Gold and Silver Prices Near 5-1/2-Month Lows

Five gold bullion bars
In starting the new tradign week on Monday, gold futures slipped 0.2% and silver futures dropped 2.8%

Gold futures declined Monday, marking a fresh, more than five-month low and driving their losing streak to six sessions.

Gold for December delivery lost $2.60, or 0.2%, to close at $1,221.70 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the weakest since June 2. Gold futures ranged from a low of $1,211 to a high of $1,230.90.

"Follow-through selling pressure was featured after the strong losses late last week that produced serious near-term technical damage," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "The key ‘outside markets’ on Monday saw the U.S. dollar index solidly higher and hitting a 10-month high. Meantime, Nymex crude oil prices were lower and hit a 3.5-month low."

Gold prices sank 6.2% last week for their biggest weekly loss since June 21, 2013.

Lower for a second session in a row after rising for three straight sessions, silver for December delivery shed 48.9 cents, or 2.8%, to finish at $16.893 an ounce. The close is the lowest since June 7.

Silver futures traded between $16.62 and $17.49. They fell 5.4% last week, logging their first weekly loss in five weeks.

In rounding out precious metals dealings:

  • January platinum fell $9.60, or 1%, to $933.60 an ounce, ranging from $923.10 to $951.80.

  • Palladium for December delivery tacked on $13, or 1.9%, to $697.70 an ounce, trading between $667.10 and $699.95.

The two metals were mixed last week. Platinum declined 6.1% and palladium surged 9.6%.

London Precious Metals Prices

In comparing earlier fixed London bullion prices from Friday PM to Monday PM:

  • Gold fell $22.85, or 1.9%, to $1,213.60 an ounce.
  • Silver declined $1.40, or 7.50%, to $17.20 an ounce.

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

Last week, London palladium prices surged 9.6% while other metal prices registered declines of 5.1% for gold, 1.6% for silver and 2.9% for platinum.

US Mint Bullion Coin Sales in 2016

U.S. Mint bullion sales were unchanged as of 2:23 p.m. ET. (This article we be edited if an update is available later in the day.)

Below is a sales breakdown of U.S. Mint bullion coins 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 Oct Sales Nov Sales 2016 Sales
$100 American Eagle 1 Oz Platinum Coins* 20,000
$50 American Eagle 1 Oz Gold Coins 0 19,000 100,500 35,500 701,000
$25 American Eagle 1/2 Oz Gold Coins 0 1,000 8,000 4,000 68,000
$10 American Eagle 1/4 Oz Gold Coins 0 6,000 16,000 10,000 142,000
$5 American Eagle 1/10 Oz Gold Coins 0 25,000 75,000 30,000 805,000
$50 American Buffalo 1 Oz Gold Coins 0 4,000 28,500 8,500 186,000
$1 American Eagle 1 Oz Silver Coins 0 425,000 3,825,000 645,000 35,045,500
2016 Shawnee 5 Oz Silver Coins* 105,000
2016 Cumberland Gap 5 Oz Silver Coins* 75,000
2016 Harpers Ferry 5 Oz Silver Coins 0 0 200 0 36,500
2016 Theodore Roosevelt 5 Oz Silver Coins 0 0 3,100 300 32,900


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I wonder if this will cause the Walker on Thursday to have a bit lower starting price? Hope so. 🙂

Seth Riesling

Neil –

With gold dropping under $1250 recently, it looks like the gold WL half dollar will be issued at a price of $865 if the London PM price tomorrow stays under $1250.