Gold Prices Dip; US Silver Eagle Bullion Sales Rocket

Bullion American Silver Eagles
Silver Eagle bullion sales for July topped 4.4 million on Tuesday, which is the highest for a July and ranks as the fifth best month all-time

Gold ended lower Tuesday for the second time in three sessions. The loss was modest in a day of narrow-range trading with investors cautiously waiting for Wednesday’s start of the Fed’s two-day policy meeting.

Gold for December delivery settled down $4.80, or 0.4%, to $1,324.80 an ounce on the Comex division of the New York Mercantile Exchange. The precious metal traded from an intraday low of $1,317 to a high of $1,330.40. Gold prices climbed in the previous session by 0.5%.

"Comex gold futures prices ended the U.S. day session with modest losses in quieter, pre-report trading Tuesday. The key ‘outside markets’ turned bearish for the precious metals on the day, as the U.S. dollar index was higher and crude oil prices were lower," said Jim Wyckoff, a senior analyst at Kitco Inc, in a daily note.

"Gold and silver prices were also pressured by some position evening and technical chart consolidation ahead of some big economic data due out in the next few days that will most certainly be markets-moving."

Silver for September delivery declined 18.4 cents, or 0.9%, to close at $19.68 an ounce. Prices ranged from $19.50 to $19.88. Like gold, the precious metal advanced 0.5% in the prior session.

PGM futures also retreated Tuesday after logging strong gains on Monday.

  • October platinum declined $5.20, or 0.4%, to $1,437.50 an ounce, trading between $1,430.60 and $1,446.70.

  • Palladium for September delivery fell $16, or 2.2%, to $728.65 an ounce, ranging from $723.50 to $743.65.

In the previous session, platinum advanced 1.4% and palladium soared 2.9%.

London Fix Precious Metals

London precious metals fixings were mixed. In contrasting the Monday PM to Tuesday PM London Fix prices:

  • Gold shed $5.60, or 0.4%, to $1,324.15 an ounce,
  • Silver lost 42 cents, or 2.1%, to $19.68 an ounce,
  • Platinum added $3, or 0.2%, to $1,439 an ounce, and
  • Palladium gained $7, or 1%, to $738 an ounce

US Bullion Coin Sales in July

U.S. Mint bullion coin sales have surged these last few days of July. This week’s two-day total of 10,500 ounces in American Gold Eagles is already higher than the last three weekly totals.

Generally, summer months tend to be tepid for bullion, yet American Silver Eagles are selling like crazy. Today, the Silver Eagles notched a monthly sales total of 4,406,500. That is the highest for a July and ranks as the fifth best month all-time. As a perspective, sales in July 2012 reached 2,278,000, which was actually a solid summer monthly total.

Since the series of 99.9% pure silver coins debuted in 1986, only three years have higher annual sales than the current 29.45 million total reached in less than 7 months this year.

The following table offers daily, July and year-to-date bullion coin totals as published by the U.S. Mint on its website.

American Eagle and Buffalo Bullion Coin Sales
  Tuesday Sales Last Week Week-To-Date Sales July Sales YTD Sales
$50 American Eagle Gold Bullion Coins 6,500 4,000 9,500 40,000 584,500
$25 American Eagle Gold Bullion Coins   0 0 4,000 47,000
$10 American Eagle Gold Bullion Coins   0 0 6,000 92,000
$5 American Eagle Gold Bullion Coins 5,000 0 10,000 35,000 450,000
$50 American Buffalo Gold Bullion Coins 1,000 0 4,500 18,000 179,500
White Mountain 5 oz. Silver Bullion Coins 0 0 0 2,900 29,900
Perry’s Victory 5 oz. Silver Bullion Coins 0 800 0 6,600 20,800
Great Basin 5 oz. Silver Bullion Coins 0 0 0 7,500 17,400
American Silver Eagle Bullion Coins 950,000 925,000 950,000 4,406,500 29,450,000


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

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