Gold Ends Lower Ahead of Brexit Vote; US Mint Bullion Sales Rise

Gold Bullion, five bars in total
Precious metals futures were mixed Wednesday with gold and silver lower and platinum and palladium higher

Gold futures declined for a fourth straight session on Wednesday, ending at a two-week low ahead of Thursday’s Brexit vote.

Gold for August delivery shed $2.50, or 0.2%, to settle at $1,270 an ounce on the Comex division of the New York Mercantile Exchange.

"This week’s better risk appetite in the marketplace has been a negative for safe-haven gold," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "However, with Thursday’s Brexit vote looming, look for sellers in the gold market to become scarce until at least Friday morning."

Gold futures ranged from a low of $1,263.80 to a high of $1,273.50. Wednesday’s settlement was the lowest since June 8. Gold closed at a more than 17-month high only five sessions ago.

Lower for a second day in a row, silver for July delivery dipped less than a penny to settle at $17.312 an ounce. Silver futures traded between $17.12 and $17.36. On Tuesday, they slipped 1.1%.

In other precious metals futures trading:

  • July platinum rose $2, or 0.2%, to $983.50 an ounce, ranging from $976.30 to $988.90.

  • Palladium for September delivery tacked on $10.90, or 2%, to $562.25 an ounce, trading between $548.50 and $564.20.

London Precious Metals Prices

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

  • Gold declined $7.75, or 0.6%, to $1,264.85 an ounce.
  • Silver fell 16 cents, or 0.9%, to $17.20 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

United States Mint bullion sales advanced for the first time this week. Gains included 13,000 ounces in American Eagle and Buffalo gold coins and 371,000 ounces in American Silver Eagles

The U.S. Mint set its weekly allocation of American Silver Eagle at 2,204,500 coins. Bullion distributors have now claimed 16.8% of them. 2016 Silver Eagles are running at a record pace with sales of 25,166,500 coins, marking a 28.8% 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 / This Week Last Week Apr Sales May Sale June Sales 2016 Sales
$50 American Eagle 1 Oz Gold Coins 7,500 14,000 93,500 64,500 43,500 387,000
$25 American Eagle 1/2 Oz Gold Coins 1,000 1,000 6,000 7,000 2,000 45,000
$10 American Eagle 1/4 Oz Gold Coins 6,000 2,000 14,000 10,000 10,000 86,000
$5 American Eagle 1/10 Oz Gold Coins 15,000 15,000 55,000 60,000 50,000 485,000
$50 American Buffalo 1 Oz Gold Coins 2,000 3,000 19,500 18,500 11,000 109,000
$1 American Eagle 1 Oz Silver Coins 371,000 468,000 4,072,000 4,498,500 1,753,500 25,166,500
2016 Shawnee 5 Oz Silver Coins 0 0 0 0 0 105,000
2016 Cumberland Gap 5 Oz Silver Coins 0 0 64,000 11,000 0 75,000
2016 Harpers Ferry 5 Oz Silver Coins 0 1,200 64,000 11,000 34,200 34,200


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Jeff Kinner

If the mint is set at minting 2,204,500 silver eagles a week, then at june which is 48 weeks, it should be about 50 million sold but the us mint shows only sales of 25,166,500 for total 2016 sales. So the us mint is still producing the eagles, but they have about 25 millon not sold and they are still producing 2,204,500 silver eagles each week. Us mint states only 16.8% of them have been sold! That leaves a lot of over stock and prices should come down. They only sold 371,000 which producing 2,204,500 this week. At that rate… Read more »