Thursday was another down day for precious metals. Gold advanced its losing streak to six sessions and closed at an eight-month low while silver dropped for a fourth session in a row.
Gold for August delivery shed $3.50, or 0.3%, to finish at $1,143.90 an ounce on the Comex division of the New York Mercantile Exchange. The settlement price was the lowest since Nov. 6.
"For those looking to establish some long exposure to gold, you are looking a pretty favorable risk/reward," MarketWatch quoted Tyler Richey, co-editor of The 7:00’s Report. But "if $1,140 is violated for a few hours, that will be a very negative technical signal and a reason to sell."
Gold prices traded from a low of $1,140.60 to a high of $1,148.20. They have fallen $19.60, or 1.7%, in the last six sessions.
Silver for September delivery lost 6 cents, or 0.4%, to settle at $14.98 an ounce. Silver prices ranged from $14.85 to $15.15. They have dropped 50 cents, or 3.2%, since last ending higher on Friday.
In rounding out the precious metals complex:
October platinum fell $10.10, or 1%, to $1,011.60 an ounce, trading between $1,006 and $1,023.70.
- Palladium for September declined $10.95, or 1.7%, to $631.95 an ounce, ranging from $625.15 to $647.80.
London Precious Metals Prices
London gold and silver prices declined. In comparing London bullion prices from Wednesday PM to Thursday PM:
- Gold slipped $2.60, or 0.2%, to $1,144.40 an ounce, and
- Silver fell 38 cents, or 2.5%, to $14.93 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 climbed by 8,000 ounces on Thursday following gains of 5,500 ounces on Wednesday and 6,500 ounces on Monday. Silver sales remained unchanged. The Mint’s inventory of American Silver Eagles was depleted on July 7. Their sales are not expected to resume 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)|
|Thursday Sales||Last Week||This Week||June Sales||July Sales||YTD Sales|
|$50 American Eagle 1 Oz Gold Coins||6,000||47,000||13,000||62,500||69,000||267,500|
|$25 American Eagle 1/2 Oz Gold Coins||1,000||1,000||2,000||4,000||4,000||40,000|
|$10 American Eagle 1/4 Oz Gold Coins||0||8,000||4,000||12,000||16,000||86,000|
|$5 American Eagle 1/10 Oz Gold Coins||0||50,000||15,000||85,000||70,000||460,000|
|$50 American Buffalo 1 Oz Gold Coins||1,500||5,500||3,500||21,000||11,500||108,000|
|$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|