Gold Logs Ninth Loss in Ten Sessions

one-ounce gold, sqare bars
Precious metals futures posted losses ranging from 0.1% for palladium to 0.9% for platinum

Gold futures kicked off the new trading month on Wednesday with a loss — their ninth in ten sessions, and settled at their lowest level in more than fourteen weeks.

Gold for August delivery declined $2.80, or 0.2%, to close at $1,214.70 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since Feb. 22 when prices ended at $1,210.10 an ounce.

Gold futures traded from a low of $1,208.20 to a high of $1,222.90. They inched up 80 cents on Tuesday — their first gain in nine sessions, and registered a loss of 5.7% in May.

"Gold is likely to continue its outperformance relative to silver for the time being but we still think it’s too early to ‘buy the dip’ outright, particularly ahead of Friday’s deluge of U.S. data," ICBC Standard Bank said in a note, according to Reuters.

Silver for July delivery fell 6.7 cents, or 0.4%, to settle at $15.927 an ounce. The level was the weakest close since April 8 when silver ended at $15.384 an ounce. Silver prices ranged from $15.83 to $16.11.

In other precious metals futures on Wednesday:

  • July platinum shed $8.50, or 0.9%, to $971.90 an ounce, trading between $968.60 and $986.80.

  • Palladium for September delivery slipped 60 cents, or 0.1%, to $546.75 an ounce, ranging from $542.45 to $551.

London Precious Metals Prices

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

  • Gold added $2.40, or 0.2%, to $1,214.50 an ounce.
  • Silver declined 11 cents, or 0.7%, to $15.95 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 Wednesday after gains on Tuesday of 12,000 ounces in gold coins and 579,500 ounces in American Silver Eagles.

On Tuesday, the U.S. Mint said it is limiting this week’s sales of American Silver Eagle to 1,166,500 coins, with the portion above 1 million including coins left over from last week’s allocation. The Mint’s network of bullion distributors ordered 54.8% of them through Wednesday. 2016 American Silver Eagles are running at a record pace with 23,413,000 sold, representing a 35% increase over those sold through same time in record-breaking year 2015.

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

US Mint Bullion Sales (# of coins)
Wednesday / June Sales Last Week This Week Mar Sales Apr Sales May Sale 2016 Sales
$50 American Eagle 1 Oz Gold Coins 0 18,500 7,500 29,000 93,500 64,500 343,500
$25 American Eagle 1/2 Oz Gold Coins 0 1,000 2,000 1,000 6,000 7,000 43,000
$10 American Eagle 1/4 Oz Gold Coins 0 6,000 0 4,000 14,000 10,000 76,000
$5 American Eagle 1/10 Oz Gold Coins 0 10,000 10,000 75,000 55,000 60,000 435,000
$50 American Buffalo 1 Oz Gold Coins 0 3,000 2,500 7,000 19,500 18,500 98,000
$1 American Eagle 1 Oz Silver Coins 0 891,000 579,500 4,106,000 4,072,000 4,498,500 23,413,000
2016 Shawnee 5 Oz Silver Coins 0 0 0 0 0 0 105,000
2016 Cumberland Gap 5 Oz Silver Coins 0 0 0 0 64,000 11,000 75,000


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“2016 American Silver Eagles are running at a record pace with 23,413,000 sold, representing a 35% increase over those sold through same time in record-breaking year 2015.”
I am curious to see if 10-20 years from now, ASE’s numismatic values will be based upon their annual mintage numbers. For example – will 1987 Silver Eagles be worth that much less than the 1988-2007 ASE’s.

Also, it would not be too surprising to see the mintage figures break 50,000,000 in 2016.

Seth Riesling

Mammoth –

If silver ever goes over $50 an ounce like in 1980, most ASE bullion version coins are destined to be melted! They were even melting Morgan silver dollars back then & even some Canada Olympic games Proof silver coins from the 70s. An amazing time it was for sure.



Seth, I heard there is a book out there that tells about the ‘Great Melt’ of 1980. However, I assume silver would have to approach it’s 1980 price in 2016 dollars before the wholesale melting begins, though.