Precious metals futures declined Tuesday following an extended U.S. holiday weekend for Labor Day. Silver ended at a more than two-and-a-half year low and gold finished at an almost two-week low.
Gold for December delivery declined $7.60, or 0.6%, to settle at $1,199.10 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the lowest since Aug. 23.
"Gold bears were back in action on Tuesday thanks to a broadly stronger U.S. dollar," MarketWatch quoted Lukman Otunuga, research analyst at FXTM, in a daily note. "With the mighty dollar set to dim gold’s shine and U.S. rate hike expectations denting appetite for the zero-yielding metal further, the outlook remains tilted to the downside."
Gold futures ranged from a low of $1,195.10 to a high of $1,209.70. They shed 0.5% last week, and posted their fifth straight monthly loss.
Silver for December delivery tumbled 37.7 cents, or 2.6%, to close at $14.18 an ounce. The settlement is the lowest since Jan. 22, 2016 when the precious metal ended at $14.057 an ounce. Silver futures traded between $14.03 and $14.59. They fell 1.6% last week, and finished the month of August with a 6.4% loss.
In other precious metals futures prices on Tuesday:
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October platinum shed $8.90, or 1.1%, to $778.20 an ounce, ranging from $765.40 to $791.40.
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Palladium for December delivery dipped $2.40, or 0.3%, to $967.50 an ounce, trading between $942.10 and $975.80.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Monday PM to Tuesday PM:
- Gold declined $9.20, or 0.8%, to 1,190.85 an ounce.
- Silver lost 27.5 cents, or 1.9%, to $14.250 an ounce.
LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.
US Mint Bullion Sales in 2018
United States Mint bullion sales were unchanged. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold during varying periods.
| US Mint Bullion Sales (# of coins) | |||||
|---|---|---|---|---|---|
| Tuesday / Week / Sept | Last Week | July | August | 2018 Sales | |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 0 | 0 | 30,000 |
| $50 American Eagle 1 Oz Gold Coin | 0 | 4,000 | 31,500 | 17,500 | 136,500 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 2,000 | 1,000 | 4,000 | 22,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 2,000 | 2,000 | 4,000 | 54,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 5,000 | 25,000 | 10,000 | 160,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 2,000 | 24,500 | 20,000 | 98,000 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 350,000 | 885,000 | 1,530,000 | 9,237,500 |
| Pictured Rocks 5 Oz Silver Coin | 0 | 0 | 0 | 0 | 30,000 |
| Apostle Islands 5 Oz Silver Coin | 0 | 0 | 0 | 0 | 30,000 |
| Voyageurs 5 Oz Silver Coin | 0 | 0 | 0 | 0 | 30,000 |
With silver at a 2.5-year low today (going under $14 during the trading day), when is Mint Director David J. Ryder going to lower the Mint’s silver coin, silver sets & silver medals prices!!??
-NumisdudeTX
Our silver coin is one of the world lowest premium. 5oz silver coin $154.95 compare other countries whose selling $300+
Silverboy –
The difference is the foreign Mint’s have very small mintages on their offerings – their coins are therefore more rare & they can charge a higher price. The US Mint’s premiums on its silver items are way too high compared to other years when spot silver was much higher than now.
Happy Collecting!
-NumisdudeTX
Silver is becoming a real bear market I fear…. $10 in reach…!?
PS> THE “VERiFICATION” thing is bs & really what like 5 people post here…..w t f
Keep your fingers crossed Chas because that new 1 oz. palladium coin at 1,387. 50 is too big for my britches. The difference between that and the melt price is a lot of silver eagles
silver is going down?. Kodak dosnt need it for film. the devise you are currently using or the one in your pocket doesn’t need it. Its main use today is coins. WW2 copper was worth more than silver. might have a better upside? silver has seen better days. it will be a slow death?. day traders over the past 3 years. have been able buy at 15,50 and sell at 16. sometimes twice a week. it bounces up 50 cents just about every time it drops a dollar. its is $14.20 as I right this .I think it will hit… Read more »