Gold Bounces; American Silver Eagles Jump 1.3M in Return

American Silver Eagle and Silver Bullion Barl
Monday’s American Silver Eagle sales increase of more than 1.3 million was the biggest for a day since the 2015-dated version launched on Jan. 12.

Gold, silver and platinum bounced some on Monday from their sharp losses last week. Gold futures rebounded 1% after closing on Friday at an almost 5-1/2-year low.

Gold for August delivery rose $10.90 to settle at $1,096.40 an ounce on the Comex division of the New York Mercantile Exchange. The yellow metal ranged from a low of $1,087.70 to a high of $1,104.40.

"The market is recouping some of its losses," Reuters quoted Eli Tesfaye, senior market strategist for brokerage RJO Futures in Chicago.

Gold prices tumbled last week by 4.1%, marking a fifth consecutive weekly decline and ending at their lowest level since Feb. 10, 2010.

"Technically, gold is bouncing off of longer-term trend-line support," which is roughly at $1,085 — close to Friday’s settlement price, MarketWatch quoted Mike Armbruster, principal and co-founder at Altavest Worldwide Trading. "Technical indicators are in deep oversold territory and conditions are ripe for a short-covering rally."

But "any gold rally from here is likely to be a rally within the context of a bear market," said Armbruster. "We think the trend toward lower levels is likely to continue in the months ahead."

Snapping a three-session losing streak, silver for September delivery turned up 12 cents, or 0.8%, to settle at $14.61 an ounce. Silver prices traded between $14.51 and $14.74. They sank 4.2% last week.

In PGM futures on Monday:

  • October platinum settled up $8.20, or 0.8%, to $988.90 an ounce, ranging from $975.90 to $992.60.

  • Palladium for September delivery shed $9.50, or 1.5%, to $613.10 an ounce, trading between $611.25 and $631.55.

Last week, platinum fell 2.1% and palladium gained 0.6%.

London Precious Metals Prices

Earlier fixed London gold and silver prices advanced as well. In comparing London bullion prices from Friday PM to Monday PM:

  • Gold climbed $19.20, or 1.8%, to $1,100 an ounce.
  • Silver rose 20 cents, or 1.4%, to $14.69 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.

Last week, London precious metals prices logged declines of 4.6% for gold, 3.5% for silver, 1.9% for platinum and 0.8% for palladium.

US Mint Bullion Coin Sales in July

United States Mint bullion products advanced on Monday with gold coins jumping 15,000 ounces and silver coins surging 1,328,500 ounces.

All but 5,000 ounces in silver coin sales came from the return of American Silver Eagles. The coins temporarily sold out on July 7. Monday’s sales increase of more than 1.3 million was biggest for a day since the 2015-dated version launched on Jan. 12. Their sales could have been even higher but the U.S. Mint is limiting how many are sold to maintain some supply. Despite the nearly three-week suspension, they have topped 4 million for the month to more than double sales from July 2014.

American Gold Eagle sales in July stand at 157,500 ounces, the highest in a month than any since sales of 209,500 ounces in April 2013.

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.

US Mint Bullion Sales (# of coins)
Monday Sales Last Week June Sales July Sales YTD Sales
$50 American Eagle 1 Oz Gold Coins 14,000 37,500 62,500 136,500 335,000
$25 American Eagle 1/2 Oz Gold Coins 0 3,000 4,000 7,000 43,000
$10 American Eagle 1/4 Oz Gold Coins 0 4,000 12,000 22,000 92,000
$5 American Eagle 1/10 Oz Gold Coins 5,000 20,000 85,000 120,000 510,000
$50 American Buffalo 1 Oz Gold Coins 500 12,500 21,000 26,000 122,500
$1 American Eagle 1 Oz Silver Coins 1,323,500 0 4,840,000 4,032,500 25,818,500
2015 Homestead 5 Oz Silver Coins* 35,000
2015 Kisatchie 5 Oz Silver Coins* 42,000
2015 Blue Ridge Parkway 5 Oz Silver Coins 1,000 0 35,000 8,600 43,600


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Can’t figure this out.:
Always thought supply and demand was responsible for precious metal pricing.

Evidently not.

Demand is strong, supply is short, yet prices continue to decline.

If prices continue to drop it appears we will run out again soon, which defies logic.