Gold Prices Dip 30 Cents, US Mint 1 Oz Bullion Coins Rise


Section of American Gold Eagle Bullion Coin

Gold was little changed ahead of the Fed policy meeting this week, though prices did settle a tad off from the five-week high notched on Friday.

Gold prices for December delivery slipped 30 cents to $1,352.20 an ounce on the Comex division of the New York Mercantile Exchange. The loss was the first in three sessions. Trading volume was softer than typical in starting a new week as gold prices ranged from a low of $1,346.10 to a high of $1,361.80.

"Quanticipation is back, and gold says the Fed won’t taper QE or change anything else on Wednesday," MarketWatch quoted Adrian Ash, head of research at BullionVault. "That might mean we get a dip after the announcement itself."

Fed policy makers begin their two-day meeting on Tuesday with the FOMC statement published on Wednesday at 2 p.m. ET.

Last week, gold prices rallied 2.9% for a second straight week of gains.

In other precious metals futures on Monday:

  • Down for a second session, silver for December delivery shed a dime, or 0.5%, to finish at $22.54 an ounce. It traded between $22.38 and $22.72.

  • January platinum advanced $17.40, or 1.2%, to end at $1,472.90 an ounce. It ranged from $1,450 to $1,474.50.

  • Gaining for the eighth time in nine sessions, palladium for December added $2.55, or 0.3%, to close at $750.45 an ounce. It traded between $741 and $752.

The three metals advanced last week with gains of 3.3% for silver, 1.2% for platinum and 1% for palladium.

London Fix Precious Metals

London precious metal fixings moved solidly higher. In contrasting Friday PM to Monday PM London fix prices:

  • Gold prices advanced $13.25, or 1%, to $1,361 an ounce,
  • Silver gained 19 cents, or 0.9%, to $22.54 an ounce,
  • Platinum rose $22, or 1.5%, to $1,462 an ounce, and
  • Palladium added $9, or 1.2%, to $742 an ounce

Last week, rising was gold by 2.4%, silver by 2.2% and platinum by 0.1%. Palladium declined 0.5%.

US Mint Bullion Sales in October

All one-ounce U.S. Mint bullion products climbed Monday. Gold Eagles and Gold Buffalo coins each added 2,000 ounces while Silver Eagles rose 506,500. October sales of the gold coins are the highest since July. Silver Eagles need to move up just 888,001 more to set a new annual record.

In coin totals are the latest daily, October and year-to-date United States Mint bullion sales figures:

American Eagle and Buffalo Bullion Sales (# of coins)
  Monday / Week-To-Date Sales Last Week October Sales YTD Sales
$50 American Gold Eagle Bullion Coins 2,000 11,500 35,500 640,500
$25 American Gold Eagle Bullion Coins 0 2,000 3,000 56,000
$10 American Gold Eagle Bullion Coins 0 8,000 10,000 114,000
$5 American Gold Eagle Bullion Coins 0 10,000 30,000 495,000
$50 American Buffalo Gold Bullion Coins 2,000 2,500 17,000 217,000
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 0 2,600 27,600
American Silver Eagle Bullion Coins 506,500 699,000 2,892,500 38,980,500


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The rest of the ATB 5 ounce coins will follow soon, going off sale. Expect the Proof Gold to suddenly disappear from sales. This is an off year, seemingly. The mint will act to preserve collectibility. All, of course, IMHO.