Gold Falls to 1-Week Low; US Mint Coin Sales Soar

Three Gold Bullion Bars, Dark Background
Precious metals declined in tandem Tuesday while U.S. Mint gold coin sales more than doubled their prior gains from this month

Gold futures settled near a one-week low on Tuesday as risk appetite returned with U.S. stocks rebounding, though their gains slimmed as the day progressed.

Gold for December delivery declined $15.30, or 1.3%, to end at $1,138.30 an ounce on the Comex division of the New York Mercantile Exchange. The close is the weakest since Wednesday.

"Gains in the U.S. stock market also pulled investor interest away from safe-haven gold," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "However, the higher volatility in much of the market place, which is likely to continue at least the rest of this week, is an underlying bullish element for gold and will likely limit its downside potential in the near term."

Gold prices traded from a low of $1,134 to a high of $1,156.30. The precious metal declined by 0.5% on Monday after closing at a six-week high on Friday.

Silver for September delivery shed 15 cents, or 1%, to settle at $14.61 an ounce. Silver prices ranged from $14.52 to $14.93. They plunged on Monday by 54 cents or 3.5%.

In PGM futures on Tuesday:

  • October platinum gave back $14.80, or 1.5%, to $976.70 an ounce, trading between $970.30 and $1,002.20.

  • Palladium for September delivery declined $34.95, or 6.1%, to $540.10 an ounce, ranging from $528.20 to $575.50.

London Precious Metals Prices

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

  • Gold fell $29, or 2.5%, to $1,137.50 an ounce.
  • Silver lost 7 cents, or 0.5%, to $14.87 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 August

United States Mint coin sales posted their first increases this week, and they were exceptional with all bullion products advancing.

Sales of gold coins at 48,000 ounces more than doubled their prior gains from this month.

All the available silver coins are taken. The Mint continues to restrict sales of American Silver Eagles. The agency allocated 812,500 coins for this week and they are now gone. Despite the Mint’s weekly restrictions, 2015 Silver Eagle sales at 31,495,000 coins remain on a record pace. In 2014 when sales ended at a record 44,006,000, the coins by Aug. 25, 2014 reached sales of 27,713,500.

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)
Tuesday / Weekly Sales Last Week July Sales August Sales YTD Sales
$50 American Eagle 1 Oz Gold Coins 32,000 10,500 144,500 54,000 397,000
$25 American Eagle 1/2 Oz Gold Coins 3,000 2,000 10,000 6,000 52,000
$10 American Eagle 1/4 Oz Gold Coins 8,000 0 28,000 14,000 112,000
$5 American Eagle 1/10 Oz Gold Coins 25,000 35,000 135,000 80,000 605,000
$50 American Buffalo 1 Oz Gold Coins 10,000 1,500 32,000 15,500 144,000
$1 American Eagle 1 Oz Silver Coins 812,500 1,187,500 5,529,000 4,180,000 31,495,000
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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