Gold, Silver Extend Gains After Fed Statement

by CoinNews.net on July 27, 2016 · 3 comments

gold bar and notes

Gold and other precious metals advanced on Wednesday

Precious metals futures advanced on Wednesday with gold, silver and platinum logging a second day of gains while palladium moved ahead for a seventh session in a row. The metals then moved even higher in after-hours trade following the release of the Fed’s latest monetary policy statement.

Gold for December delivery added $6.20, or 0.5%, to settle $1,334.50 an ounce on the Comex division of the New York Mercantile Exchange. Gold futures traded from a low of $1,323 to a high of $1,336.80. They rose 0.1% in the previous session. In electronic trading after the Fed news, gold prices moved toward $1,341 an ounce.

"The afternoon FOMC statement that showed no change in U.S. interest rates did not move gold and silver markets much, initially, but they began to rally after traders and investors reckoned the statement did not contain any new hawkish elements on U.S. monetary policy, and arguably favored the doves," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a note.

Silver for September delivery tacked on 31.2 cents, or 1.6%, to settle at $19.995 an ounce. Silver futures ranged from $19.57 to $20.18. They gained 0.2% on Tuesday. The precious metal was last near $20.32 an ounce in after-hours trading.

In PGM futures on Wednesday:

  • October platinum advanced $29.20, or 2.7%, to $1,128.20 an ounce, trading between $1,093.50 and $1,144.10.

  • Palladium for September delivery gained $11.10, or 1.6%, to $703.90 an ounce, ranging from $686.75 to $707.90.

London Precious Metals Prices

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

  • Gold rose $6, or 0.5%, to $1,329 an ounce.
  • Silver dipped a dime, or 0.5%, to $19.58 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 were unchanged Wednesday following two days of wide gains. 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)
Wednesday Sales Last Week This Week June Sales July Sales 2016 Sales
$100 American Eagle 1 Oz Platinum Coins 0 N/A 18,400 N/A 18,400 18,400
$50 American Eagle 1 Oz Gold Coins 0 7,000 3,500 62,500 26,000 432,000
$25 American Eagle 1/2 Oz Gold Coins 0 0 0 3,000 2,000 48,000
$10 American Eagle 1/4 Oz Gold Coins 0 4,000 2,000 10,000 10,000 96,000
$5 American Eagle 1/10 Oz Gold Coins 0 15,000 20,000 70,000 45,000 550,000
$50 American Buffalo 1 Oz Gold Coins 0 3,5000 1,500 14,500 9,500 122,000
$1 American Eagle 1 Oz Silver Coins 0 500,000 150,000 2,837,500 1,345,000 27,595,500
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

 

{ 3 comments… read them below or add one }

Seth Riesling July 27, 2016 at 4:28 pm

Platinum up $44 now. Amazing!

-NumisDudeTX

John K July 27, 2016 at 6:16 pm

On the 25th the U.S. Mint released 17,000 bullion coins to it’s authorized purchasers…I think the price of platinum going up is not amazing…maybe coincidence..more likely manipulation..

John K July 27, 2016 at 6:17 pm

Of course..IMHO

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