Gold Declines, Silver Turns Down on Year

Three Silver Bullion Bars
Gold, silver and platinum started the new trading week with losses

Gold reverted to negative territory in starting the new trading week after ending higher on Friday. The loss was its sixth in seven sessions.

Gold for December delivery dipped $1.30, or 0.1%, to close at $1,278.90 an ounce on the Comex division of the New York Mercantile Exchange. Strength in the dollar continued to pressure the yellow metal, opined analysts.

"Gold prices ended the U.S. day session slightly lower in quieter trading Monday. A surging U.S. dollar index has been a bearish weight on gold the past couple weeks," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report.

"The dog days of summer are winding down on this last unofficial week of summer. Look for subdued dealings in many markets the rest of this week, barring any fresh, significant geopolitical developments."

Gold prices ranged from a low of $1,276.10 to a high of $1,281.6. Gold slipped 2% last week, though it ended higher on Friday by $4.80, or 0.4%.

Silver futures settled lower for a third straight session with the September contract off 3 cents, or 0.1%, to $19.36 an ounce. The close places silver down a penny on the year to date.

"The interest in silver is clearly on the short side," Bart Melek, the head of commodity strategy at TD Securities in Toronto, said in a telephone interview according to Bloomberg News. "People expect silver to trade weak going forward as the fundamentals are very week."

Silver prices traded from $19.30 to $19.47. The precious metal shed 0.7% last week.

In PGM futures on Monday:

  • October platinum was almost unchanged, dropping a dime to $1,418.40 an ounce. Prices ranged from $1,415.70 to $1,423.30.

  • Palladium for September delivery advanced $2.15, or 0.2%, to $889.75 an ounce, trading between $880.75 and $890.05.

Last week, platinum fell 2.7% and palladium lost 0.8%.

London Fix Precious Metals

UK markets are closed Monday for the Summer Bank Holiday. On Friday, the LBMA Silver Price and London bullion fixings were:

  • Gold at $1,277.25 an ounce,
  • Silver at $19.49,
  • Platinum at $1,416 an ounce, and
  • Palladium at $883 an ounce

Last week, gold, silver, and platinum ended lower by 1.5%, 1.9%, and 2.1%. Palladium advanced 0.6%.

US Mint Bullion Sales in August

U.S. Mint bullion sales were unchanged as of 3:10 PM ET. The bureau on Monday opened sales of the Great Sand Dunes National Park Five Ounce Silver Bullion Coin. will publish its starting sales when they are available.

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

American Eagle and Buffalo Bullion Sales (# of coins)
Monday Sales Sales Last Week July Sales August Sales YTD Sales
$100 American Platinum Eagle Bullion Coins 0 300 0 700 13,600
$50 American Eagle Bullion Gold Coins 0 3,000 26,000 16,000 240,500
$25 American Eagle Bullion Gold Coins 0 0 0 0 27,000
$10 American Eagle Bullion Gold Coins 0 0 6,000 2,000 80,000
$5 American Eagle Bullion Gold Coins 0 5,000 25,000 25,000 410,000
$50 American Buffalo Bullion Gold Coins 0 2,000 5,500 6,500 123,500
$1 American Eagle Silver Bullion Coins 0 430,000 1,975,000 1,610,000 27,713,500
Great Smoky Mountains National Park 5 Oz Silver Bullion Coins 0 0 500 0 29,500
Shenandoah National Park 5 Oz Silver Bullion Coins 0 0 0 0 20,000
Arches National Park 5 Oz Silver Bullion Coins 0 0 1,500 0 20,000


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