U.S. gold futures on Wednesday ended lower for the first time in three sessions and broke a string of two-straight record highs. Profit-taking and a stronger U.S. dollar were the major factors analysts credited for yellow metal losses.
On the Comex in New York, August gold prices stepped back $1.70, or 0.1 percent, to settle at $1,615.10 an ounce. Gold touched an intraday low of $1,608.90 and reached as high as $1,628.80.
"With each passing hour of this brinkmanship on the U.S. debt situation, gold becomes more attractive," Bill O’Neill, partner of commodity investment firm LOGIC Advisors, was quoted on Reuters. "However, there is a very definite danger of a quick snapback if the debt talks were to settle very quickly."
Silver prices for September delivery declined 13.0 cents, or 0.3 percent, to close at $40.568 an ounce. Silver prices moved between $40.210 and $41.465. Jim Wyckoff of Kitco Metals Inc. wrote the following of silver in the Wednesday Kitco Metals Roundup:
"December silver futures prices closed nearer the session low Wednesday after hitting a fresh 11-week high early on. The silver bulls still have the solid overall technical advantage.
Bulls’ next upside price objective is producing a close above solid technical resistance at $42.50 an ounce.The next downside price breakout objective for the bears is closing prices below solid technical support at last week’s low of $38.26.
First resistance is seen at $41.00 and then at Wednesday’s high of $41.47. Next support is seen at this week’s low of $39.91 and then at $39.50. Wyckoff’s Market Rating: 7.0."
Platinum prices for October delivery rose 80.0 cents to $1,808.00 an ounce. The metal traded between $1,806.90 and $1,823.00.
Palladium prices for September delivery declined $2.90, or 0.3 percent, to settle at $833.2 an ounce. Palladium prices traded from $830.85 to $847.55.
In contrast to bullion futures in New York, London precious metals surged. When comparing London Fix PM prices from Wednesday over Tuesday, gold rose $12.25 to $1,625.00 an ounce, silver prices gained 47.0 cents at $40.81 an ounce, platinum rose $27.00 to $1,814.00 an ounce, and palladium advanced $30.00 at $842.00 an ounce.
Sales levels for United States Mint bullion coins remained unchanged as of 4:10 p.m. ET. In related coin news, the Mint raised gold coin prices across all of its 22-karat American Gold Eagle and 24-karat First Spouse Gold Coin products which are produced for collectors. The Mint made the move on Wednesday as a result of higher gold prices during the last seven days. The various coins are now listed at their highest ever prices.
The latest United States Mint bullion product sales figures follow:
| US Mint American Eagle and Buffalo Bullion Coin Sales | ||||
|---|---|---|---|---|
| Daily Gains |
June 2011 |
July 2011 |
YTD 2011 |
|
| Gold Eagle Bullion Coin (1 oz.) | 0 | 56,000 | 57,000 | 564,500 |
| Gold Eagle Bullion Coin (1/2 oz.) | 0 | 0 | 3,000 | 58,000 |
| Gold Eagle Bullion Coin (1/4 oz.) | 0 | 8,000 | 0 | 64,000 |
| Gold Eagle Bullion Coin (1/10 oz.) | 0 | 35,000 | 15,000 | 265,000 |
| Gold Buffalo Coin (1 oz.) | 0 | 5,500 | 10,500 | 90,000 |
| Silver Eagle (1 oz.) | 0 | 3.402M | 2.51M | 24.8135M |
| America the Beautiful 5 Oz. Silver Bullion Coin Sales | |
|---|---|
| YTD 2011 |
|
| Gettysburg National Military Park 5 oz. | 126,700 |
| Glacier National Park 5 oz. | 126,700 |
| Olympic National Park 5 oz. | 80,700* |
| Vicksburg National Military Park 5 oz. | 21,800* |
*Note: The United States Mint does not provide daily per coin sales totals for the Olympic and Vicksburg America the Beautiful Five Ounce Silver Bullion Coins as it does for its other investment-grade products. The individual numbers above are as of Monday, July 11. The United States Mint did, however, indicate on Tuesday, July 26, that the series of coins advanced 4,900 during the previous eight days and that their July sales total is at 16,300 coins. Their year-to-date level is at 369,400.
