Gold, Silver Tumble; US Mint Bullion Coins Jump

silver bullion and coins
Gold and silver tumbled Tuesday. Sales this week of U.S. Mint gold and silver coins have already surpassed the totals from last week.

Gold prices on Tuesday fell by the biggest amount in several weeks after scoring a three-week high in the previous session.

Gold for June delivery tumbled $27.20, or 2%, to close at $1,300.30 an ounce on the Comex division of the New York Mercantile Exchange. Prices ranged from $1,284.40 to $1,328.40.

"The market was pressured by profit taking from the shorter-term traders and by sell stop orders being triggered in the futures market to accelerate the price downdraft," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily note.

"Tuesday’s heavy selling pressure in gold surprised many market watchers. Rising tensions in Ukraine should have supported gold prices on a safe-haven basis, many reckoned," Wyckoff added.

Silver led precious metals declines with the May contact falling 52 cents, or 2.6%, to finish at $19.49 an ounce. Silver prices ranged from $19.22 to $20.

In PGM futures on Tuesday:

  • July platinum shed $22.80, or 1.6%, to $1,444.60 an ounce, trading between $1,430.40 and $1,468.30.

  • Palladium for June delivery lost $15.60, or 1.9%, to $795.90 an ounce, ranging from $786.50 to $809.95.

London Fix Precious Metals

Earlier fixed London precious metals declined as well. In contrasting the London fix prices from Monday PM to Tuesday PM:

  • Gold dropped $27.75, or 2.1%, to $1,298 an ounce,
  • Silver added 3 cents, or 0.1%, to $19.77 an ounce,
  • Platinum lost $31, or 2.1%, to $1,435 an ounce, and
  • Palladium fell $22, or 2.7%, to $791 an ounce

US Mint Bullion Sales in March

U.S. Mint bullion sales advanced across a wide selection of coins on Tuesday. In ounces, overall sales of gold and silver coins are already higher than totals from last week. The Mint did make a correction on Tuesday, dropping sales of Great Smoky Mountains National Park 5 Oz Bullion Coins by 7,700 after an apparent incorrect increase of 15,100 on Monday.

Below is a sales breakdown for U.S. Mint bullion products with columns offering the number of bullion coins sold on Tuesday, last week, this week so far, last month, the month-to-date, and the year-to-date.

American Eagle and Buffalo Bullion Sales (# of coins)
Tuesday Sales Sales Last Week Sales This Week March Sales April Sales YTD Sales
$100 American Platinum Eagle Bullion Coins 100 300 100 10,000 700 10,700
$50 American Eagle Gold Bullion Coins 1,500 3,000 5,500 16,000 17,500 118,000
$25 American Eagle Gold Bullion Coins 0 0 0 2,000 1,000 18,000
$10 American Eagle Gold Bullion Coins 2,000 8,000 6,000 4,000 16,000 58,000
$5 American Eagle Gold Bullion Coins 5,000 10,000 10,000 30,000 30,000 270,000
$50 American Buffalo Gold Bullion Coins 1,500 3,000 1,500 12,000 11,500 77,000
$1 American Silver Eagle Bullion Coins 282,500 1,050,500 1,035,000 5,354,000 2,378,500 16,257,500
Great Smoky Mountains National Park 5 Oz Bullion Coins -7,700 0 7,400 12,400 10,000 22,400


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