Gold Tops $1400, Silver at 4 1/2-Month High, Ft. McHenry Coin Up

Portion of Gold Bar
Gold and silver settled at multi-month highs on Tuesday. US Mint sales climbed modestly for the Fort McHenry bullion coin, one day after they jumped to the best start in the 5 oz. series this year.

Safe-have demand lifted gold prices to a three and a half month high and silver prices to four and a half month high.

On Tuesday, gold for December delivery settled up $27.10, or 2%, to close at $1,420.20 an ounce on the Comex division of the New York Mercantile Exchange. The yellow metal ended at its best price since May 14. Gold futures traded as high as $1,424 an ounce.

"Among the factors for the gains in gold is the threat to Middle East stability as a result of the U.S. increasing tensions with Syria," MarketWatch quoted Michael Haynes, chief executive officer at online precious-metals dealer APMEX Inc.

"The gold markets appear to be looking for reasons to go higher and we have these ‘ignition points’ at the moment," added Haynes. "As we move past the Syrian threat and into the U.S. debt/budget discussion in September, which has longer term impact, the call on the bull market will be more evident."

Silver prices climbed for a fourth straight session. Silver for September delivery surged 64.1 cents, or 2.7%, to finish at $24.65 an ounce. The settlement price was the highest since April 12. Prices ranged from $23.98 to $24.72.

In PGMs, platinum dropped for the first time in four sessions while palladium snapped a two-session losing streak. In their daily breakdowns:

  • October platinum slid $12.40, or 0.8%, to $1,532.10 an ounce, trading between $1,522.60 and $1,558.

  • Palladium for September added $3.10, or 0.4%, to $749.15 an ounce, ranging from $744.85 to $753.

London Fix Precious Metals

London markets were back in action Tuesday after having closed Monday for a national holiday. In contrasting the Friday PM to Tuesday PM London Fix prices:

  • Gold gained $41.75, or 3%, to $1,419.25 an ounce,
  • Silver soared $1.23, or 5.3%, to $24.29 an ounce,
  • Platinum added $8, or 0.5%, to $1,546 an ounce, and
  • Palladium declined $5, or 0.7%, to $747 an ounce

U.S. Mint Bullion Sales

U.S. Mint bullion sales were limited Tuesday to the new Fort McHenry silver coin after nearly every Mint product advanced on the prior day. The five ounce piece rose by a modest 100 for a two-day total of 10,200 coins or 51,000 ounces. On Monday, sales of the Fort McHenry coin started quicker than any other five ounce release this year.

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

American Eagle and Buffalo Bullion Sales
  Tuesday Sales Last Week Week-To-Date Sales August Sales YTD Sales
$50 American Eagle Gold Bullion Coins 0 3,500 3,500 8,500 596,000
$25 American Eagle Gold Bullion Coins 0 0 0 1,000 48,000
$10 American Eagle Gold Bullion Coins 0 4,000 2,000 6,000 100,000
$5 American Eagle Gold Bullion Coins 0 0 0 5,000 455,000
$50 American Buffalo Gold Bullion Coins 0 4,000 1,000 9,500 189,500
White Mountain 5 oz. Silver Bullion Coins 0 100 1,100 1,200 31,100
Perry’s Victory 5 oz. Silver Bullion Coins 0 1,300 1,100 2,700 23,500
Great Basin 5 oz. Silver Bullion Coins 0 1,700 2,800 4,500 21,900
Fort McHenry 5 oz. Silver Bullion Coins 100 N/A 10,200 10,200 10,200
American Silver Eagle Bullion Coins 0 850,000 1,179,000 3,625,000 33,075,000


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

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