Major precious metals futures were mixed Tuesday. Silver inched forward for a second day in a row while gold fell for a fourth straight session to finish at its worst price in five weeks.
Gold for December delivery declined $11.90, or 0.8%, to settle at $1,499.20 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since Aug. 6.
"There’s an old trading adage that says a strong bull market needs to be fed fresh bullish news on a regular basis. Now, the safe-haven metals are in need of a dose of bullish news. The technicals in gold and silver remain overall bullish, but more selling pressure in the near term would produce some chart damage," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily research note.
Gold futures ranged from a low of $1,494.30 to a high of $1,509.10. They lost 0.3% on Monday. As recently as last Wednesday, they closed at $1,560.40 an ounce for their highest settlement since April 11, 2013.
Silver for December delivery inched up 1.9 cents, or 0.1%, to end at $18.186 an ounce. Silver futures traded between $17.85 and $18.27. They rose 0.3% on Monday. On Wednesday, silver ended at $19.547 an ounce for its best settlement since Sept. 26, 2016.
In other precious metals futures prices Tuesday:
October platinum fell $16.10, or 1.7%, to $936.60 an ounce, ranging from $931.40 to $950.
Palladium for December delivery gained $17.30, or 1.1%, to $1,554.10 an ounce, trading between $1,530.40 and $1,557.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Monday PM to Tuesday PM:
- Gold declined $10.95, or 0.7%, to $1,498.25 an ounce.
- Silver fell 18 cents, or 1%, to $17.99 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 advanced by 1,000 ounces in American Gold Eagles and by 233,000 ounces in American Silver Eagles.
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)|
|Tuesday||Last Week||This Week||August||September||2019 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||1,500||1,000||5,500||2,500||89,000|
|$25 American Eagle 1/2 Oz Gold Coin||1,000||0||0||1,000||1,000||24,000|
|$10 American Eagle 1/4 Oz Gold Coin||2,000||0||0||0||2,000||30,000|
|$5 American Eagle 1/10 Oz Gold Coin**||0||5,000||0||0||5,000||165,000|
|$50 American Buffalo 1 Oz Gold Coin||0||500||0||1,500||500||50,000|
|$1 American Eagle 1 Oz Silver Coin||233,000||11,000||675,000||1,007,000||686,000||12,955,000|
|War in the Pacific 5 Oz Silver Coin||0||0||2,500||12,500||2,500||72,000|
|American Memorial Park 5 Oz Silver Coin*||0||0||0||2,000||0||80,000|
|Lowell 5 Oz Silver Coin*||N/A||80,000|
|$100 American Eagle 1 Oz Platinum Coin*||N/A||40,000|
**U.S. Mint figures on Tuesday showed a September adjustment for 1/10oz American Gold Eagles of -5,000 ounces to 5,000, pulling their year-to-date total down to 165,000.