U.S. bullion prices moved lower Tuesday with silver performing the worst with a loss of 2.4% followed by gold’s declination of 1.6%. December gold prices declined $30.60 to $1,861.30 an ounce on the Comex division of the New York Mercantile Exchange. It earlier reached an intraday record high of $1,917.90 an ounce. Gold’s decline was the first in seven sessions, and the first time in six sessions that it failed to close at a new record.
"Comex December gold futures prices ended the U.S. day session sharply lower Tuesday on profit-taking pressure after overnight hitting another all-time record high of $1,917.90 an ounce," noted Jim Wyckoff of Kitco Metals News. "Tuesday was a ‘risk back on’ trading day in the market place, as the U.S. stock indexes were higher, along with most commodity markets. That did prompt profit taking in gold and pulled some safe-haven investment demand away from the precious yellow metal. The market place is a bit calmer this week amid the ongoing European Union debt crisis and civil unrest in Libya."
September silver prices declined $1.03 to $42.29 an ounce after prices had reached as high as $44.28 in intraday trading.
In PGM futures prices, the metals also declined, although palladium’s fall was modest. The September contracted edged down 70.0 cents, or 0.1%, to $764.40 an ounce. October platinum lost $25.60, or 1.3%, to close at $1,880.10 an ounce.
London Bullion Prices
Bullion prices in London split, with gold, silver and platinum lower and palladium higher. PM fixing prices included the following daily changes:
- Gold declined $1.50, or 0.1%, at $1,876 an ounce
- Silver prices declined 61 cents, or 1.4%, at $42.88 an ounce
- Palladium gained $6, or 0.8%, at $762 an ounce
- Platinum declined $1, or 0.1%, at $1,886 an ounce
Canadian Cougar Bullion Coin
In world mint bullion coin news, the Royal Canadian Mint announced the design for its third issue in the popular wildlife bullion coin series, the 2012 Cougar silver coin.
"The Royal Canadian Mint is proud to continue offering the world’s investors an exciting variety of the world’s purest gold and silver bullion coins at a time when bullion demand remains at record levels," said Ian E. Bennett, President and CEO of the Royal Canadian Mint in reference to the two new coins.
Like the previous two coins, it will have a 1 million maximum mintage, feature a purity of .9999 fine silver and have a weight of 31.1 grams. The Cougar bullion coin is expected out in September.
U.S. Mint Bullion Coins
The United States Mint on Tuesday did not report any sales of its bullion coins. As such, sales totals remain the same as Monday.
In United States Mint news, the agency on Monday again suspended collector gold coin sales when gold jumped toward $1,900 an ounce. Suspended coins include the numismatic versions of the American Gold Eagle, the Proof American Gold Buffalo and all of the First Spouse Gold Coins. Unless gold falls further, they will not likely be available again until Wednesday when their prices are expected to be raised.
The latest available bullion coin totals are provided below in the daily, August 2011 and YTD 2011 columns.
|United States Mint 2011 Bullion Coin Sales|
|1 oz American Gold Buffalo||0||21,500||113,000|
|1 oz American Gold Eagle||0||84,000||653,000|
|1/2 oz American Gold Eagle||0||3,000||61,000|
|1/4 oz American Gold Eagle||0||4,000||68,000|
|1/10 oz American Gold Eagle||0||45,000||310,000|
|5 oz America the Beautiful Silver||-||10,300||380,400|
|1 oz American Silver Eagle||0||2,699,500||27,971,000|
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, August 22, 2011. All other figures have an "as of date" of Tuesday, August 23, 2011.