Gold and silver prices dived Thursday, extending losses that began in after-hours trading on Wednesday when the Federal Reserved halted its stimulus program and signaled stronger confidence in the economy.
Erasing gains on the year, gold for December delivery tumbled $26.30, or 2.1%, to $1,198.60 an ounce on the Comex division of the New York Mercantile Exchange.
"Gold dipped further on the stronger-than-expected GDP print and weekly claims" for jobless benefits, Tai Wong, the director of commodity product trading at BMO Capital Markets Corp. in New York, said in a telephone interview according to Bloomberg News. "The market was already under pressure as the Fed ended the QE, and there are no worries about inflation."
Gold prices ranged from a low of $1,195.50 to a high of $1,216.50. The precious metal is off on the year to date by 0.3%.
Silver for December delivery plunged 84 cents, or 4.9%, to $16.42 an ounce, trading between $16.33 and $17.21. Blomberg reports that the low is the weakest price for silver since March 2, 2010.
In rounding out the precious metals complex:
January platinum declined $23.30, or 1.8%, to $1,245.90 an ounce, ranging from $1,240 to $1,262.20.
- Palladium for December delivery lost $20, or 2.5%, to $780.70 an ounce, trading between $775.05 and $795.45.
London Fix Precious Metals
Earlier fixed London precious metals also declined. In contrasting London bullion Fix prices from Wednesday PM to Thursday PM:
- Gold fell $21.50, or 1.8%, to $1,202 an ounce,
- Silver lost 42 cents, or 2.4%, at $16.78 an ounce,
- Platinum dropped $26.50, or 2.1%, to $1,243 an ounce, and
- Palladium shed $14, or 1.8%, to $784 an ounce
US Mint Bullion Coin Sales in October
United States Mint coin sales were unchanged for a second consecutive day. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of bullion coins sold last week, this week so far, last month, in October, and the year to date.
|American Eagle and Buffalo Bullion Sales (# of coins)|
|Thursday Sales||Last Week||Current Week||September Sales||October Sales||YTD Sales|
|$100 American Platinum Eagle Bullion Coins||N/A*||2,700||400||16,700|
|$50 American Eagle Bullion Gold Coins||0||11,500||4,000||50,500||50,500||346,500|
|$25 American Eagle Bullion Gold Coins||0||1,000||0||6,000||6,000||38,000|
|$10 American Eagle Bullion Gold Coins||0||0||0||8,000||8,000||100,000|
|$5 American Eagle Bullion Gold Coins||0||10,000||0||30,000||40,000||480,000|
|$50 American Buffalo Bullion Gold Coins||0||3,500||500||14,500||21,000||160,500|
|$1 American Eagle Silver Bullion Coins||0||840,000||425,000||4,140,000||4,365,000||36,616,000|
|Great Smoky Mountains National Park 5 Oz Silver Bullion Coins||0||0||0||3,500||0||33,000|
|Shenandoah National Park 5 Oz Silver Bullion Coins||0||400||0||1,000||400||21,900|
|Arches National Park 5 Oz Silver Bullion Coins||0||0||0||800||0||22,000|
|Great Sand Dunes 5 Oz Silver Bullion Coins||0||1,400||0||4,500||4,200||16,200|
*The U.S. Mint stopped selling bullion Platinum Eagles on Oct. 1. The agency will begin selling 2015-dated issues in early January.