Gold, Silver Trade Lower; US Mint Coin Sales Bounce

100g fine gold 999.9 bar
Precious metals retreated Tuesday. U.S. Mint bullion coin sales bounced from the lows of last week.

Gold closed down again Tuesday, marking a fifth loss in six sessions, but prices did rebound in later trading.

Gold for December delivery dipped $3.60, or 0.3%, to end at $1,285.30 an ounce on the Comex division of the New York Mercantile Exchange. Jim Wyckoff, of Kitco Metals Inc., said the following about gold’s movements in the daily Kitco Metals Roundup:

"It started out as a quieter summertime trading session Tuesday. The gold market was firmer early on, on some short covering. Then some stronger-than-expected U.S. economic data helped to pressure gold to its daily low in late-morning trading. The U.S. dollar index hitting an 11-month high Tuesday and solidly lower crude oil prices were also negative outside market forces working against the precious metals.

However, shortly after midday the U.S. stock market sold off sharply. Some pundits said that technical selling was the culprit. Others said news reports quoting a Polish official as saying Russian troops are massing on the Ukrainian border were responsible for spooking the market place and selling off stocks. Gold moved up from its daily lows and pushed above unchanged levels on the stock market sell-off."

Gold prices ranged from an intraday low of $1,283.30 to a high of $1,294.30. After-hours trading last saw the yellow metal nearing $1,289 an ounce.

Silver extended its losing streak on Tuesday to four straight sessions with the September contract off 40 cents, or 2%, to $19.83 an ounce. Silver traded as high as $20.29. Its low at $19.78 was the weakest level since June 18.

In PGM futures on Tuesday:

  • October platinum lost $10.70, or 0.7%, to $1,455.90 an ounce, ranging from $1,451.10 to $1,469.60.

  • Palladium for September fell $6.75, or 0.8%, to $848.35 an ounce, trading between $837.50 and $860.

London Fix Precious Metals

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

  • Gold turned down $5.75, or 0.5%, to $1,284.75 an ounce,
  • Silver stepped back 15 cents, or 0.7%, $20.20 an ounce,
  • Platinum shed $11, or 0.8%, to $1,454 an ounce, and
  • Palladium declined $24, or 2.8%, to $843 an ounce

US Mint Bullion Coin Sales in August

United States Mint bullion coins advanced for a second consecutive day. Gains through Tuesday for the Mint’s gold coins total 9,000 ounces, which is already six times the amount sold all last week. Silver coin sales at 575,000 ounces are nearing the double marker compared to last week’s total of 335,000 ounces. Last week’s gold and silver coin sales totals were among the lowest of the year.

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

American Eagle and Buffalo Bullion Sales (# of coins)
Tuesday Sales Sales Last Week Current Sales Week July Sales August Sales YTD Sales
$100 American Platinum Eagle Bullion Coins 0 0 0 0 0 12,900
$50 American Eagle Bullion Gold Coins 1,500 1,500 6,500 26,000 6,500 231,000
$25 American Eagle Bullion Gold Coins 0 0 0 0 0 27,000
$10 American Eagle Bullion Gold Coins 2,000 0 2,000 6,000 2,000 80,000
$5 American Eagle Bullion Gold Coins 5,000 0 5,000 25,000 5,000 390,000
$50 American Buffalo Bullion Gold Coins 1,000 0 1,500 5,500 1,500 118,500
$1 American Eagle Silver Bullion Coins 275,000 335,000 575,000 1,975,000 575,000 26,678,500
Great Smoky Mountains National Park 5 Oz Silver Bullion Coins 0 0 0 500 0 29,500
Shenandoah National Park 5 Oz Silver Bullion Coins 0 0 0 0 0 20,000
Arches National Park 5 Oz Silver Bullion Coins 0 0 0 1,500 0 20,000


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