Gold Drops for 6th Session, Silver Rises; US Mint Coins Gain

Three 250g fine gold bars
Gold prices fell for a sixth session while silver prices advanced for the first time in six sessions

Gold prices ended down for a six consecutive session in starting the new trading week on Monday, marking a fresh four-month low and the longest slump since August.

Gold for August delivery dipped $2, or 0.2%, to close at $1,244 an ounce on the Comex division of the New York Mercantile Exchange. The closing price is the weakest since gold ended at $1,239.80 an ounce on Jan. 31. Gold traded from a low of $1,241.10 to a high of $1,251.

"The technical outlook for gold is not looking very good. There is a good chance it will fall to $1,230 and then all the way $1,200," Reuters quoted a trader in Tokyo. "Physical markets haven’t reacted very much to last week’s drop but if prices fall to $1,200, then we could see some action."

Last month, gold tumbled 3.9% for the worst monthly decline of the year. It fell 3.5% last week.

Climbing for the first time in six sessions, silver for July delivery added 6 cents, or 0.3%, to settle at $18.74 an ounce. The precious metal traded from $18.65 to $18.87 after plunging 2.6% in May.

In PGM futures, platinum fell for a third straight session and palladium advanced for a second. In their breakdowns:

  • July platinum declined $16, or 1.1%, to $1,436.70 an ounce, ranging from $1,435 to $1,454.10.

  • Palladium for September delivery shed $3.70, or 0.4%, to $832.65 an ounce, trading between $830.60 and $837.30.

In May, gains totaled 1.7% for platinum and 2.9% for palladium.

London Fix Precious Metals

Earlier fixed London precious metals fixings retreated. In contrasting the London bullion fixings from Friday PM to Monday PM:

  • Gold shed $3.25, or 0.3%, to $1,247.25 an ounce,
  • Silver fell 19 cents, or 1%, to $18.81 an ounce,
  • Platinum dropped $27, or 1.8%, to $1,437 an ounce, and
  • Palladium lost $3, or 0.4%, to $833 an ounce

Last month, increases among London precious metals included 2.8% for platinum and 4.1% for palladium while declines totaled 2.9% for gold and 1.5% for silver.

US Mint Bullion Sales in June

U.S. Mint bullion sales rose by 100 ounces in platinum coins and by 5,500 ounces in gold coins. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of bullion coins sold on Monday, last week, last month, the month so far, and the year-to-date.

American Eagle and Buffalo Bullion Sales (# of coins)
Monday / Week-To-Date Sales Sales Last Week May Sales June Sales YTD Sales
$100 American Platinum Eagle Bullion Coins 100 0 1,000 100 12,300
$50 American Gold Eagle Bullion Coins 4,000 6,500 29,000 4,000 159,500
$25 American Gold Eagle Bullion Coins 0 0 3,000 0 25,000
$10 American Gold Eagle Bullion Coins 0 0 6,000 0 68,000
$5 American Gold Eagle Bullion Coins 5,000 5,000 35,000 5,000 330,000
$50 American Buffalo Gold Bullion Coins 1,000 3,500 12,500 1,000 96,500
$1 American Silver Eagle Bullion Coins 0 426,500 3,988,500 0 21,436,500
Great Smoky Mountains National Park 5 Oz Silver Bullion Coins 0 0 4,000 0 27,000
Shenandoah National Park 5 Oz Silver Bullion Coins 0 1,700 19,100 0 19,100


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