Gold Prices Dive to 8-Week Low; US Mint Sales of Coins Slow

by Bullion Prices Staff on November 17, 2011

Bullion prices were pounded Thursday. December gold prices tripped $54.10, or 3%, to $1,720.20 an ounce on the Comex division of the New York Mercantile Exchange. The loss was the highest since gold gave up $101.90 in one day on Sept. 23.

"The market was pressured by a general sell off in the raw commodity sector, of which gold on this day decided to be included–as opposed to a safe-haven asset the yellow metal decides to be on other trading days," noted Jim Wyckoff of Kitco Metals Inc.

"The key ‘outside markets’ were in a fully bearish posture for the precious metals Thursday, as the U.S. dollar index was higher and crude oil prices were sharply lower. Some near-term technical damage was inflicted in the gold market Thursday as prices dropped below what was solid near-term technical support at last week’s low of $1,736.60." 

For the day, gold prices traded between an intraday low of $1,711 an ounce and a high at $1,768 an ounce.

In percentage terms, silver fell the furthest Wednesday with its loss of 6.9%. December silver futures price declined $2.33 to $31.50 an ounce.

PGM metals futures prices declined as well. And while platinum has fallen for straight sessions, it declined less than palladium which was the worst performing precious metal of the day. December palladium futures lost $50.75, or 7.8%, to $603.70 an ounce while January platinum futures lost $50.10, or 3.1%, to $1,581.10 an ounce.

United States Mint Bullion Coins

No bullion coin gains were published by the United States Mint on Wednesday but a modest up-tick of 1,000 was shown for the 1 oz. American Eagle Gold bullion on Thursday. That lifts their November total to 12,500 and their year-to-date tally to 818,500.

In news from other sites on both numismatic and bullion coin sales, read:

The first article discusses the entire range of United States Mint collector and bullion coin sales since last week. The second article focuses specifically on the Mint’s silver products and how they have performed on a weekly basis.

The most recent United States Mint bullion product sales are provided below in the daily, November 2011 and YTD 2011 columns.

United States Mint 2011 Bullion Coin Sales
  Thursday Gains November 2011 2011 Totals
1 oz American Gold Eagles 1,000 12,500 818,500
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 5,000 360,000
1 oz American Gold Buffalo 0 1,500 146,500
5 oz America the Beautiful Silver not reported 393,300
1 oz American Silver Eagle 0 819,000 37,294,500

 

Notes. Figures above are in coins, not ounces sold. The United States Mint last updated 5 oz. America the Beautiful Silver Bullion Coin sales on Monday, November 14, 2011. All other figures have an “as of date” of Thursday, November 17, 2011.

London Bullion Prices

London bullion prices were yanked lower, although losses were significantly lighter than bullion fugues in New York. From Tuesday PM to Wednesday PM fixings:

  • Gold prices declined $13.50, or 0.8%, to $1,742.50 an ounce,
  • Silver fell $1.15, or 3.3%, to $33.30 an ounce,
  • Palladium declined $20, or 3.1%, to $635 an ounce, and
  • Platinum fell $21, or 1.3%, to $1,607 an ounce

Check this site’s home page for current metal prices.

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