Gold Slips, Other Metals Gain; US Coin Sales Rise

Gold Bullion, five bars in total
Gold settled lower but silver, platinum and palladium gained

Gold futures ended modestly lower Wednesday while silver extended its winning streak to five sessions in a row. Platinum and palladium also gained on the day.

Gold for December delivery turned down $6.20, or 0.5%, to settle at $1,133.60 an ounce on the Comex division of the New York Mercantile Exchange. Gold’s decline marks its sixth loss in eight sessions.

"There was significantly less risk aversion in the market place on this day, following the sharp sell-offs in the U.S. stock indexes Tuesday. That pulled buying interest away from safe-haven gold," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily report. "The closely followed outside markets were also bearish for the precious metals Wednesday, as the U.S. dollar index was higher and crude oil prices were lower."

Gold prices traded from a low of $1,131.20 to a high of $1,141.90. They advanced 0.6% in their September start on Tuesday.

Silver for December delivery tacked on a nickel, or 0.3%, to settle at $14.67 an ounce. Silver prices ranged from $14.43 to $14.82. They have climbed 4.5% since last ending lower one week ago.

In PGM futures on Wednesday:

  • October platinum rose $5.20, or 0.5%, to $1,013.60 an ounce, trading between $1,001.40 and $1,017.90.

  • Palladium for December delivery gained $4.15, or 0.7%, to $583.35 an ounce, ranging from $568 to $587.65.

London Precious Metals Prices

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

  • Gold fell $4.55, or 0.4%, to $1,137.75 an ounce.
  • Silver lost 12 cents, or 0.8%, to $14.56 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 September

United States Mint bullion sales posted gains for the first time in September after sharp increases in August. Wednesday’s sales included 16,500 ounces in gold coins and 245,000 ounces in silver coins.

All the available silver coins sold for the week. The U.S. Mint continues to restrict sales of American Silver Eagles. The agency allocated 1 million for this week and the last batch went today. Despite the Mint’s weekly restrictions, 2015 Silver Eagle sales at 32,495,000 coins are on a record pace. In 2014 when sales ended at a record 44,006,000, the coins by Sept. 2, 2014 reached sales of 28,111,000.

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 / Sept Sales Last Week This Week August Sales YTD Sales
$50 American Eagle 1 Oz Gold Coins 10,000 47,500 19,000 78,500 431,500
$25 American Eagle 1/2 Oz Gold Coins 1,000 4,000 2,000 8,000 55,000
$10 American Eagle 1/4 Oz Gold Coins 0 12,000 6,000 24,000 122,000
$5 American Eagle 1/10 Oz Gold Coins 25,000 40,000 60,000 130,000 680,000
$50 American Buffalo 1 Oz Gold Coins 3,500 12,000 6,000 20,000 152,000
$1 American Eagle 1 Oz Silver Coins 245,000 812,500 1,000,000 4,935,000 32,495,000
2015 Homestead 5 Oz Silver Coins* 35,000
2015 Kisatchie 5 Oz Silver Coins* 42,000
2015 Blue Ridge Parkway 5 Oz Silver Coins* 45,000


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