Gold Ends at 4-Week Low, Silver Marks 4-Month Low

Three Gold Bullion Bars, Dark Background
Precious metals futures ended lower Wednesday. Losses ranged from 0.7% for gold to 2.3% for platinum.

Precious metals futures declined Wednesday, with gold marking its worst close in 4 weeks and silver ending at its lowest price in about 4 months.

Gold for June delivery fell $8.50, or 0.7%, to settle at $1,248.50 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the lowest since the matching close on April 5.

"Gold breaking down below the 50- and 200-day moving averages today suggests that further short term losses may be likely," Reuters quoted Tai Wong, director of base and precious metals trading for BMO Capital Markets in New York.

Gold futures traded between $1,245.60 and $1,257.80. They edged up 0.1% on Tuesday and fell 1% in their start on Monday.

Falling for a seventh straight session, silver futures for July delivery dropped 28.5 cents, or 1.7%, to $16.546 an ounce. The settlement is the weakest since Jan. 6. Silver futures ranged from $16.52 to $16.90. They declined less than 0.1% on Tuesday and fell 2.4% on Monday.

In PGM futures on Wednesday:

  • July platinum fell $21.60, or 2.3%, to $904.40 an ounce, trading between $900.70 and $928.90.

  • Palladium for June delivery declined $14.30, or 1.8%, to $799.30 an ounce, ranging from $794 to $823.70.

London Precious Metals Prices

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

  • Gold fell $5.15 or 0.4%, to $1,250.30 an ounce.
  • Silver declined a dime, or 0.6%, to $16.85 an ounce.

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

US Mint Bullion Sales in 2017

U.S. Mint bullion sales were unchanged as of 4:04 p.m. ET. Below is a sales breakdown of U.S. bullion products with columns listing the number of coins sold during varying periods. Products with an asterisk (*) are no longer available.

US Mint Bullion Sales (# of coins)
Wednesday Sales Last Week This Week / May April Sales 2017 Sales
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 20,000
$50 American Eagle 1 Oz Gold Coin 0 1,000 2,000 3,500 129,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 0 25,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 2,000 46,000
$5 American Eagle 1/10 Oz Gold Coin 0 10,000 0 20,000 210,000
$50 American Buffalo 1 Oz Gold Coin 0 1,000 1,000 3,500 60,000
$1 American Eagle 1 Oz Silver Coin 0 235,000 530,000 835,000 9,322,500
2017 Effigy Mounds 5 Oz Silver Coin 0 0 100 900 20,700
2017 Frederick Douglass 5 Oz Silver Coin 0 1,400 800 17,600 18,400


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Danny Morano

Seth, You’re welcome. Maybe nobody would have noticed or you could have gotten a warning letter. Best to not take a chance leaving out trademarks, patents or orignal and owners ID. I had friends in the right places and new well in advance about some of the coins being released especially the Kruegerrands. One of only 890 in the world to get the First Day of issue Proof Gold restrikes dated 1967 and one of 190 to get it in PF70. Also one of 890 to get the Silver in SP70 First Day of Production and all the others, Silver… Read more »