Gold and Silver Log Fresh 2018 Lows

by CoinNews.net on July 16, 2018 · 0 comments

Gold Bullion and Coins

Losses in precious metals futures ranges from less than a half cent for silver to 2.1% for palladium

Precious metals futures on Monday fell as a group for a second straight session. Gold and silver marked fresh milestone lows that reached nearly one year for gold and over seven months for silver.

Gold for August delivery declined $1.50, or 0.1%, to end at $1,239.70 an ounce on the Comex division of the New York Mercantile Exchange. The close is the lowest since July 17, 2017, when prices settled at $1,233.70 an ounce.

"Speculative market participants have been betting for the most part on falling gold prices — they have not significantly expanded their net short positions in the past two weeks, however. Gold continues to be sold by ETF investors: last week saw outflows of 9 tons, and 22 tons since the start of the month," MarketWatch quoted Carsten Fritsch and the commodities team at Commerzbank, in a note.

Gold futures traded from a low of $1,238.30 to a high of $1,245.80. They slipped 1.2% last week for their fourth weekly loss in five weeks.

Meanwhile, silver for September edged down less than a half cent to $15.812 an ounce. The settlement is the worst since Dec. 12 when prices closed at $15.668 an ounce. Silver futures ranged from $15.76 to $15.90. They dropped 1.6% last week — their fifth straight weekly loss.

In other precious metals futures on Monday:

  • October platinum lost $3.90, or 0.5%, to $826.40 an ounce, trading between $820.60 and $836.50.

  • Palladium for September delivery dropped $19.30, or 2.1%, to $913.50 an ounce, ranging from $911.20 to $939.80.

Last week they posted respectively losses of 2.2% and 1.6%.

London Precious Metals Prices

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

  • Gold dipped 60 cents, or less than 0.1%, to 1,241.10 an ounce.
  • Silver was unchanged at $15.81 an ounce.

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

In LBMA results last week, they logged declines totaling 1.1% for gold, 1.2% for silver, 0.8% for platinum, and 0.3% for palladium.

US Mint Bullion Sales in 2018

United States Mint bullion sales rose by 25,000 ounces in American Silver Eagles and a combined 3,000 ounces in American Gold Eagles.

Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold during varying periods.

US Mint Bullion Sales (# of coins)
Monday Last Week June July 2018 Sales
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 30,000
$50 American Eagle 1 Oz Gold Coin 2,500 6,000 21,500 15,000 102,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 1,000 1,000 18,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 4,000 0 48,000
$5 American Eagle 1/10 Oz Gold Coin 5,000 0 15,000 5,000 130,000
$50 American Buffalo 1 Oz Gold Coin 0 5,500 6,500 11,000 64,500
$1 American Eagle 1 Oz Silver Coin 25,000 290,000 435,000 390,000 7,212,500
Pictured Rocks 5 Oz Silver Coin 0 0 0 0 30,000
Apostle Islands 5 Oz Silver Coin 0 0 0 0 30,000
Voyageurs 5 Oz Silver Coin 0 0 30,000 0 30,000

 

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