Precious metals futures sank Wednesday with losses ranging from 1.3% for gold to 5.9% for palladium. Gold dropped to a more than 18-month low while silver marked its worst finish in over 30 months. Elsewhere, palladium ended near a 13-month low while platinum dropped to its worst point in nearly a decade.
Gold for December delivery declined $15.70, or 1.3%, to end at $1,185 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the lowest since Jan. 9, 2017, when prices ended at $1,184.90 an ounce.
“The story for gold is very much about dollar strength and emerging market weakness,” Reuters quoted Mitsubishi analyst Jonathan Butler.
“It’s risk aversion, which is something that should be supportive of gold, but … this is happening in an environment where the dollar is looking very strong relative to other major currencies and emerging market currencies.”
Gold futures ranged from a low of $1,181.70 to a high of $1,202. They added 0.2% on Tuesday and dropped 1.7% on Monday.
Meanwhile, silver for September lost 59.9 cents, or 4%, to settle at $14.454 an ounce. The settlement is the worst since Feb. 2, 2016 when the precious metal ended at $14.289 an ounce. Silver futures traded between $14.34 and $15.07. They rose 0.5% on Tuesday and tumbled 2.1% on Monday.
In PGM futures on Wednesday:
- October platinum fell $29.80, or 3.7%, to $771.90 an ounce — the lowest close since late 2008, ranging from $756.60 to $802.90.
- Palladium for September delivery plunged $52.80, or 5.9%, to $837.20 an ounce— its worst settlement since July 7, 2017, trading between $823.40 and $889.60.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Tuesday PM to Wednesday PM:
- Gold declined $15, or 1.3%, to 1,182 an ounce.
- Silver fell 21 cents, or 1.4%, to $14.825 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 advanced by 40,000 ounces in American Silver Eagles. 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) | ||||||
|---|---|---|---|---|---|---|
| Wednesday | Last Week | This Week | July | August | 2018 Sales | |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 0 | 0 | 0 | 30,000 |
| $50 American Eagle 1 Oz Gold Coin | 0 | 6,000 | 2,000 | 31,500 | 8,500 | 127,500 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 0 | 0 | 1,000 | 0 | 18,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 0 | 0 | 2,000 | 0 | 50,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 0 | 0 | 25,000 | 0 | 150,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 9,000 | 1,500 | 24,500 | 11,000 | 89,000 |
| $1 American Eagle 1 Oz Silver Coin | 40,000 | 235,000 | 265,000 | 885,000 | 530,000 | 8,237,500 |
| Pictured Rocks 5 Oz Silver Coin | 0 | 0 | 0 | 0 | 0 | 30,000 |
| Apostle Islands 5 Oz Silver Coin | 0 | 0 | 0 | 0 | 0 | 30,000 |
| Voyageurs 5 Oz Silver Coin | 0 | 0 | 0 | 0 | 0 | 30,000 |
