Gold, Silver Dive to 1-Month Low; 1 Oz Gold Eagles Hit 600K

US Mint American Gold Eagles
Year-to-date sales of the $50 Gold Eagle reached 600,000. Last year the mark was not hit until Dec.

Gold and silver tumbled to a one-month low Thursday. The loss for gold marked a third in a row and the fifth time in the last eight sessions since it soared 6.3% in August.

Gold for December delivery declined $33.20, or 2.4%, to $1,330.60 an ounce on the Comex division of the New York Mercantile Exchange. The settlement price was the lowest since closing at $1,320.50 an ounce on August 13.

"With gold no longer attractive to the market as a hedge against geopolitical risk, the focus is now shifting back to the perceived September (Fed) taper which is leading to a sell off in gold," said Jeffrey Sica, president and chief investment officer of Sica Wealth Management, in emailed commentary relayed on MarketWatch.

Gold prices on Thursday traded from an intraday low of $1,320.50 to a high of $1,366.20. The precious metal dipped 20 cents on Wednesday and is down 4.7% for the month.

"The physical market has been slow even though gold prices have come down. I would think the price has to fall below $1,350 before we see more buying. Weakness in regional currencies is also curbing buying interest," Reuters quoted a dealer in Singapore.

Silver for December delivery plunged $1.02, or 4.4%, to $22.15 an ounce, ranging from $22.06 to $23.27. The closing price was the lowest since August 14. Silver prices advanced in the previous session by 0.7%.

As for PGM futures in New York:

  • October platinum lost $30.80, or 2.1% to $1,442.70 an ounce, trading between $1,437.70 and $1,476.40. It dipped 60 cents on Wednesday.

  • Bucking the trend, palladium for December delivery gained $1.60, or 0.2%, to $692.80 an ounce. Prices ranged from $686.00 to $696.95. In the prior session, palladium moved in the opposite direction by 0.2%.

London Fix Precious Metals

London precious metal fixings declined. In contrasting the Wednesday PM to Thursday PM London fix prices:

  • Gold fell $35.75, or 2.6%, to $1,328 an ounce,
  • Silver shed 24 cents, or 1%, to $22.67 an ounce,
  • Platinum lost $33, or 2.2%, to $1,444 an ounce, and
  • Palladium declined $10, or 1.4%, to $690 an ounce

U.S. Mint Bullion Sales in September

Sales of the one-ounce American Gold Eagle, the U.S. Mint’s most popular gold product, advanced 1,000 to 600,000 for the year. Last year it took until Dec. 4, 2011 for the gold coins to hit the mark. No other bullion coins advanced Thursday. Sales of the Mint’s five ounce silver coins soared on Wednesday.

In coin totals (not ounces) are the latest daily, September and year-to-date U.S. Mint bullion sales:

American Eagle and Buffalo Bullion Sales
  Thursday Sales Last Week Week-To-Date Sales September Sales YTD Sales
$50 American Gold Eagle Bullion Coin 1,000 1,000 2,500 3,500 600,000
$25 American Gold Eagle Bullion Coin 0 1,000 0 1,000 49,000
$10 American Gold Eagle Bullion Coin 0 0 2,000 2,000 102,000
$5 American Gold Eagle Bullion Coin 0 0 10,000 10,000 465,000
$50 American Buffalo Gold Bullion Coin 0 500 4,000 4,500 194,500
White Mountain 5 oz. Silver Bullion Coin 0 0 3,800 3,800 35,000
Perry’s Victory 5 oz. Silver Bullion Coin 0 0 1,400 1,400 25,000
Great Basin 5 oz. Silver Bullion Coin 0 0 3,000 3,000 25,000
Fort McHenry 5 oz. Silver Bullion Coin 0 500 14,200 14,700 25,000
American Silver Eagle Bullion Coin 0 675,000 468,000 1,143,000 34,218,000


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