Gold, Silver Dip; US Mint Bullion Coins Soar

American Eagle Gold Bullion Coins
Sales of United States Mint bullion coins soared

Gold settled slightly lower Tuesday after notching its first gain in a week on Monday and moving above a three-month low. Gold and silver did climb higher in late-afternoon trading.

Gold for December delivery slipped $3.40, or 0.3%, to close at $1,273.20 an ounce on the Comex division of the New York Mercantile Exchange. The yellow metal traded between $1,251 and $1,277.60.

"Conventional wisdom is that gold will sell off on the announcement of a final debt-limit increase," MarketWatch quoted Gene Arensberg, editor of the Got Gold Report.

But prices having dropped to lows in the $1,250s suggest that "conventional wisdom may get its head handed to it with so many leaning in one direction."

Gold advanced in after-hour trading with its latest reading at $1,281 an ounce. On Monday, it rose $8.40, or 0.6%.

In other New York precious metals futures:

  • Silver for December delivery shed 16.3 cents, or 0.8%, to settle at $21.19 an ounce. Prices traded between $20.50 and $21.33. Silver climbed 9.5 cents, or 0.5%, in the prior session. Prices were higher in later trade, up at $21.33 an ounce.

  • January platinum was near flat, dropping a dime to $1,383.0 an ounce. The metal ranged from $1,361.30 to $1,384.70. On Monday, platinum added $7.90, or 0.6%.

  • Down for the first time in four sessions, palladium for December lost $8.95, or 1.3%, to $706.30 an ounce. It traded between $702.05 and $714.85. Platinum gained $1.95, or 0.3%, in the previous session.

London Fix Precious Metals

For the most part, London precious metals fixings fell further than New York bullion futures. In contrasting their Monday PM to Tuesday PM London fix prices:

  • Gold declined $15, or 1.2%, to $1,270.50 an ounce,
  • Silver dropped $1.03, or 4.8%, to $20.49 an ounce,
  • Platinum lost $7, or 0.5%, to $1,372 an ounce, and
  • Palladium fell $8, or 1.1%, to $707 an ounce

U.S. Mint Bullion Sales in October

Sales of United States Mint bullion coins surged Tuesday following flat readings on Monday. Gold coins jumped 14,000 ounces and silver coins advanced 749,500 ounces. The single day of gains surpassed last week’s tally for the coins, which were at higher levels than in recent weeks.

In three notables as a result of sales today:

  • American Gold Eagles at 22,000 ounces for October are already well above sales of 13,000 ounces in September and 11,500 ounces in August.

  • The one-day pick-up in American Silver Eagles is higher than the prior weekly totals going back to the end of August. They remain on an annual record pace.

  • American Gold Buffalo coins at 10,000 for October have matched sales from the two prior months.

Daily, October and year-to-date U.S. Mint bullion sales figures follow:

American Eagle and Buffalo Bullion Sales
  Tuesday / Week-To-Date Sales Last Week October Sales YTD Sales
$50 American Eagle Gold Coins 9,500 8,000 19,500 624,500
$25 American Eagle Gold Coins 0 0 1,000 54,000
$10 American Eagle Gold Coins 0 0 2,000 106,000
$5 American Eagle Gold Coins 5,000 5,000 15,000 480,000
$50 American Buffalo Gold Bullion Coins 4,000 1,500 10,000 210,000
White Mountain 5 oz. Silver Bullion Coins Sold Out 35,000
Perry’s Victory 5 oz. Silver Bullion Coins 0 0 1,200 26,200
Great Basin 5 oz. Silver Bullion Coins 0 0 2,200 27,200
Fort McHenry 5 oz. Silver Bullion Coins 0 600 2,600 27,600
American Silver Eagle Bullion Coins 749,500 700,000 1,636,500 37,724,500


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