Gold Drops for Third Session, Silver for Fourth

Gold bullion and gold coins
Most precious metals declined on Wednesday

Gold futures extended their losing streak to three sessions on Wednesday and silver futures to four.

Gold for December delivery settled down $13.70, or 1.2%, to $1,124.60 an ounce on the Comex division of the New York Mercantile Exchange. The close is the lowest since a week ago Tuesday, Aug. 18, when the yellow metal ended at $1,116.90 an ounce.

"Gold traders seem to be disconnected," George Gero, a vice president of global futures at RBC Capital Markets in New York, said in a telephone interview according to Bloomberg News. "They are worried we will actually see an interest rate hike if not September, then October now, even while people are concerned about the volatility in the stock market."

Gold prices traded from a low of $1,116.90 to a high of $1,146. They have shed 3% since ending at a six-week high on Friday.

Silver for September delivery tumbled 57 cents, or 3.9%, to settle at $14.04 an ounce. Silver prices ranged from $13.91 to $14.71. They are off 8.2% since Friday and 9.5% since last ending higher on Thursday.

In rounding out the precious metals complex:

  • October platinum gained $3.50, or 0.4%, to $980 an ounce, trading between $970.30 and $987.70.

  • Palladium for September delivery declined $10.45, or 1.9%, to $529.65 an ounce, ranging from $520 to $548.

London Precious Metals Prices

Earlier fixed London gold and silver prices also declined again. In comparing London bullion prices from Tuesday PM to Wednesday PM:

  • Gold dropped $16.75, or 1.5%, to $1,120.75 an ounce.
  • Silver fell 46 cents, or 3.1%, to $14.41 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 bullion sales were unchanged as of 2:43 p.m. Eastern Time. On Tuesday, the agency’s gold sales more than doubled their prior gains for the month and the week’s allocation of American Silver Eagles sold out.

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 10,500 32,000 144,500 54,000 397,000
$25 American Eagle 1/2 Oz Gold Coins 0 2,000 3,000 10,000 6,000 52,000
$10 American Eagle 1/4 Oz Gold Coins 0 0 8,000 28,000 14,000 112,000
$5 American Eagle 1/10 Oz Gold Coins 0 35,000 25,000 135,000 80,000 605,000
$50 American Buffalo 1 Oz Gold Coins 0 1,500 10,000 32,000 15,500 144,000
$1 American Eagle 1 Oz Silver Coins 0 1,187,500 812,500 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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Silver briefly below $14 today but strangely the big bullion dealers are suddenly sold out of all the good stuff.