Gold, Silver Hit Fresh 2-Week Low

Fine Gold Bar and Gold Nuggets
Gold and silver fell to their lowest prices since Aug. 22

Gold, silver and other precious metals on Thursday marked a second day of across the board declines. Gold and silver settled to fresh two-week lows, pressured as the dollar climbed against other world currencies.

Gold futures for December delivery declined $17, or 1.2%, to finish at $1,373 an ounce on the Comex division of the New York Mercantile Exchange. Trading action occurred between intraday levels of $1,364.70 and $1,400. Gold prices dropped lost $22, or 1.6%, on Wednesday. Investors are now looking ahead to Friday’s U.S. jobs numbers.

A government report showing the creation of about 100,000 jobs last month would likely "prompt markets to reduce the probability and the size of a September tapering, which could well send gold toward $1,488 an ounce," said TD Securities in a report Tuesday that was relayed on MarketWatch. "Conversely, a print above 200,000 would do the opposite, with prices moving toward $1,325 an ounce."

Silver futures for December delivery slipped 16 cents, or 0.7%, to end at $23.26 an ounce, ranging from $23.04 to $23.68. Silver prices on Wednesday plunged $1.01, or 4.2%.

Percent losses in PGMs weighed on the heavy side as well. In their closings on Thursday:

  • October platinum shed $12.60, or 0.8%, to $1,482.10 an ounce, trading between $1,472.80 and $1,502.90.

  • Down for a sixth straight session, palladium for December delivery lost $11.05, or 1.6%, to $687.20 an ounce. The PGM ranged from $685.25 to $698.

London Fix Precious Metals

London precious metal fixings also declined for a second day. In contrasting their Wednesday PM to Thursday PM London fix prices:

  • Gold dipped $5, or 0.4%, to $1,385 an ounce,
  • Silver fell 19 cents, or 0.8%, to $23.52 an ounce,
  • Platinum shed $9, or 0.6%, to $1,487 an ounce, and
  • Palladium declined $10, or 1.4%, to $689 an ounce

U.S. Mint Bullion Sales in September

Sales totals for United States Mint bullion coins were unchanged Thursday after registering gains on Wednesday. A sales breakdown by U.S. Mint bullion product follows:

American Eagle and Buffalo Bullion Sales
  Thursday Sales Last Week Week-To-Date / September Sales YTD Sales
$50 American Eagle Gold Bullion Coins 0 4,000 1,000 597,500
$25 American Eagle Gold Bullion Coins 0 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 0 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 0 10,800 500 10,800
American Silver Eagle Bullion Coins 0 1,179,000 675,000 33,750,000


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

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