Gold Edges Higher for Third Session, Logs 1-1/2 Week High

6 gold bars
Precious metals futures, for the most part, changed little again on Tuesday

Precious metals futures changed mostly modestly Tuesday. Silver was the biggest percentage gainer, rising about 0.6%. Gold claimed a third straight session increase, closing near a 1-1/2 week high.

Gold for June delivery rose $2.70, or 0.2%, to settle at $1,276.90 an ounce on the Comex division of the New York Mercantile Exchange. The close was the highest since May 6 when prices settled at $1,294 an ounce.

"Gold has been supported as of late as the ongoing theme over the several sessions has been economic global concerns, and that has been a driver behind that safe haven demand for gold," Reuters quoted David Meger, director of metals trading for High Ridge Futures in Chicago.

Gold futures traded from a low of $1,270.10 to a high of $1,283.90. They edged up 0.1% in the prior session.

Silver for July delivery added 9.6 cents to end at $17.25 an ounce, the best price since last Wednesday, May 11. Silver prices ranged from $17.05 to $17.38. Like gold, they climbed 0.1% on Monday.

In PGM futures on Tuesday:

  • July platinum gained $1, or less than 0.1%, to $1,054.50 an ounce, trading between $1,043.10 and $1,063.50.

  • Palladium for June delivery declined $6.40, or 1.1%, to $584.60 an ounce, ranging from $581.80 to $596.

London Precious Metals Prices

In comparing earlier fixed London gold and silver prices from Monday PM to Tuesday PM:

  • Gold declined $8.75, or 0.7%, to $1,277 an ounce.
  • Silver declined 24 cents, or 1.4%, to $17.08 an ounce.

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

US Mint Bullion Coin Sales in 2016

U.S. Mint bullion sales were unchanged Tuesday, according to figures on the agency’s website. The Mint on Monday said it is limiting this week’s sales of bullion American Silver Eagle to 1 million coins.

Below is a sales breakdown of United States Mint bullion products with columns listing the number of bullion coins sold during varying periods of time.

US Mint Bullion Sales (# of coins)
Tuesday / This Week Last Week Mar Sales Apr Sales May Sale 2016 Sales
$50 American Eagle 1 Oz Gold Coins 0 9,000 29,000 93,500 20,000 299,000
$25 American Eagle 1/2 Oz Gold Coins 0 0 1,000 6,000 3,000 39,000
$10 American Eagle 1/4 Oz Gold Coins 0 0 4,000 14,000 0 66,000
$5 American Eagle 1/10 Oz Gold Coins 0 0 75,000 55,000 10,000 385,000
$50 American Buffalo 1 Oz Gold Coins 0 3,500 7,000 19,500 10,000 89,500
$1 American Eagle 1 Oz Silver Coins 0 972,500 4,106,000 4,072,000 2,058,000 20,972,500
2016 Shawnee 5 Oz Silver Coins 0 0 0 0 0 105,000
2016 Cumberland Gap 5 Oz Silver Coins 0 0 0 64,000 0 64,000


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Seth Riesling

Amazing! The Mint’s 13 worldwide bullion coin Authorized Purchasers haven’t bought a single silver or gold coin in 6 of the past 7 trading days! No ATB 5-oz bullion version coins have been sold in the month of May even though the Mint has 2 different ones available (Shawnee & Cumberland). Demand is way low for these bullion version silver & gold coins. Any guesses why?


Mike Unser

I’ve checked in with Mint officials to make sure their figures are updated. I expect to hear back from them by tomorrow morning.

Seth Riesling

Mike Unser –

Thanks! It just seems a little strange for sure.