Gold, Silver Start July at 8-Week Lows

Gold bars and stok market
Gold, silver and platinum declined in their start to the new trading month

Gold and silver futures kicked off the new trading week and month on Monday with sharp losses and 8-week low settlements.

Gold for August delivery dropped $23.10, or 1.9%, to finish at $1,219.20 an ounce on the Comex division of the New York Mercantile Exchange. The close is the lowest since May 10. The yellow metal was pressured, opined analysts, on equity and dollar strength.

"Gold currently looks vulnerable," Bloomberg News quoted UBS Group AG analyst Joni Teves. "Higher yields and market participants digesting a hawkish shift in tone among key central banks of late, while equities stay resilient around all-time highs," are negative for the metal.

Gold futures ranged from a low of $1,218.50 to a high of 1,242.60. They ended Friday with weekly, June and quarterly losses of 1.1%; 2.6%; and 0.7%, but still advanced 7.9% in the first half of 2017.

Silver for September delivery sank 53.5 cents, or 3.2%, to settle at $16.092 an ounce. The settlement is the weakest since May 9. Silver futures ranged from $16.07 to $16.65. They ended Friday with weekly, June and quarterly declines of 0.1%, 4.5% and 8.9%. They climbed 4% in the first half of this year.

In other precious metals futures on Monday:

  • October platinum declined $20.30, or 2.2%, to $906.10 an ounce, ranging from $905.50 to $933.70.

  • Palladium for September added $5.75, or 0.7%, to $842.40 an ounce, trading between $833.65 and $844.35.

London Precious Metals Prices

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

  • Gold declined $13, or 1.1%, to $1,229.25 an ounce.
  • Silver added a penny, or 0.06%, to $16.48 an ounce.

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

Last week, LBMA prices logged losses of 1.1% for gold, 1.4% for silver, 0.5% for platinum and 5.1% for palladium.

US Mint Bullion Sales in 2017

United States Mint bullion sales were unchanged. 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)
Monday Last Week June YTD
$100 American Eagle 1 Oz Platinum Coin 0 0 0 20,000
$50 American Eagle 1 Oz Gold Coin 0 1,000 4,000 141,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 27,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 48,000
$5 American Eagle 1/10 Oz Gold Coin 0 10,000 20,000 260,000
$50 American Buffalo 1 Oz Gold Coin 0 1,000 2,000 66,000
$1 American Eagle 1 Oz Silver Coin 0 280,000 986,000 12,233,500
2017 Effigy Mounds 5 Oz Silver Coin 0 0 8,800 35,000
2017 Frederick Douglass 5 Oz Silver Coin 0 0 0 20,000
2017 Ozark Riverways 5 Oz Silver Coin 0 0 20,000 20,000


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Seth Riesling

Mike Unser –

The RSS article feed at the bottom of your daily precious metals article has not been picking up metals articles for a few days. It is picking up non-metals regular news for some reason.