Precious Metals Ease Lower, Gold and Silver for Second Day

Gold bullion bars and US Money
Precious metals declined as the U.S. dollar gained

Precious metals futures ended lower in quieter trading Wednesday. Silver and gold marked a second straight day of declines but they remain higher on the week.

Gold for February delivery fell $5.80, or 0.5%, to settle at $1,068.30 an ounce on the Comex division of the New York Mercantile Exchange.

"The key ‘outside markets’ were mixed on this day, but the stronger U.S. dollar index (bearish) won out over higher crude oil prices (bullish) as the precious metals could not find much buying interest," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "Also, a lack of major, markets-moving fundamental news this week is allowing the chart-based traders to dominate, and the technicals for gold and silver remain overall bearish."

Gold prices ranged from a low of $1,067.60 to a high of $1,074.90. They shed 0.6% on Tuesday after advancing 1.5% on Monday. Prices are 0.3% higher than on Friday.

Silver for March delivery lost 2.7 cents, or 0.2%, to close at $14.287 an ounce. Silver prices traded between $14.20 and $14.35. The slipped less than a penny on Tuesday and surged 1.6% on Monday. The white medal is up 1.4% on the week so far.

In PGM futures on Wednesday:

  • January platinum declined $4.90, or 0.6%, to $868.10 an ounce, ranging from $863.10 to $876.90.

  • Palladium for March delivery fell $1.45, or 0.3%, to $553.20 an ounce, trading between $549.45 and $561.

London Precious Metals Prices

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

  • Gold declined $6.65, or 0.6%, to $1,068.25 an ounce.
  • Silver added 9 cents, or 0.6%, to $14.33 an ounce.

LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.

US Mint Bullion Coin Sales

United States Mint bullion sales were unchanged. Expect only modest coin gains in the next few weeks with 2015 sellouts in the most popular American Gold Eagles and all silver coins. New 2016-dated bullion coins launch on Jan. 11.

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 / This Week Sales Last Week Nov Sales Dec Sales YTD Sales
$50 American Eagle 1 Oz Gold Coins* N/A N/A 80,500 N/A 626,500
$25 American Eagle 1/2 Oz Gold Coins 0 0 7,000 1,000 75,000
$10 American Eagle 1/4 Oz Gold Coins* N/A N/A 12,000 N/A 158,000
$5 American Eagle 1/10 Oz Gold Coins* N/A N/A 100,000 N/A 980,000
$50 American Buffalo 1 Oz Gold Coins 0 1,000 38,000 1,500 220,500
$1 American Eagle 1 Oz Silver Coins* N/A 1,130,000 4,824,000 2,333,500 47,000,000
2015 Homestead 5 Oz Silver Coins* N/A 35,000
2015 Kisatchie 5 Oz Silver Coins* 42,000
2015 Blue Ridge Parkway 5 Oz Silver Coins* 45,000
2015 Bombay Hook 5 Oz Silver Coins* 45,000
2015 Saratoga 5 Oz Silver Coins* N/A 35,800 9,200 45,000
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