Gold, Silver and Platinum Begin Week with Milestone Lows

by CoinNews.net on August 13, 2018 · 0 comments

Several 999.9 gold bullion bars

Losses in precious metals futures on Monday, Aug. 13, ranged from 1.7% for gold to 3.6% for platinum

Precious metals futures tumbled Monday as the U.S. dollar rallied and investors spurned safe-havens. Milestone settlements lows in gold, silver and platinum ranged from more than one and a half years to nearly ten years.

Gold for December delivery declined $20.10, or 1.7%, to settle at $1,198.90 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the lowest since Jan. 30, 2017, when prices ended at $1,196 an ounce.

Frustrating for the gold and silver market bulls is the fact their metals are getting no benefit from safe-haven demand amid the keener uncertainty in the world marketplace," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report

Gold futures ranged from a low of $1,198.60 to a high of $1,221.40. They dipped 0.3% lower last week.

Meanwhile, silver for September sank 31.3 cents, or 2.1%, to $14.982 an ounce. The settlement is the weakest since April 4, 2016 when the precious metal ended at $14.911 an ounce.

Silver futures traded between $14.97 and $15.35. They dropped 1.1% last week, registering their ninth straight weekly decline.

In other precious metals futures prices on Monday:

  • October platinum fell $30.10, or 3.6%, to $799.50 an ounce — the lowest since December 2008, ranging from $797 to $831.80.

  • Palladium for September delivery lost $20.20, or 2.2%, to $880.90 an ounce, trading between $877.30 and $902.50.

Last week, the two metals logged respective losses of 0.9% and 0.8%.

London Precious Metals Prices

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

  • Gold declined $14.05, or 1.2%, to 1,200.35 an ounce.
  • Silver fell 19 cents, or 1.2%, to $15.185 an ounce.

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

In LBMA results last week, prices for silver moved up 0.1% while those for gold, platinum and palladium moved down 0.2%, 0.5%, and 1%.

US Mint Bullion Sales in 2018

United States Mint bullion products posted gains of 225,000 ounces in American Eagle silver coins and a combined 3,500 ounces in American Eagle and Buffalo gold coins.

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 July August 2018 Sales
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 30,000
$50 American Eagle 1 Oz Gold Coin 2,000 6,000 31,500 8,500 127,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 1,000 0 18,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 2,000 0 50,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 25,000 0 150,000
$50 American Buffalo 1 Oz Gold Coin 1,500 9,000 24,500 11,000 89,000
$1 American Eagle 1 Oz Silver Coin 225,000 235,000 885,000 490,000 8,197,500
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 0 0 30,000

 

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