Gold and Silver Decline; US Mint Coin Sales Rise

Stacks of Coins, Gold Bar
Precious metals declined on Monday. United States Mint sales of gold and silver coins rose.

Gold prices ended lower for a second session on Monday after having advanced for seven straight when the U.S. dollar exhibited weakness.

Gold for June delivery lost $15.40, or 1.3%, to settle at $1,185.30 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold is struggling with rally fade once again with the shine being taken off by prevailing dollar strength," MarketWatch quoted Ross Norman, chief executive officer at Sharps Pixley.

Gold prices ranged from a low of $1,182.20 to a high of $1,199.60. Gold advanced last week by 2.8%, hitting a four-week high as recently as Thursday.

Silver for May delivery tumbled 40 cents, or 2.3%, to settle at $16.67 an ounce, trading between $16.63 and $16.99. Prices have also closed lower for two straight sessions. Silver ended a six-session winning streak on Thursday. The white metal tacked on 1.1% last week.

In rounding out the precious metals complex:

  • July platinum fell $23.10, or 2%, to $1,117.40 an ounce, ranging from $1,114.70 to $1,141.20.

  • Palladium for June delivery gave back $12, or 1.6%, to $729 an ounce, trading between $723 and $747.

Last week, platinum slipped 0.1% and palladium plunged 4.9%.

London Precious Metals Prices

Earlier fixed London precious metals also declined. In comparing London bullion prices from Friday PM to Monday PM:

  • Gold shed $10.25, or 0.9%, to $1,185.50 an ounce,
  • Silver dropped 49 cents, or 2.9%, to $16.65 an ounce,
  • Platinum declined $19, or 1.7%, to $1,119 an ounce, and
  • Palladium fell $13, or 1.7%, to $735 an ounce.

Last week, palladium lost 3.9% while other London precious metals prices registered gains of 1.1% for gold, 6% for silver and 0.8% for platinum.

US Mint Bullion Coin Sales in March

U.S. Mint bullion sales climbed with gold coins gaining 4,500 ounces and silver coins advancing 292,500 ounces.

Demand for American Eagle coins has increased sharply in recent weeks. American Gold Eagles for the month are up 44,000 ounces compared to 18,500 in February and American Silver Eagles are up 3,205,000 compared to 3,022,000. Last week, Silver Eagles scored their highest sales total since the week after the 2015-dated version launched in January.

This listing of U.S. Mint bullion products show the number of coins sold during varying periods.

US Mint Bullion Sales (# of coins)
Monday Sales Last Week February Sales March Sales YTD Sales
$50 American Eagle 1 Oz Gold Coins 4,000 3,500 12,500 33,000 97,000
$25 American Eagle 1/2 Oz Gold Coins 1,000 0 2,000 5,000 25,000
$10 American Eagle 1/4 Oz Gold Coins 0 2,000 0 8,000 44,000
$5 American Eagle 1/10 Oz Gold Coins 0 10,000 50,000 65,000 230,000
$50 American Buffalo 1 Oz Gold Coins 0 500 12,000 8,500 55,000
$1 American Eagle 1 Oz Silver Coins 289,500 847,500 3,022,000 3,205,000 11,757,000
2015 Homestead 5 Oz Silver Coins 600 6,000 20,000 14,600 34,600
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