Gold Drops 2.2%; Silver Tumbles 3.8%

by CoinNews.net on September 5, 2019 · 3 comments

Gold Bullion

Gold prices shed 2.2% Thursday, Sept. 5

Three of four major precious metals traded sharply lower Thursday, pressured after the United States and China agreed to meet next month to discuss trade. On Wednesday, gold closed at its best price since April 2013 and silver scored its highest finish since September 2016.

Gold for December delivery fell $34.90, or 2.2%, to settle at $1,525.50 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold and silver prices are sharply lower in midday U.S. trading Thursday, on heavy more profit-taking from the shorter-term futures traders and selling pressure as investor risk appetite has at least temporarily up-ticked on news U.S.-China trade talks are set to resume in October," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily note.

Gold futures ranged from a low of $1,514.30 to a high of $1,561.90. They gained 0.3% on Wednesday — closing at their highest point since April 11, 2013, and they advanced 1.7% on Tuesday.

Silver for December delivery tumbled 74 cents, or 3.8%, to close at $18.807 an ounce. Silver futures traded between $18.57 and $19.68. The rose 1.6% on Wednesday — marking their highest settlement since Sept. 26, 2016, and they soared 4.9% on Tuesday.

In other metals futures Thursday:

  • October platinum lost $20.50, or 2.1%, to $963.70 an ounce, ranging from $946.60 to $1,000.80.

  • Palladium for December delivery added $9, or 0.6%, to $1,561.10 an ounce, trading between $1,536 from $1,564.

London Precious Metals Prices

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

  • Gold declined $17, or 1.1%, to $1,529.10 an ounce.
  • Silver shed 8.5 cents, or 0.4%, to $19.22 an ounce.

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

US Mint 2019 Bullion Sales

United States Mint bullion sales were unchanged. Below is a sales breakdown of U.S. Mint 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)
Thursday Last Week This Week / Sept July August 2019 Sales
$50 American Eagle 1 Oz Gold Coin 0 500 1,500 2,000 6,500 88,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 3,000 1,000 23,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 2,000 2,000 30,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 5,000 15,000 5,000 170,000
$50 American Buffalo 1 Oz Gold Coin 0 500 500 500 1,500 50,000
$1 American Eagle 1 Oz Silver Coin 0 138,000 11,000 1,240,000 1,007,000 12,280,000
War in the Pacific 5 Oz Silver Coin 0 0 0 57,000 12,500 69,500
American Memorial Park 5 Oz Silver Coin* 0 0 0 0 2,000 80,000
Lowell 5 Oz Silver Coin* N/A 80,000
$100 American Eagle 1 Oz Platinum Coin* N/A 40,000

 

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Nicole
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Nicole

The Perth mint is releasing the new 2020 lunar year series! This year is the year of the mouse and the silver Australian Year of the mouse coin is absolutely stunning! Check out this blog post to learn about the latest addition to the lunar year series. https://bullionexchanges.com/blog/2019/09/03/australian-lunar-series-mouse/

Seth Riesling
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Seth Riesling

The year of the rat! LOL

NumisdudeTX

Nicole
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Nicole

Thanks Seth, I appreciate it haha. Did you check out the article?