Precious metals futures dropped Wednesday, registering losses ranging from 1.8% for gold to 3% for silver.
Gold for December delivery declined $27.90 to settle at $1,512.30 an ounce on the Comex division of the New York Mercantile Exchange.
"Today’s price action is still so far just routine downside corrections amid price uptrends still in place on the daily bar charts. However, selling pressure in the safe-haven metals today was also due to risk appetite that has increased at mid-week," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily research note.
Gold futures ranged from a low of $1,507.40 to a high of $1,542.80. They rose 0.6% on Tuesday — marking their highest settlement since Sept. 4, and they gained 1.1% on Monday.
Silver for December delivery fell 55.5 cents to settle at $18.073 an ounce. Silver futures traded between $17.93 and $18.75. They lost 0.4% on Tuesday, and they surged 4.8% on Monday — closing at their highest point since Sept. 5.
In PGM futures on Wednesday:
October platinum declined $27.50, or 2.9% to $927.90 an ounce, ranging from $923.60 to $959.
- Palladium for December delivery lost $34.60, or 2.1%, to $1,611.80 an ounce, trading between $1,602.30 and $1,648.70. On Tuesday, they finished at a record settlement of $1,646.40.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Tuesday PM to Wednesday PM:
- Gold gained $8.10, or 0.5%, to $1,528.75 an ounce.
- Silver added a penny, or 0.05%, to $18.57 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 climbed by a combined 1,000 ounces of gold coins and by 50,000 ounces in silver coins.
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)|
|Wednesday / This Week||Last Week||August||September||2019 Sales|
|$50 American Eagle 1 Oz Gold Coin||500||500||5,500||3,500||90,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||1,000||1,000||24,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||0||2,000||30,000|
|$5 American Eagle 1/10 Oz Gold Coin||5,000||0||0||10,000||170,000|
|$50 American Buffalo 1 Oz Gold Coin||0||500||1,500||1,000||50,500|
|$1 American Eagle 1 Oz Silver Coin||50,000||0||1,007,000||736,000||13,005,000|
|War in the Pacific 5 Oz Silver Coin||0||0||12,500||2,500||72,000|
|American Memorial Park 5 Oz Silver Coin*||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|