Gold Slips Again From Highest Settlement Since 2013

by CoinNews.net on August 28, 2019 · 0 comments

Gold bullion and gold coins

Gold futures shed 0.2% on Wednesday, Aug. 28

Precious metals futures finished mixed Wednesday. Gold slipped from a more than six-year high while silver closed at a new, more than two-year high. Platinum and palladium also divided, with the former rallying 4.7% and the latter dropping 1.3%.

Gold for December delivery declined $2.70, or 0.2%, to settle at $1,549.10 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold prices are moderately lower in midday U.S. trading Wednesday, on some normal profit taking by the shorter-term futures traders. Meantime, the silver market is higher and hit a more-than-two-year high overnight," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report.

"Both metals continue to see underlying support on worries about slowing global economic growth amid falling government bond yields that are encouraging traders and investors to seek out safe-haven precious metals."

Gold futures ranged from a low of $1,541.40 to a high of $1,556.60. They rose 1% on Tuesday — marking their highest settlement since April 11, 2013, and they edged 0.03% lower on Monday.

Silver for December delivery — the new, most active contract — tacked on 15.8 cents, or 0.9%, to finish at $18.456 an ounce. The settlement was the strongest since April 17, 2017, when the precious metal finished at $18.514 an ounce. Silver futures ranged from a low of $18.02 to a high of $18.48. They rallied 2.9% on Tuesday and gained 1.3% on Monday.

In PGM futures on Wednesday:

  • October platinum jumped $40.70 to $908.90 an ounce, trading between $867.80 and $912.20.

  • Palladium for December delivery — the new, most active contract — fell $18.50 to $1,462.50 an ounce, ranging from $1,454.20 to $1,479.40.

London Precious Metals Prices

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

  • Gold rose $4.20, or 0.3%, to $1,537.15 an ounce.
  • Silver soared 64 cents, or 3.6%, to $18.365 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)
Wednesday Last Week This Week July August 2019 Sales
$50 American Eagle 1 Oz Gold Coin 0 2,500 500 2,500 5,500 86,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 3,000 1,000 23,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 2,000 0 28,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 0 15,000 0 160,000
$50 American Buffalo 1 Oz Gold Coin 0 0 500 500 1,500 49,500
$1 American Eagle 1 Oz Silver Coin 0 647,000 138,000 1,240,000 1,007,000 12,269,000
War in the Pacific 5 Oz Silver Coin 0 4,500 0 57,000 12,500 69,500
American Memorial Park 5 Oz Silver Coin* 0 2,000 0 0 2,000 80,000
Lowell 5 Oz Silver Coin* N/A 80,000
$100 American Eagle 1 Oz Platinum Coin* N/A 40,000

 

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