Gold Stretches Winning Streak to Five Sessions; US Coins Rise

Rows of gold bullion
Precious metals advanced during the mid-week trading session on Wednesday

Gold futures advanced on Wednesday for a fifth straight session and closed at their highest price in nearly four weeks.

Gold for December delivery rose $15.90, or 1.4%, to end at $1,123.60 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since July 17 when gold finished at $1,131.90 an ounce. Gains were mostly attributed to China’s yuan falling to a four-year low.

"The gold price is the sum of all fears, and we’re seeing a reflection of nervousness in the market following the yuan devaluation," Ross Norman, chief executive officer of Sharps Pixley, a London-based metal dealer, said by telephone according to Bloomberg News. "We’re now seeing good price strength with fresh longs coming in."

Gold prices ranged from a low of $1,101.10 to a high of $1,125.50. Since Friday, they have climbed $29.50 or 2.7%.

Silver for September delivery tacked on 19 cents, or 1.3%, to settle at $15.48 an ounce. Silver prices traded between $15.13 and $15.57. They slipped by less than a penny on Tuesday after soaring by 47 cents on Monday.

In PGM futures on Wednesday:

  • October platinum added $7.60, or 0.8%, to $999.90 an ounce, ranging from $978.80 to $1,007.

  • Palladium for September delivery gained $23.85, or 4%, to $623.10 an ounce, trading between $595.10 and $625.15.

London Precious Metals Prices

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

  • Gold rose $10.75, or 1%, to $1,119 an ounce.
  • Silver edged up 5 cents, or 0.3%, to $15.36 an ounce.

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

US Mint Bullion Coin Sales in August

United States Mint bullion products added to earlier gains with American Eagle gold coins rising 2,000 ounces, American Buffalo gold coins increasing 1,000 ounces and American Eagle silver coins advancing 72,500 ounces.

The U.S. Mint limited Silver Eagle sales this week to 1 million coins, and all are now claimed. 2015 sales at 29,495,000 coins are on a record pace. In 2014 when sales ended at a record 44,006,000, the coins by Aug. 12, 2014 reached sales of 27,058,500.

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

US Mint Bullion Sales (# of coins)
Wednesday Sales Last Week This Week July Sales August Sales YTD Sales
$50 American Eagle 1 Oz Gold Coins 0 4,000 2,000 144,500 6,000 349,000
$25 American Eagle 1/2 Oz Gold Coins 1,000 0 1,000 10,000 1,000 47,000
$10 American Eagle 1/4 Oz Gold Coins 2,000 2,000 4,000 28,000 6,000 104,000
$5 American Eagle 1/10 Oz Gold Coins 10,000 5,000 10,000 135,000 15,000 540,000
$50 American Buffalo 1 Oz Gold Coins 1,000 1,000 2,500 32,000 3,500 132,000
$1 American Eagle 1 Oz Silver Coins 72,500 1,180,000 1,000,000 5,529,000 2,180,000 29,495,000
2015 Homestead 5 Oz Silver Coins* 35,000
2015 Kisatchie 5 Oz Silver Coins* 42,000
2015 Blue Ridge Parkway 5 Oz Silver Coins* 10,000 45,000


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