U.S. gold prices declined Wednesday, breaking a two-day winning streak. Gold’s loss was attributed to a stronger U.S. dollar, with deeper losses prevented by safe-haven bids due to rising concerns over Europe’s debt issues. December gold prices declined $7.60, or 0.4%, to $1,791.60 an ounce on the Comex division of the New York Mercantile Exchange. The yellow metal traded between $1,778.80 an ounce and $1,801.10 an ounce.
"The general sentiment is that people want to stay away from other forms of investment until there’s more certainty and that might be weeks, months or years off," Businessweek quoted Gavin Wendt, the founder and senior resource analyst at Sydney-based Mine Life Pty. "In the meantime, they’re sticking their money in gold because it’s a safe haven."
In other New York futures, December futures prices lost 78.9 cents, or 2.2%, to $34.36 an ounce, December palladium futures prices declined $22.40, or 3.3%, to $654.85 an ounce and January platinum futures fell $29.40, or 1.8%, to $1,643.70 an ounce.
United States Mint Bullion Coins
United States Mint bullion coins rose modestly Wednesday for the two 1 oz. American Eagles. Matching its 1,500 gain from the previous day, American Gold Eagles added 1,500. American Silver Eagles rose a more modest 50,000 against the previous day’s 140,000, but in another milestone the coins squeezed over the 37 million marker for the year.
In other bullion coin sales, the United States Mint reported its America the Beautiful 5 oz. bullion coin figures — something it does about once each week. Sales of the 2011-dated coins reached 391,500, an increase of 1,500 coins since last week. For a breakdown by coin type, read the SilverCoinsToday.com article entitled ATB Silver Coin Sales Update.
The latest United States figures are provided below in the daily, November 2011 and YTD 2011 columns.
|United States Mint 2011 Bullion Coin Sales|
|Wednesday Gains||November 2011||2011 Totals|
|1 oz American Gold Eagles||1,500||8,500||814,500|
|1/2 oz American Gold Eagles||0||0||65,000|
|1/4 oz American Gold Eagles||0||2,000||80,000|
|1/10 oz American Gold Eagles||0||0||355,000|
|1 oz American Gold Buffalo||0||1,500||146,500|
|5 oz America the Beautiful Silver||not reported||391,500|
|1 oz American Silver Eagle||50,000||566,000||37,041,500|
Notes. Figures above are in coins, not ounces sold.
London Bullion Prices
London bullion prices fell across-the-board after having risen in unison during the previous two days. Three of the major metals each dropped by $11. From Tuesday PM to Wednesday PM fixings:
- Gold prices declined $11, or 0.6%, to $1,784 an ounce,
- Silver declined 6 cents, or 0.2%, to $34.58 an ounce,
- Palladium declined $11, or 1.6%, to $662 an ounce, and
- Platinum declined $11, or 0.7%, to $1,650 an ounce
Check this site’s home page for current metal prices.