Gold Edged Higher; US Mint Gold Coin Sales Rise

Gold bar, gold coins
Precious metals futures were mixed on Monday with gold and platinum higher and silver and palladium lower

Gold futures climbed in their start to the new trading week on Monday, advancing for the first time in three sessions and after closing lower last week following six weeks of gains.

Gold for August delivery rose $1.90, or 0.1%, to settle at $1,329.30 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold prices ended the U.S. day session near unchanged in subdued trading Monday, amid a lack of major, markets-moving news," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "Some slight selling pressure in overnight gave way to short covering in the futures market and bargain hunting in the cash market when the U.S. day session began."

Gold futures ranged from a low of $1,323.50 to a high of $1,336. They fell 2.3% last week.

Silver for September delivery lost 9 cents, or 0.5%, to settle at $20.075 an ounce. Silver futures traded between $19.77 and $20.30. They rose 0.3% last week for their seventh consecutive weekly increase.

In PGM futures on Monday:

  • October platinum added $7.20, or 0.7%, to $1,101.60 an ounce, ranging from $1,082.20 to $1,104.20.

  • Palladium for September delivery dipped $1.35, or 0.2%, to $646.05 an ounce, trading between $632.55 and $649.45.

The two metals split last week with platinum falling 0.6% and palladium soaring 4.9%.

London Precious Metals Prices

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

  • Gold added $7.70, or 0.6%, to $1,334.70 an ounce.
  • Silver fell 42 cents, or 2.1%, to $19.72 an ounce.

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

Last week in London bullion, gold declined 2.1% while prices for the other metals rose — 2.1% for silver, 0.9% for platinum and 6.4% for palladium.

US Mint Bullion Coin Sales in 2016

United States Mint bullion sales advanced by:

  • 4,500 ounces in American Eagle gold coins,
  • 2,000 ounces in American Buffalo gold coins, and
  • 300,000 ounces in American Eagle silver coins.

Earlier on Monday, the Mint ended weekly ordering limits for American Silver Eagles. Their sales did not advance on the day as of 3:24 p.m. ET.

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)
Monday Sales Last Week June Sales July Sales 2016 Sales
$50 American Eagle 1 Oz Gold Coins 3,000 8,000 62,500 18,500 424,500
$25 American Eagle 1/2 Oz Gold Coins 0 1,000 3,000 2,000 48,000
$10 American Eagle 1/4 Oz Gold Coins 2,000 0 10,000 6,000 92,000
$5 American Eagle 1/10 Oz Gold Coins 10,000 5,000 70,000 20,000 525,000
$50 American Buffalo 1 Oz Gold Coins 2,000 1,500 14,500 6,500 119,000
$1 American Eagle 1 Oz Silver Coins 300,000 445,000 2,837,500 995,000 27,245,500
2016 Shawnee 5 Oz Silver Coins 0 0 0 0 105,000
2016 Cumberland Gap 5 Oz Silver Coins 0 0 0 0 75,000
2016 Harpers Ferry 5 Oz Silver Coins 0 0 34,200 0 34,200


Update (4:24 pm): This article was edited to reflect updated U.S. Mint bullion sales.

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Seth Riesling

The US Mint was supposed to issue its new 1-ounce $25 palladium bullion coin this year under a 2010 law updated last year, but ran into problems & will not issue the new palladium coins till next year. Therefore, to appease Congress & the Mint’s bullion coin APs, the Mint will issue its 1-ounce $100 Platinum American Eagle bullion coins instead starting on July 25. Get ready for a bumpy ride collectors & investors as this comes just 2 weeks before the largest coin show & convention in the world – the ANA coin show in Anaheim, California Aug. 9-13.… Read more »

Seth Riesling

The last time the 1-ounce .9995 fine Platinum American Eagle bullion coins were offered was in 2014 & only 16,900 coins sold to the Mint’s 13 worldwide Authorized Purchasers (before that they had not been issued since 2008). With platinum over $1100 today, I wonder how many will sell in the 5 months left this year. It will be interesting to see how popular these bullion version coins will be when issued on July 25.
Are any readers out there planning on buying these coins?