Gold Falls for 7th Session, US Mint Gold Coins Rise

Gold bullion and nuggets
Precious metals settled lower Thursday. US gold coin sales are poised for the highest weekly total since mid-January.

Gold ended down for a seventh session in a row on Thursday, yet climbed above this week’s more than four-and-a-half year low.

Gold for December delivery declined $3.10, or 0.3%, to finish at $1,142.60 an ounce on the Comex division of the New York Mercantile Exchange. Gold prices ranged from a low of $1,137.20 to a high of $1,149. The precious metal slipped 1.9% in the prior session and hit its lowest price since April 2010.

"Gold is a victim of the dollar strength," Ade Odunsi, portfolio manager at New York-based Treesdale Partners LLC, said in a telephone interview according to Bloomberg News. "There is a big expectation that the U.S. economy will continue to grow and that will further boost the dollar."

Friday’s highly anticipated U.S. jobs report could tug gold prices — higher if the payroll numbers are below expectations and lower if they are above or inline with expectations.

Down for a third consecutive session, silver for December delivery shed 3 cents, or 0.2%, to $15.41 an ounce. Silver prices ranged from $15.21 to $15.45. On Wednesday, silver plunged 3.2% and touched its lowest price since February 2010.

In PGM futures on Thursday:

  • January platinum lost $13.50, or 1.1%, to $1,197.10 an ounce, trading between $1,193.40 and $1,213.70.

  • Palladium for December delivery shed $5.25, or 0.7%, to $752.60 an ounce, ranging from $746.45 to $762.

London Fix Precious Metals

Earlier fixed London precious metals were mixed, though mostly lower. In contrasting London bullion Fix prices from Wednesday PM to Thursday PM:

  • Gold gained $3, or 0.3%, to $1,145 an ounce,
  • Silver dipped 4 cents, or 0.3%, to $15.28 an ounce,
  • Platinum declined $10, or 0.8%, to $1,193 an ounce, and
  • Palladium fell $8, or 1%, to $755 an ounce

US Mint Bullion Coin Sales in November

United States Mint gold coins advanced Thursday with American Gold Eagles up 6,500 ounces and American Gold Buffalos up 1,500 ounces. Gold coin sales at 36,500 ounces this week are on pace to notch the highest weekly total since mid-January.

The Mint’s most popular bullion product, the American Silver Eagle, was held at a standstill as the agency announced that they temporarily sold out.

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

American Eagle and Buffalo Bullion Sales (# of coins)
Thursday Sales Last Week Current Week October Sales YTD Sales
$100 American Platinum Eagle Bullion Coins N/A 400 16,700
$50 American Eagle Bullion Gold Coins 6,500 11,000 27,000 57,500 380,500
$25 American Eagle Bullion Gold Coins 0 0 2,000 6,000 40,000
$10 American Eagle Bullion Gold Coins 0 0 4,000 8,000 104,000
$5 American Eagle Bullion Gold Coins 0 10,000 15,000 50,000 505,000
$50 American Buffalo Bullion Gold Coins 1,500 500 6,000 21,000 166,500
$1 American Eagle Silver Bullion Coins 0 1,850,000 1,260,000 5,790,000 39,301,000
Great Smoky Mountains National Park 5 Oz Silver Bullion Coins 0 0 0 0 33,000
Shenandoah National Park 5 Oz Silver Bullion Coins 0 500 400 900 22,800
Arches National Park 5 Oz Silver Bullion Coins 0 0 0 0 22,000
Great Sand Dunes 5 Oz Silver Bullion Coins 0 0 600 4,200 16,800
Everglades 5 Oz Silver Bullion Coins 0 N/A 22,000 N/A 22,000


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Bullion silver eagles sold out at Mint: “Due to the tremendous demand we have experienced in the last several weeks, the U.S. Mint has temporarily sold out,” Michael White, a spokesman, said in an e-mail yesterday.”