the prior session lost 26.9 cents, or 1.4%.

PGMs moved opposite of gold and silver:

  • Down for a second day, October platinum lost $21, or 1.5%, to $1,346.80 an ounce, trading between $1,341.70 and $1,374.20.

  • After rising Tuesday by itself, palladium declined Wednesday. September palladium fell $3.20, or 0.5%, to $685.70 an ounce, ranging from $680.55 to $689.75.

London Fix Precious Metals

London precious metals fixings retreated following two consecutive days of gains. When comparing the Tuesday to PM to Wednesday PM London Fix prices:

  • Gold dipped $2.50, or 0.2%, to $1,250.00 an ounce,
  • Silver prices shed 7 cents, or 0.4%, to $19.55 an ounce,
  • Platinum declined $14, or 1%, to $1,361 an ounce, and
  • Palladium slipped $3, or 0.4%, to $684 an ounce

US Bullion Coin Sales in July

United States Mint sales levels for its bullion coins were unchanged Wednesday, for a second straight day, 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
  Wednesday 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.

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Coin Monger

If these prices can only hold for a few more months, so all the gold and silver hoarders can acquire more before they start their inevitable climb to new highs.