Gold futures declined Monday, marking a fresh, more than five-month low and driving their losing streak to six sessions.
Gold for December delivery lost $2.60, or 0.2%, to close at $1,221.70 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the weakest since June 2. Gold futures ranged from a low of $1,211 to a high of $1,230.90.
"Follow-through selling pressure was featured after the strong losses late last week that produced serious near-term technical damage," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "The key ‘outside markets’ on Monday saw the U.S. dollar index solidly higher and hitting a 10-month high. Meantime, Nymex crude oil prices were lower and hit a 3.5-month low."
Gold prices sank 6.2% last week for their biggest weekly loss since June 21, 2013.
Lower for a second session in a row after rising for three straight sessions, silver for December delivery shed 48.9 cents, or 2.8%, to finish at $16.893 an ounce. The close is the lowest since June 7.
Silver futures traded between $16.62 and $17.49. They fell 5.4% last week, logging their first weekly loss in five weeks.
In rounding out precious metals dealings:
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January platinum fell $9.60, or 1%, to $933.60 an ounce, ranging from $923.10 to $951.80.
- Palladium for December delivery tacked on $13, or 1.9%, to $697.70 an ounce, trading between $667.10 and $699.95.
The two metals were mixed last week. Platinum declined 6.1% and palladium surged 9.6%.
London Precious Metals Prices
In comparing earlier fixed London bullion prices from Friday PM to Monday PM:
- Gold fell $22.85, or 1.9%, to $1,213.60 an ounce.
- Silver declined $1.40, or 7.50%, to $17.20 an ounce.
LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.
Last week, London palladium prices surged 9.6% while other metal prices registered declines of 5.1% for gold, 1.6% for silver and 2.9% for platinum.
US Mint Bullion Coin Sales in 2016
U.S. Mint bullion sales were unchanged as of 2:23 p.m. ET. (This article we be edited if an update is available later in the day.)
Below is a sales breakdown of U.S. Mint bullion coins with columns listing the number of bullion coins sold during varying periods Products with an asterisk (*) are no longer available.
| US Mint Bullion Sales (# of coins) | |||||
|---|---|---|---|---|---|
| Monday Sales | Last Week | Oct Sales | Nov Sales | 2016 Sales | |
| $100 American Eagle 1 Oz Platinum Coins* | – | 20,000 | |||
| $50 American Eagle 1 Oz Gold Coins | 0 | 19,000 | 100,500 | 35,500 | 701,000 |
| $25 American Eagle 1/2 Oz Gold Coins | 0 | 1,000 | 8,000 | 4,000 | 68,000 |
| $10 American Eagle 1/4 Oz Gold Coins | 0 | 6,000 | 16,000 | 10,000 | 142,000 |
| $5 American Eagle 1/10 Oz Gold Coins | 0 | 25,000 | 75,000 | 30,000 | 805,000 |
| $50 American Buffalo 1 Oz Gold Coins | 0 | 4,000 | 28,500 | 8,500 | 186,000 |
| $1 American Eagle 1 Oz Silver Coins | 0 | 425,000 | 3,825,000 | 645,000 | 35,045,500 |
| 2016 Shawnee 5 Oz Silver Coins* | – | 105,000 | |||
| 2016 Cumberland Gap 5 Oz Silver Coins* | – | 75,000 | |||
| 2016 Harpers Ferry 5 Oz Silver Coins | 0 | 0 | 200 | 0 | 36,500 |
| 2016 Theodore Roosevelt 5 Oz Silver Coins | 0 | 0 | 3,100 | 300 | 32,900 |
I wonder if this will cause the Walker on Thursday to have a bit lower starting price? Hope so. 🙂
Neil –
With gold dropping under $1250 recently, it looks like the gold WL half dollar will be issued at a price of $865 if the London PM price tomorrow stays under $1250.
-NumisDudeTX