Gold Slides for Fifth Session; US Mint Gold Sales Gain

One gold bullion bar
Precious metals settled lower again on Wednesday

Gold and silver extended their losing streaks on Wednesday, with gold down for five sessions and silver for three. Fed Chair Janet Yellen’s congressional testimony, noting the central bank remained on track to raise rates this year, pressured precious metals markets.

Gold for August delivery declined $6.10, or 0.5%, to settle at $1,147.40 an ounce on the Comex division of the New York Mercantile Exchange.

Yellen’s remarks "added up to the weakness in gold and the support for the U.S. dollar," Eugen Weinberg, the head of commodities research at Commerzbank AG in Frankfurt, said in a telephone interview according to Bloomberg News.

Gold prices traded from a low of $1,141.90 to a high of $1,155.80. They have fallen $16.10, or 1.4%, in the last five sessions.

Silver for September delivery tumbled 27 cents, or 1.7%, to close at $15.05 an ounce. Silver prices ranged from $14.96 to $15.36. They have dropped 43 cents, or 2.8%, since last ending higher on Friday.

In other precious metals futures on Wednesday:

  • October platinum lost $6.70, or 0.7%, to $1,021.70 an ounce, trading between $1,014 and $1,031.80.

  • Palladium for September declined $14.20, or 2.2%, to $642.90 an ounce, ranging from $637 to $659.85.

London Precious Metals Prices

London gold and silver prices were divided for a second day in a row. In comparing London bullion prices from Tuesday PM to Wednesday PM:

  • Gold declined $10.40, or 0.9%, to $1,147 an ounce, and
  • Silver edged up 3 cents, or 0.2%, to $15.31 an ounce.

LBMA platinum and palladium prices are displayed on the LBMA’s website with a delay of midnight after the setting of the prices each day.

US Mint Bullion Coin Sales in July

Sales of United States Mint bullion gold coins advanced by 5,500 ounces. Silver sales remained muted. The agency’s American Silver Eagles are not expected to return from their temporary suspension until next week.

Below is a listing of U.S. Mint bullion products that shows the number of coins sold during varying periods. Products with an asterisk (*) are no longer available. Those with a double asterisk (**) are temporarily unavailable.

US Mint Bullion Sales (# of coins)
Wednesday Sales Last Week This Week June Sales July Sales YTD Sales
$50 American Eagle 1 Oz Gold Coins 3,500 47,000 7,000 62,500 63,000 261,500
$25 American Eagle 1/2 Oz Gold Coins 0 1,000 1,000 4,000 3,000 39,000
$10 American Eagle 1/4 Oz Gold Coins 2,000 8,000 4,000 12,000 16,000 86,000
$5 American Eagle 1/10 Oz Gold Coins 5,000 50,000 15,000 85,000 70,000 460,000
$50 American Buffalo 1 Oz Gold Coins 1,000 5,500 2,000 21,000 10,000 106,500
$1 American Eagle 1 Oz Silver Coins** 0 1,927,000 0 4,840,000 2,709,000 24,495,000
2015 Homestead 5 Oz Silver Coins* 35,000
2015 Kisatchie 5 Oz Silver Coins* 42,000
2015 Blue Ridge Parkway 5 Oz Silver Coins 0 5,700 35,000 5,700 40,700


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