Gold Dips, US Mint Silver Bullion Coins Jump

Fine Gold Bullion 999.9
Gold and silver declined on Monday for the first time in several sessions. In other bullion news, U.S. Mint sales of silver coins surged.

Gold retreated to start the new trading week Monday, snapping a string of three straight daily gains and after rallying 4.5% last week.

Gold was not alone with losses. Silver fell for the first time in eight sessions following a soaring pick up last week of 14.3% — its best weekly increase since September 2008. Platinum and Palladium also ended lower after strong gains last week.

In closing Monday, gold for December delivery declined $5.30, or 0.4%, to $1,365.70 an ounce on the Comex division of the New York Mercantile Exchange. Trading occurred between intraday levels of $1,362 and $1,384.10 an ounce, gold’s highest price since June 18.

"The market is speculating that the Fed will announce the beginning of the tapering," Frank Lesh, a trader at FuturePath Trading in Chicago, said in a telephone interview relayed on Bloomberg News. "We are seeing investors tread with more caution."

Falling from its best closing price since May 14, Silver for September delivery dipped 15.6 cents, or 0.7%, to finish at $23.17 an ounce. Silver prices ranged from $22.96 to $23.61.

PGMs also declined on Monday. In their daily breakdowns:

  • October platinum lost $18.60, or 1.2%, to $1,509 an ounce, trading between $1,505.60 and $1,529.80.

  • Palladium for September dropped $10.15, or 1.3%, to $752.90 an ounce, ranging from $747.50 and $764.45.

The two metals advanced last week with gains of 1.8% for platinum and 3% for palladium.

London Fix Precious Metals

Aside from silver, London precious metals fixings fell as well. In contrasting the Friday PM to Monday PM London Fix prices:

  • Gold dropped $4.25, or 0.3%, to $1,365 an ounce,
  • Silver advanced 40 cents, or 1.8%, to $23.23 an ounce,
  • Platinum shed $11, or 0.7%, to $1,513 an ounce, and
  • Palladium declined $11, or 1.4%, to $751 an ounce

Last week London precious metals scored weekly increases of 4.6% for gold, 12.4% for silver, 2.1% for platinum and 3.1% for palladium.

US Bullion Sales

Sales shot 865,500 ounces higher for U.S. Mint silver coins, topping last week’s total of 747,500 ounces. Gains were spread across Silver Eagles (850,000 ounces) and America the Beautiful Five Ounce Silver Bullion Coins (15,500 ounces).

U.S. Mint distributors also ordered 1,000 ounces in gold coins, equally split between Gold Eagles and Gold Buffalo coins.

United States Mint bullion sales by day, week, month and year-to-date follow.

American Eagle and Buffalo Bullion Sales
  Monday / Week-To-Date Sales Last Week August Sales YTD Sales
$50 American Eagle Gold Bullion Coins 0 1,000 1,500 589,000
$25 American Eagle Gold Bullion Coins 0 0 1,000 48,000
$10 American Eagle Gold Bullion Coins 2,000 0 2,000 96,000
$5 American Eagle Gold Bullion Coins 0 5,000 5,000 455,000
$50 American Buffalo Gold Bullion Coins 500 1,500 5,000 185,000
White Mountain 5 oz. Silver Bullion Coins 100 0 100 30,000
Perry’s Victory 5 oz. Silver Bullion Coins 1,300 300 1,600 22,400
Great Basin 5 oz. Silver Bullion Coins 1,700 0 1,700 19,100
American Silver Eagle Bullion Coins 850,000 746,000 2,446,000 31,896,000


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

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