Gold Bounces from 3-Week Low, Silver Climbs 1%

by CoinNews.net on July 21, 2016 · 1 comment

gold and silver, one bar each

Precious metals futures rose Thursday with gains ranging from 0.9% for gold to 1.5% for platinum

Gold futures closed higher on Thursday for the fourth time in five sessions after logging a more than three-week low on Wednesday.

Gold for August delivery settled up $11.70, or 0.9%, to $1,331 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold prices were ending the U.S. day session higher and near the daily high, on a corrective rebound from selling pressure that pushed prices to a three-week low overnight," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily note. "Short covering in the futures market and bargain hunting in the cash market were featured. A weaker U.S. dollar index on this day also worked in favor of the precious metals bulls."

Gold futures ranged from a low of $1,310.70 to a high of $1,332.30. They declined 1% in the previous session, and posted their lowest price since June 28.

Silver for September delivery advanced 20.2 cents, or 1%, to settle at $19.815 an ounce. Silver futures traded between $19.27 and $19.85. On Wednesday, they dropped 2% and settled at their lowest level since July 1.

Rounding out metals trading:

  • October platinum gained $16.50, or 1.5%, to $1,108 an ounce, ranging from $1,080.90 to $1,111.

  • Palladium for September delivery rose $9.45, or 1.4%, to $685.45 an ounce, trading between $668.15 and $686.

London Precious Metals Prices

In comparing earlier fixed London gold and silver prices from Wednesday PM to Thursday PM:

  • Gold added $5.25, or 0.4%, to $1,321.15 an ounce.
  • Silver fell 36 cents, or 1.8%, to $19.34 an ounce.

LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.

US Mint Bullion Coin Sales in 2016

United States Mint bullion sales climbed by 2,500 ounces in American Gold Eagles and by 500 ounces in American Buffalo gold coins.

Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of bullion coins sold during varying periods of time.

US Mint Bullion Sales (# of coins)
Thursday Sales Last Week This Week June Sales July Sales 2016 Sales
$50 American Eagle 1 Oz Gold Coins 2,500 8,000 7,000 62,500 22,500 428,500
$25 American Eagle 1/2 Oz Gold Coins 0 1,000 0 3,000 2,000 48,000
$10 American Eagle 1/4 Oz Gold Coins 0 0 4,000 10,000 8,000 94,000
$5 American Eagle 1/10 Oz Gold Coins 0 5,000 15,000 70,000 25,000 530,000
$50 American Buffalo 1 Oz Gold Coins 500 1,500 3,5000 14,500 8,000 120,500
$1 American Eagle 1 Oz Silver Coins 0 445,000 500,000 2,837,500 1,195,000 27,445,500
2016 Shawnee 5 Oz Silver Coins 0 0 0 0 0 105,000
2016 Cumberland Gap 5 Oz Silver Coins 0 0 0 0 0 75,000
2016 Harpers Ferry 5 Oz Silver Coins 0 0 0 34,200 0 34,200

 

{ 1 comment… read it below or add one }

Seth Riesling July 21, 2016 at 11:36 pm

A new study shows that 18 countries & 2 organizations control 88 percent of the world gold reserves.
#1 USA
#2 Germany
#3 France
#4 Italy
#5 Russia

The 2 organizations are the International Monetary Fund (IMF) & the European Central Bank (ECB)

-NumisDudeTX

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