Precious metals futures were mixed on Monday, but ended ahead in July with advances ranging from 1% to 5.8%. Gold and silver traded near 7-week highs.
Gold for December delivery — the new, most active contract — declined $1.90, or 0.1%, to settle at $1,273.40 an ounce on the Comex division of the New York Mercantile Exchange.
"Gold had increased noticeably … despite what were in fact good U.S. economic data — the U.S. economy grew by 2.6% in the second quarter — because the figures also indicated declining inflation pressure. This reduces the pressure on the Federal Reserve to further hike interest rates in the near future," MarketWatch quoted Carsten Fritsch, commodities analyst at Commerzbank.
Gold futures advanced 2.5% in July following three monthly increases of 2.6% in June, 0.6% in May, and 1.4% in April. The precious metal on Friday settled at $1,266.60 an ounce for the August contract and at $1,275.30 an ounce for the December contract — each marking the strongest finish since June 14. For the year to date, gold is 10.6% higher.
Elsewhere, silver for September delivery added 9.1 cents, or 0.6%, to settle at $16.786 an ounce. The close is the highest since June 14. Silver futures gained 1% in July after falling 4.5% in June. They are 5% higher so far this year.
In PGM futures on Monday and for July:
October platinum rose $4.10, or 0.4%, to $940.70 an ounce, for a 1.5% monthly increase.
- Ending higher for a sixth straight session, palladium for September delivery added $5.25, or 0.6%, to $885.40 an ounce. The precious metal jumped 5.8% in July.
Both metals are stronger on the year so far with increases of 3.9% for platinum and 29.6% for palladium.
London Precious Metals Prices
London precious metals prices ended higher on Monday and for the month. In comparing their levels from Friday PM to Monday PM:
- Gold rose $2.65, or 0.2%, to 1,267.55 an ounce.
- Silver added 20 cents, or 1.2%, to $16.76 an ounce.
- Platinum rose $11, or 1.2%, to $938 an ounce.
- Palladium added $19, or 2.2%, to $894 an ounce.
In July, London bullion price advances totaled 2% for gold, 1.8% for silver, 1.7% for platinum and 6.3% for palladium.
US Mint Bullion Sales in 2017
The United States Mint sold far more American Eagle and Buffalo bullion coins in July than in June but levels fell short from a year earlier. In headline comparisons:
American Eagle gold coins advanced by 17,500 ounces in July, jumping 191.7% from 6,000 ounces in June but down 57.1% from 38,500 ounces in July 2016. Year to date sales at 211,000 ounces are 60.9% lower than the 539,400 ounces delivered during the first seven months of 2016.
American Eagle silver coins reached 2.32 million ounces for the month, surging 135.3% from 986,000 ounces in June but sliding 18.2% from 2,837,500 ounces in July of last year. 2017 Silver Eagle sales at 14,553,500 are down by nearly half, 47.3%, from the 27,620,500 sold in the January to July period of 2016.
American Buffalo gold coins rose by 5,000 ounces in July, increasing 150% from 2,000 ounces in June but slipping 50% from the 10,000 ounces in July 2016. Year to date sales at 71,000 ounces are 42% lower than the 122,500 ounces moved during the same time last year.
America the Beautiful Five Ounce Silver Bullion Coins failed to advance for the month, just like in July 2016. They increased by 144,000 ounces last month. Sales for the year so far at 375,000 ounces are 65% lower than the 1,071,000 ounces sold through the same seven months in 2016.
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)|
|$100 American Eagle 1 Oz Platinum Coin||0||0||0||0||20,000|
|$50 American Eagle 1 Oz Gold Coin||1,000||500||4,000||13,500||155,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||0||0||27,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||0||4,000||52,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||20,000||30,000||290,000|
|$50 American Buffalo 1 Oz Gold Coin||1,500||500||2,000||5,000||71,000|
|$1 American Eagle 1 Oz Silver Coin||50,000||205,000||986,000||2,320,000||14,553,500|
|2017 Effigy Mounds 5 Oz Silver Coin||0||0||8,800||0||35,000|
|2017 Frederick Douglass 5 Oz Silver Coin||0||0||0||0||20,000|
|2017 Ozark Riverways 5 Oz Silver Coin||0||0||20,000||0||20,000|
This article was edited to include updated Aug. 7 U.S. Mint figures. The American Silver Eagle’s total for July changed to 2,320,000 from 2,270,000, bringing up their YTD to 14,553,500. In addition, the 1 oz. Gold Eagle’s total for July climbed to 13,500 from 12,500, bring up their YTD to 155,500. Other figures were updated as a result.