Gold and silver futures logged a fourth straight loss in starting the new trading week on Monday.
Gold for December delivery declined $8.90, or 0.7%, to settle at $1,325.60 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the weakest since Sept. 1.
"Gold prices ended the U.S. day session moderately lower Monday, as the marketplace is increasing the odds that a U.S. interest rate hike from the Federal Reserve could come yet this year — and as early as next week," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report.
Gold futures ranged from a low of $1,323.60 to a high of $1,333.80. They edged up 0.6% last week.
Silver for December delivery lost 36.8 cents, or 1.9%, to settle at $19.00 an ounce. Silver futures traded between $18.76 and $19.25. They climbed last week by less than 0.1%.
In other precious metals trading:
-
October platinum dropped $24.60, or 2.3%, to $1,042.90 an ounce, ranging from $1,039.10 to $1,069.30.
- Palladium for December delivery fell $22.75, or 3.4%, to $656.70 an ounce, trading between $653.10 and $677.50.
Last week, the two metals gained 0.5% and 0.9%.
London Precious Metals Prices
In comparing earlier fixed London bullion prices from Friday PM to Monday PM:
- Gold declined $6.25, or 0.5%, to $1,324.60 an ounce.
- Silver sank 69 cents, or 3.6%, to $18.72 an ounce.
LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.
London metal prices posted gains last week of 0.5% for gold, 3.5% for silver, 2% for platinum and 1.2% for palladium.
US Mint Bullion Coin Sales in 2016
United Sates Mint bullion sales were unchanged Monday. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of bullion coins sold during varying periods Products with an asterisk (*) are no longer available.
| US Mint Bullion Sales (# of coins) | |||||
|---|---|---|---|---|---|
| Monday Sales | Last Week | Aug Sales | Sept Sales | 2016 Sales | |
| $100 American Eagle 1 Oz Platinum Coins* | 0 | 0 | 1,000 | 0 | 20,000 |
| $50 American Eagle 1 Oz Gold Coins | 0 | 14,500 | 50,000 | 19,500 | 505,500 |
| $25 American Eagle 1/2 Oz Gold Coins | 0 | 1,000 | 3,000 | 2,000 | 53,000 |
| $10 American Eagle 1/4 Oz Gold Coins | 0 | 6,000 | 4,000 | 6,000 | 106,000 |
| $5 American Eagle 1/10 Oz Gold Coins | 0 | 20,000 | 60,000 | 35,000 | 650,000 |
| $50 American Buffalo 1 Oz Gold Coins | 0 | 3,500 | 9,000 | 4,500 | 136,000 |
| $1 American Eagle 1 Oz Silver Coins | 0 | 170,000 | 1,280,000 | 310,000 | 29,210,500 |
| 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 | 1,900 | 0 | 36,100 |
| 2016 Theodore Roosevelt 5 Oz Silver Coins | 0 | 1,500 | 27,500 | 1,500 | 29,000 |
This is why we invest not in bullion; rather looking to rare, or commemorative coins. in our personal opinion, rare coins will retain their value more so than bullion, by far.
Example: If one purchased an excessive amount of bullion at $1300.00, then gold slipped to $500.00 what would one do? ‘Sorry’ > “Speaking of bullion”, would not wish to mislead anyone. Same principle for silver bullion. Any responses would be greatly appreciated.
That’s why I started investing in coins only and left bars behind…
@ ‘MSE’ You recently posted a couple of days ago on bullion sales. What you state is actually correct. However, someone else disagreed with the aforesaid facts due to me leaving “Any” out of the formula. I specified ‘Any’ to intrinsic value, leading the person to believe that I were speaking of bullion as well which I was not. Speaking of bullion, I cannot see investing with this commodity in that the fluctuation is too unstable, and has been ongoing for several years. Well, you have much confidence is ‘spot’, whereas we’ll pass at this juncture. The last time we… Read more »
I fully agree with you Synoptic. When it comes to collecting, I gravitate to rare low mintage numismatic coins of four 9’s silver / gold or five 9’s gold. I purchase gold and silver bullion for investment only. I do not expect a hefty return on bullion soon after purchase, but it beats interest from any bank. A fine balance of cash/bullion and numismatic coins is a solid investment. Precious metals have and will always be our principle form of international currency. I never worry about a complete loss when I purchase. Riding the spot value is the fun.
Mouse
Could not agree wit Synoptic 12 any more about collection rare coins not BULLION unless you have a Crystal ball and can predict the future. I only collect Silver and Gold Pandas with low mintages, Morgan Dollars, Peace Dollars b.c no matter what silver does those types coins with all carry there value and some b/c of the mintages. Don”t waste your money on eagles unless it’s some sort of commemorative coin that the US MINT puts out. Perfect example the gold mercury dime was worth scoping up if you were one of the lucky ones like myself..
Could not agree with Synoptic 12 any more about collection rare coins not BULLION unless you have a Crystal ball and can predict the future. I only collect Silver and Gold Pandas with low mintages, Morgan Dollars, Peace Dollars b.c no matter what silver does those types coins with all carry there value and some b/c of the mintages. Don”t waste your money on eagles unless it’s some sort of commemorative coin that the US MINT puts out. Perfect example the gold mercury dime was worth scoping up if you were one of the lucky ones like myself..
@FLSharkvictim
Some smart hombre’s here. We passed on the Mercury dime. We figured the cost at around $125.00 melt. i believe it sold for around $225 or so. not a bad price, just the dime market is a little weak, like many.
* Did the Mint ever provide any figures on the Merc before they stopped production? We’re glad you purchased for there could be very, very limited numbers. I believe it sold out or the Mint stopped taking orders the very first day.
Hi Synoptic, As I am Canadian and a collector of modern low mintage Royal Canadian Mint (RCM) products, I am accustomed to 4 9’s silver and gold as well as 5’9s gold. The only time I would ever consider any gold coin lower than 4’9s is if it is over a hundred years old. I do love the history, so will compromise on the purity. The RCM has and continues to put out highly refined purity of precious metals / coins. When I purchase numismatic coins and bullion, I am not looking for an immediate return. I truly love the… Read more »
@ Mouse Great synopsis. You must be a good dad for there are not many, if any exhibiting the morals you portray. I’m aware of the RCM manufacturing pieces at . 9999. The content must be very soft. I did not realize that you were from Canada. I like the Canadian people for they treated me very well at customs, more so than what the American customs did to me. They impounded my vehicle and combed it completely. I traveled to Canada to visit St. Joseph’s Oratory. staying only for a day. The Canadian people assisted me greatly, and met… Read more »