Gold Falls to 1-Month Low; US Mint Bullion Sales Rise

gold bars and scale weighing gold bars
Precious metals settled lower on Wednesday. Sales of U.S. Mint bullion coins advanced.

Precious metal futures turned lower Wednesday with losses ranging from 1.2% for silver to 2.2% for platinum. Gold marked a fifth straight session decline and closed at a one-month low.

Gold for December delivery fell $19, or 1.7%, to end at $1,102 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the lowest since Aug. 7 when the yellow metal ended at $1,094.10 an ounce.

"The safe-haven metal on this day lost favor in the investment community amid a ‘risk-on’ day in the market place, as world stock markets are generally in rally mode so far this week," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily report.

"The key ‘outside markets’ were also in a bearish daily posture for the precious metals Wednesday. Nymex crude oil futures were lower… the U.S. dollar index firmer."

Gold prices traded from a low of $1,100.10 to a high of $1,124.70. They slipped 40 cents on Tuesday.

Silver for December delivery fell 18 cents to close at $14.58 an ounce. Silver prices ranged from $14.56 to $14.93. They advanced in the prior session by 1.4%.

In PGM futures on Wednesday:

  • October platinum dropped $21.70 to $981.20 an ounce, trading between $980 and $1,011.10.

  • Palladium for December delivery fell $8.60, or 1.5%, to $577.95 an ounce, ranging from $575.40 to $595.

London Precious Metals Prices

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

  • Gold declined $11.30, or 1%, to $1,109.85 an ounce.
  • Silver added 14 cents, or 1%, to $14.77 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 advanced on Wednesday and figures also climbed late in the afternoon on Tuesday. Two-day gains total 22,500 ounces in gold coins and 909,500 ounces in silver coins.

The U.S. Mint continues to restrict sales of American Silver Eagles. The agency allocated 1 million for this week, the same amount as last week. There are now 90,500 left until the next allocation. Despite the Mint’s weekly restrictions, Silver Eagle sales this year at 33,405,500 coins are on a record pace, up 16.4% from the same period last year. In 2014 when sales ended at a record 44,006,000, the coins by Sept. 9, 2014 reached sales of 28,691,000.

Below is a listing of United States 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 Tuesday Sales Last Week Current Week August Sales Sept Sales YTD Sales
$50 American Eagle 1 Oz Gold Coins 5,500 12,000 28,500 17,500 78,500 37,000 458,500
$25 American Eagle 1/2 Oz Gold Coins 0 0 3,000 0 8,000 2,000 56,000
$10 American Eagle 1/4 Oz Gold Coins 0 2,000 8,000 2,000 24,000 4,000 126,000
$5 American Eagle 1/10 Oz Gold Coins 5,000 5,000 80,000 10,000 130,000 55,000 710,000
$50 American Buffalo 1 Oz Gold Coins 1,000 2,500 8,000 3,500 20,000 9,000 157,500
$1 American Eagle 1 Oz Silver Coins 0 909,500 1,000,000 909,500 4,935,000 1,154,500 33,405,500
2015 Homestead 5 Oz Silver Coins* 35,000
2015 Kisatchie 5 Oz Silver Coins* 42,000
2015 Blue Ridge Parkway 5 Oz Silver Coins* 45,000


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