Gold Drops Below $1,300, Silver Eagle Bullion Coins Top 30M

Gold Bullion Overshadowing Other Bars
Gold ended down for a sixth session and silver for a second. Also on Tuesday, American Silver Eagle bullion coins scored 30 million in year-to-date sales.

Gold ended below the key $1,300 an ounce level on Tuesday, driving its losing streak to a sixth session and for the longest one in 11 weeks.

Gold for December delivery settled down $19.90, or 1.5%, to $1,282.50 an ounce on the Comex division of the New York Mercantile Exchange. The settlement price was the lowest since July 17. Gold traded from an intraday low of $1,278.10 to a high of $1,306.40.

"The downward pressure in gold is testament to the belief that tapering is likely to start sooner rather than later," Carlos Perez-Santalla, a New York-based broker at Marex North America LLC, said in a telephone interview according to Bloomberg News. "The mood is very bearish."

In rounding out New York precious metals futures on Tuesday:

  • Silver for September delivery declined 19.6 cents, or 1%, to $19.52 an ounce, trading between $19.46 and $19.78.

  • October platinum fell $20.30, or 1.4%, to $1,427.80 an ounce, ranging from $1,422.50 to $1,454.70.

  • Palladium for September delivery shed $12.40, or 1.7%, to $722.80 an ounce, trading between $716.45 and $732.90.

London Fix Precious Metals

London precious metals fixings were mostly lower. When comparing the Monday PM to Tuesday PM London Fix prices:

  • Gold lost $24.25, or 1.9%, to $1,280.50 an ounce,
  • Silver edged up 2 cents, or 0.1%, to $19.78 an ounce,
  • Platinum declined $14, or 1%, to $1,430 an ounce, and
  • Palladium fell $9, or 1.2%, to $724 an ounce

US Bullion Coin Sales

Sales for United States Mint bullion products climbed Tuesday with the 24-karat Gold Buffalo advancing 1,500 and the 99.9% pure American Silver Eagle gaining 792,000.

For the Silver Eagles, the increase lifted their year-to-date sales above 30 million. Until Tuesday, the quickest that had ever happened was in record year 2011 when the coins topped the level by September 19, 2011.

The following are the available daily, August and year-to-date bullion coin sales totals as published by the United States Mint.

American Eagle and Buffalo Bullion Coin Sales
  Tuesday Sales Last Week Week-To-Date Sales August Sales YTD Sales
$50 American Eagle Gold Bullion Coins 0 12,500 0 0 587,500
$25 American Eagle Gold Bullion Coins 0 1,000 0 1,000 48,000
$10 American Eagle Gold Bullion Coins 0 2,000 0 0 94,000
$5 American Eagle Gold Bullion Coins 0 10,000 0 0 450,000
$50 American Buffalo Gold Bullion Coins 1,500 6,000 1,500 2,500 182,500
White Mountain 5 oz. Silver Bullion Coins 0 0 0 0 29,900
Perry’s Victory 5 oz. Silver Bullion Coins 0 0 0 0 20,800
Great Basin 5 oz. Silver Bullion Coins 0 0 0 0 17,400
American Silver Eagle Bullion Coins 792,000 950,000 792,000 0 30,242,000


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

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To the conspiracy theorists that think the price of gold is manipulated by the government to rise when coins are issued… Watch the price of Gold FALL on this Wednesday prior the release of the RP buffalo on this Thursday.

The Free Market boys and girls.


Good point RBG
The US economy is counted in the trillions of $. A little piddling couple of million $ from the issue of a new collector coin up or down ranks as almost quiet in the noise level. People need to look at things realistically and in perspective. Grousers are little whiners who need something, anything, to complain about so they can hear their voices.