Gold Logs Seventh Straight Session Increase

by CoinNews.net on June 6, 2019 · 0 comments

Three bullion gold bars

Gold finished 0.7% higher Thursday, June 6

Precious metals futures registered increases Thursday ranging from 0.1% for platinum to 1.6% for palladium. Gold finished ahead for a seventh straight session and posted a fresh, more than fifteen-week high.

Gold for August delivery advanced $9.10, or 0.7%, to settle at $1,342.70 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since Feb 20.

"It has become clear that the global economy is heading rapidly into a recession that could turn out to be deep," Alasdair Macleod, head of research at Goldmoney, recently told MarketWatch. "The only solution is for central banks to cut interest rates and expand their monetary bases."

"The purchasing power of paper currencies will be undermined by aggressive monetary expansion, and it is this realization which is the primary driver for gold prices today," he said.

Gold futures ranged from a low of $1,331.30 to a high of $1,344.20. They gained 0.4% on Wednesday, edged up less than 0.1% on Tuesday, and advanced 1.3% on Monday.

Silver for July delivery moved up 11.4 cents, or 0.8%, to close at $14.905 an ounce. Silver futures traded between $14.73 and $15. They added 0.2% on Wednesday, rose 0.2% on Tuesday, and gained 1.2% on Monday.

In other precious metals futures Thursday:

  • July platinum climbed 90 cents to $803.70 an ounce, ranging from $798.80 to $808.40.

  • Palladium for September added $21.80 to $1,349.10 an ounce, trading between $1,325.40 and $1,352.20.

London Precious Metals Prices

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

  • Gold inched up 45 cents, or less than 0.1%, to $1,335.50 an ounce.
  • Silver rose 11.5 cents, or 0.8%, to $14.955 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 sales 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)
Thursday Last Week This Week / June April May 2019 Sales
$50 American Eagle 1 Oz Gold Coin 0 1,000 500 6,500 3,500 74,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 1,000 0 19,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 2,000 0 26,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 5,000 25,000 5,000 145,000
$50 American Buffalo 1 Oz Gold Coin 0 0 1,000 6,500 3,000 45,500
$1 American Eagle 1 Oz Silver Coin 0 140,000 223,500 1,196,000 866,000 9,210,500
American Memorial Park 5 Oz Silver Coin 0 0 0 N/A 78,000 78,000
Lowell 5 Oz Silver Coin* N/A N/A 80,000
$100 American Eagle 1 Oz Platinum Coin* N/A   6,500 N/A 40,000

 

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