Gold Returns to Below $1400, Silver Tumbles 4.2%; US Coins Higher

by CoinNews.net on September 4, 2013 · 0 comments

10 Gold Bars

Gold, silver and other precious metals declined Wednesday.

Gold futures for December delivery lost $22, or 1.6%, to settle at $1,390 an ounce on the Comex division of the New York Mercantile Exchange. The settlement price was the lowest since August 22. Prices traded from $1,384.60 to $1,415.

"Gold prices ended the U.S. day session solidly lower Wednesday, on profit taking from short-term traders and on a technical correction from recent gains," said Jim Wyckoff, a senior analyst at Kitco Inc, in a daily note. "The geopolitical tensions in the market place eased just a bit Wednesday, which also helped to limit any new safe-haven demand for gold."

Gold prices rallied in the previous session by $15.90, or 1.1%.

Silver dropped the most in percentage after leading gains in the prior session. Silver futures for December delivery plunged $1.01, or 4.2%, to close at $23.42 an ounce. The settlement price was also the lowest since August 22. Prices ranged from $23.38 to $24.43. Silver on Tuesday surged 91.6 cents, or 3.9%.

Percent losses in PGMs fell in between gold and silver. In their closings on Wednesday:

  • Snapping a two-session winning streak, October platinum declined $43.50, or 2.8%, to settle at $1,494.70 an ounce. Platinum traded between $1,490.80 and $1,540.10.

  • Down for a fifth consecutive session, palladium for December delivery lost $19.70, or 2.7%, to $698.25 an ounce. Palladium prices ranged from $693.70 to $720.20.

London Fix Precious Metals

London precious metal fixings were lower as well. In contrasting the Tuesday PM to Wednesday PM London fix prices:

  • Gold shed $9.50, or 0.7%, to $1,390 an ounce,
  • Silver fell 50 cents, or 2.1%, to $23.71 an ounce,
  • Platinum lost $33, or 2.2%, to $1,496 an ounce, and
  • Palladium declined $25, or 3.5%, to $699 an ounce

U.S. Mint Bullion Sales in September

U.S. Mint distributors picked up modest amounts of gold coins and a decent number of silver coins. A breakdown by bullion product follows:

American Eagle and Buffalo Bullion Sales
  Wednesday Sales Last Week Week-To-Date / September Sales YTD Sales
$50 American Eagle Gold Bullion Coins 1,000 4,000 1,000 597,500
$25 American Eagle Gold Bullion Coins 1,000 0 1,000 49,000
$10 American Eagle Gold Bullion Coins 0 2,000 0 100,000
$5 American Eagle Gold Bullion Coins 0 0 0 455,000
$50 American Buffalo Gold Bullion Coins 500 1,500 500 190,500
White Mountain 5 oz. Silver Bullion Coins 0 1,200 0 31,200
Perry’s Victory 5 oz. Silver Bullion Coins 0 1,200 0 23,600
Great Basin 5 oz. Silver Bullion Coins 0 2,900 0 22,000
Fort McHenry 5 oz. Silver Bullion Coins 500 10,800 500 10,800
American Silver Eagle Bullion Coins 675,000 1,179,000 675,000 33,750,000

 

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

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