Gold closed lower Wednesday, and then dropped further when the Fed announced the end of its bond-buying program and signaled stronger confidence in the economy.
Gold for December delivery declined $4.50, or 0.4%, to settle at $1,224.90 an ounce on the Comex division of the New York Mercantile Exchange. In later electronic trade, gold prices tumbled toward $1,211 an ounce.
"Gold prices traded solidly lower and hit a three-week low Wednesday afternoon, in the immediate aftermath of the latest FOMC statement that was deemed a bit hawkish on U.S. monetary policy," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "The U.S. dollar index also surged on the FOMC statement, which also worked to put downside price pressure on gold."
Gold prices during normal hours traded from a low of $1,220.80 to a high of $1,230.40.
Silver for December delivery rose 4 cents, or 0.2%, to $17.26 an ounce, trading between $17.13 and $17.32. Silver prices closed in on $17.00 an ounce in after-hours trading.
In rounding out the precious metals complex:
-
January platinum turned up $2.90, or 0.2%, to $1,269.20 an ounce, ranging from $1,265 to $1,276.90.
- Palladium for December delivery gained $7.35, or 0.9%, to $800.70 an ounce, trading between $791.50 and $803.
London Fix Precious Metals
Earlier fixed London precious metals were mixed. In contrasting London bullion Fix prices from Tuesday PM to Wednesday PM:
- Gold shed $6, or 0.5%, to $1,223.50 an ounce,
- Silver added 2 cents, or 0.1%, at $17.20 an ounce,
- Platinum rose $4.50, or 0.4%, to $1,269.50 an ounce, and
- Palladium added $6, or 0.8%, to $798 an ounce
US Mint Bullion Coin Sales in October
United States Mint coin sales were unchanged Wednesday. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of bullion coins sold last week, this week so far, last month, in October, and the year to date.
| American Eagle and Buffalo Bullion Sales (# of coins) | ||||||
|---|---|---|---|---|---|---|
| Wednesday Sales | Last Week | Current Week | September Sales | October Sales | YTD Sales | |
| $100 American Platinum Eagle Bullion Coins | N/A* | 2,700 | 400 | 16,700 | ||
| $50 American Eagle Bullion Gold Coins | 0 | 11,500 | 4,000 | 50,500 | 50,500 | 346,500 |
| $25 American Eagle Bullion Gold Coins | 0 | 1,000 | 0 | 6,000 | 6,000 | 38,000 |
| $10 American Eagle Bullion Gold Coins | 0 | 0 | 0 | 8,000 | 8,000 | 100,000 |
| $5 American Eagle Bullion Gold Coins | 0 | 10,000 | 0 | 30,000 | 40,000 | 480,000 |
| $50 American Buffalo Bullion Gold Coins | 0 | 3,500 | 500 | 14,500 | 21,000 | 160,500 |
| $1 American Eagle Silver Bullion Coins | 0 | 840,000 | 425,000 | 4,140,000 | 4,365,000 | 36,616,000 |
| Great Smoky Mountains National Park 5 Oz Silver Bullion Coins | 0 | 0 | 0 | 3,500 | 0 | 33,000 |
| Shenandoah National Park 5 Oz Silver Bullion Coins | 0 | 400 | 0 | 1,000 | 400 | 21,900 |
| Arches National Park 5 Oz Silver Bullion Coins | 0 | 0 | 0 | 800 | 0 | 22,000 |
| Great Sand Dunes 5 Oz Silver Bullion Coins | 0 | 1,400 | 0 | 4,500 | 4,200 | 16,200 |
*The U.S. Mint stopped selling bullion Platinum Eagles on Oct. 1. The agency will begin selling 2015-dated issues in early January.
I am really tired of the paper futures contracts influencing the price of physical….mainly due to the fact I’m out of extra investable cash. 🙁
Buying opportunity of a lifetime as prices continue downward overnight. Jon Nadler probably soiled himself with delight.