Gold Gains For Third Session, Ending at 1-Week High

by CoinNews.net on May 7, 2019 · 2 comments

Nine Gold Bullion Bars

Gold prices moved 0.1% higher Tuesday, May 7

Gold prices rose for a third session in a row Tuesday, and finished at a one-week high. Other precious metals declined, though silver ended pretty much flat.

Gold for June delivery tacked on $1.80, or 0.1%, to settle at $1,285.60 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since last Tuesday, April 30.

"The poor seasonal time for gold is over as we move into May and June and … increasing volatility and risk-off sentiment in the wider financial markets should support gold and see it trade back above $1,300 in the near future before challenging $1,400 later in the year," Mark O’Byrne, research director at Dublin-based GoldCore, told MarketWatch.

Gold futures ranged from a low of $1,279.10 to a high of $1,286.80. They rose 0.2% on Monday.

Silver for July delivery slipped one-tenth of a cent to finish at $14.926 an ounce. Silver futures traded between $14.81 and $14.96. They declined 0.3% on Monday.

In other precious metals futures Tuesday:

  • July platinum declined $7.50, or 0.9%, to $873.40 an ounce, ranging from $870.20 to $887.50.

  • Palladium for June delivery fell $4.70, or 0.4%, to $1,323.40 an ounce, trading between $1,308.30 and $1,346.30.

Last week, platinum fell 3.2% and palladium tumbled 6.2%.

London Precious Metals Prices

UK markets were closed Monday for a bank holiday. In comparing fixed London gold and silver prices from Friday PM to Tuesday PM

  • Gold rose $2.65, or 0.2%, to $1,281.20 an ounce.
  • Silver added 17.5 cent, or 1.2%, to $14.83 an ounce.

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

US Mint 2019 Bullion Sales

United States Mint bullion were unchanged. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold during varying periods. Products with an asterisk (*) are no longer available.

US Mint Bullion Sales (# of coins)
Tuesday / This Week Last Week March April May 2019 Sales
$100 American Eagle 1 Oz Platinum Coin* 0 2,600 4,000 6,500 0 40,000
$50 American Eagle 1 Oz Gold Coin 0 1,000 8,500 6,500 0 70,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 1,000 1,000 0 19,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 4,000 2,000 0 26,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 15,000 10,000 0 145,000
$50 American Buffalo 1 Oz Gold Coin 0 1,500 5,500 6,500 0 41,500
$1 American Eagle 1 Oz Silver Coin 0 714,000 850,000 1,196,000 68,000 8,189,000
Lowell 5 Oz Silver Coin* 0 0 80,000 0 0 80,000

 

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Bud

Some 1’s will be pleased when the day arrives that platinum will be King once again as it is in *heaven, King of precious metals, that is, if they buy at the price at the chart above or cheaper. 2020 is going to be a wild one, 1 way or another.

Seth Riesling
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Seth Riesling

Platinum has been vastly underpriced for awhile now. Such a deal!

NumisdudeTX