Gold and Silver Rise Modestly For Second Straight Day

by CoinNews.net on August 8, 2018 · 0 comments

Gold bullion and gold coins

Gold, silver and platinum were little changed Wednesday, Aug. 8

Precious metals futures ended divided Wednesday with gold and silver higher and platinum and palladium lower. Gains in gold and silver were modest for a second day in a row. Both metals are running a two-session win streak after they logged milestone lows on Monday.

Gold for December delivery added $2.70, or 0.2%, to settle at $1,221 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold and silver prices are near steady but have traded on both sides of unchanged in uninspired action Wednesday," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "The precious metals traders are looking for a dose of new fundamental information to provide a spark to the markets. With much of Europe on holiday and many traders in the U.S. taking family vacations, trading action has been constrained."

Gold futures ranged from a low of $1,213.60 to a high of $1,223.80. They climbed less than 0.1% on Tuesday and lost 0.5% on Monday — ending at their worst level since July 13, 2017.

Meanwhile, silver for September settled up 5.9 cents, or 0.4%, to $15.432 an ounce. Silver futures traded between $15.29 and $15.47. They rose 0.2% on Tuesday and dropped 0.7% on Monday — closing at their lowest point since April 7, 2016.

In PGM futures on Wednesday:

  • October platinum shed $1.90, or 0.2%, to $829.50 an ounce, ranging from $824.60 to $835.70.

  • Palladium for September delivery dropped $16.50, or 1.8%, to $886.40 an ounce, trading between $885 and $907.40.

London Precious Metals Prices

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

  • Gold declined $2.80, or 0.2%, to 1,209.55 an ounce.
  • Silver fell 12 cents, or 0.8%, to $15.345 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 products registered their first sales gains of the week on Wednesday with advances of 235,000 ounces in American Eagle silver coins and a combined 10,000 ounces in American Eagle and Buffalo gold coins.

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 / This Week 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 1,000 2,000 31,500 1,500 120,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 1,000 0 18,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 2,000 0 50,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 25,000 0 150,000
$50 American Buffalo 1 Oz Gold Coin 9,000 6,500 24,500 9,500 87,500
$1 American Eagle 1 Oz Silver Coin 235,000 130,000 885,000 265,000 7,972,500
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

 

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