Gold Ends at Lowest Price in 3.5 Months; US Coin Sales Rise

Single gold bar
Precious metals declined Tuesday. Sales of the U.S. Mint’s most popular bullion coins gained.

Gold prices ended at a three-and-a-half month low to start the new trading week Tuesday following a holiday break for Memorial Day.

Gold for June delivery tumbled $26.20, or 2%, to close at $1,265.50 an ounce on the Comex division of the New York Mercantile Exchange. The settlement price was the lowest since gold ended at $1,262.90 an ounce on Feb. 7.

"Gold prices ended the U.S. day session sharply lower and scored a 3.5-month low Tuesday. The long holiday weekend in the U.S. saw potential geopolitical tensions de-escalate," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "Risk appetite has picked up in the world market place this week, as U.S. and some European stock indexes are at or near record or multi-year highs. Technical selling was also featured in gold Tuesday, as key chart support levels were penetrated on the downside, which set off pre-placed sell stop orders."

Gold prices on the day traded from a low of $1,264.30 to a high of $1,294.80. Gold dipped 0.1% last week.

Silver for July delivery shed 35 cents, or 1.8%, to end at $19.07 an ounce. Silver prices ranged from $19.03 to $19.50. Silver advanced 0.5% last week.

In PGM futures on Tuesday:

  • July platinum dropped $10.50, or 0.7%, to $1,462.30 an ounce, trading between $1,461.10 and $1,483.50.

  • Palladium for June delivery declined 80 cents, or 0.1%, to $830.65 an ounce, ranging from $827 to $835.70.

Platinum gained 0.5% last week while palladium soared 2%.

London Fix Precious Metals

London markets closed for Bank Holiday Monday. When comparing London precious metals fixings from Friday PM to Tuesday PM:

  • Gold declined $16, or 1.2%, to $1,275.50 an ounce,
  • Silver fell 17 cents, or 0.9%, to $19.25 an ounce,
  • Platinum lost $16, or 1.1%, to $1,467 an ounce, and
  • Palladium shed $6, or 0.7%, to $834 an ounce

Last week, gold ended unchanged while other precious metal fixings advanced with gains of 0.5% for silver, 1.3% for platinum and 1.5% for palladium.

US Mint Bullion Sales

Sales of U.S. Mint bullion products advanced across the most popular one-ounce American Eagle coins as well as the newest 5 oz. silver coin.

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

American Eagle and Buffalo Bullion Sales (# of coins)
Tuesday / Week-To-Date Sales Sales Last Week April Sales May Sales YTD Sales
$100 American Platinum Eagle Bullion Coins 0 300 1,200 1,000 12,200
$50 American Gold Eagle Bullion Coins 4,000 11,000 26,000 26,500 153,000
$25 American Gold Eagle Bullion Coins 0 0 5,000 3,000 25,000
$10 American Gold Eagle Bullion Coins 0 0 20,000 6,000 68,000
$5 American Gold Eagle Bullion Coins 0 10,000 55,000 30,000 320,000
$50 American Buffalo Gold Bullion Coins 0 3,000 17,500 9,000 92,000
$1 American Silver Eagle Bullion Coins 201,150 300,000 3,569,500 3,763,150 21,211,500
Great Smoky Mountains National Park 5 Oz Silver Bullion Coins 0 500 10,600 4,000 27,000
Shenandoah National Park 5 Oz Silver Bullion Coins 1,000 200 N/A 18,400 18,400


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Anybody notice there are no Reverse silver eagle proof sets scheduled as of May 2014 at the US Mint !