Gold, Silver Rebound Modestly Wednesday, Sept. 5

by CoinNews.net on September 5, 2018 · 0 comments

Gold Bullion Overshadowing Other Bars

Gold, silver, and platinum bounced Wednesday, Sept. 5, while palladium declined

Most precious metals futures rebounded Wednesday with silver rising from a more than two-and-a-half year low and gold moving up from a nearly two-week low to return above $1,200 an ounce.

Gold for December delivery rose $2.20, or 0.2%, to settle at $1,201.30 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold and silver prices are modestly up in early-afternoon U.S. trading Wednesday. Short covering in the futures markets and some perceived bargain hunting in the cash markets were featured today," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "A sell off in the U.S. dollar index today also worked in favor of the precious metals market bulls."

Gold futures ranged from a low of $1,196.40 to a high of $1,204.20. They fell 0.6% on Tuesday, ending at their lowest point since Aug. 23.

Elsewhere, silver for December delivery added 4 cents, or 0.3%, to close at $14.22 an ounce. Silver futures traded between $14.12 and $14.27. They dropped 2.6% on Tuesday, marking their lowest settlement since Jan. 22, 2016.

In PGM futures on Wednesday:

  • October platinum gained $6.10, or 0.8%, to $784.30 an ounce, ranging from $770.10 to $785.80.

  • Palladium for December delivery declined $6.30, or 0.7%, to $961.20 an ounce, trading between $955.40 and $975.90.

London Precious Metals Prices

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

  • Gold rose $5.85, or 0.5%, to 1,196.70 an ounce.
  • Silver declined 8 cents, or 0.6%, to $14.17 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 climbed for the first time this week and for the month. The U.S. Mint logged broad gains among its American Eagle products. American Silver Eagles rose by 400,000 ounces and all denominations of American Gold Eagles advanced for combined sales of 6,500 ounces.

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 / Week / September 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 3,500 4,000 31,500 17,500 140,000
$25 American Eagle 1/2 Oz Gold Coin 1,000 2,000 1,000 4,000 23,000
$10 American Eagle 1/4 Oz Gold Coin 2,000 2,000 2,000 4,000 56,000
$5 American Eagle 1/10 Oz Gold Coin 20,000 5,000 25,000 10,000 180,000
$50 American Buffalo 1 Oz Gold Coin 0 2,000 24,500 20,000 98,000
$1 American Eagle 1 Oz Silver Coin 400,000 350,000 885,000 1,530,000 9,637,500
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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