Gold Rises for 3rd Session; Silver Gains for 7th Time in 8 Sessions

Gold and Silver Bullion, Gold Nugget
Gold ended at a fresh -two-week high

Gold prices on Wednesday rose for a third straight session in very thin trading. Its change from Tuesday was modest, like other precious metals.

Gold for August delivery climbed $1.10, or less than 0.1%, to finish at $1,261.20 an ounce on the Comex division of the New York Mercantile Exchange. The settlement price is the highest since gold ended at $1,265.50 an ounce on May 27. Gold prices traded from a low of $1,257.90 to a high of $1,265.50.

U.S. stocks slipped Wednesday, lending some support to gold, opined analysts.

"Gold futures have been acting as a decent hedge to the stock market all year and weakness in equities… is attracting some bids into the gold market," MarketWatch quoted Tyler Richey, an analyst for the 7:00’s Report.

"For the near term, it appears gold is settling into a new trading range between $1,240 and $1,270-$1,280 level," he said. "However, it is worth noting that the Commitments of Traders report released by the CFTC last week showed a substantial increase in short interest in recent weeks, so the risk of a short squeeze back to the $1,300 area exists."

Silver for July delivery inched up less than a penny to close at $19.17 an ounce. Prices ranged from $19.15 to $19.33 and have ended higher in seven of the last eight sessions.

In PGM futures, platinum snapped a five-session winning streak while palladium rose for the ninth time in ten sessions. In their daily breakdowns:

  • July platinum dipped $1.10, or less than 0.1%, to $1,481.10 an ounce, trading between $1,474.80 and $1,488.40.

  • Palladium for September delivery advanced $5.60, or 0.7%, to $860.15 an ounce, ranging from $851.95 to $864.60.

London Fix Precious Metals

Earlier fixed London precious metals also changed narrowly. In contrasting the London bullion fixings from Tuesday PM to Wednesday PM:

  • Gold added $2.50, or 0.2%, to $1,262 an ounce,
  • Silver gained 20 cents, or 1%, to $19.20 an ounce,
  • Platinum rose $5, or 0.3%, to $1,483 an ounce, and
  • Palladium added $5, or 0.6%, to $856 an ounce

US Mint Bullion Sales in June

Sales totals of U.S. Mint bullion products were unchanged as of 2:41 p.m. ET. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold last week, this week so far, last month, the month-to-date, and the year-to-date.

American Eagle and Buffalo Bullion Sales (# of coins)
Wednesday Sales Sales Last Week Week-To-Date Sales May Sales June Sales YTD Sales
$100 American Platinum Eagle Bullion Coins 0 500 0 1,000 500 12,700
$50 American Gold Eagle Bullion Coins 0 10,500 6,000 29,000 16,500 172,000
$25 American Gold Eagle Bullion Coins 0 0 0 3,000 0 25,000
$10 American Gold Eagle Bullion Coins 0 0 0 6,000 0 68,000
$5 American Gold Eagle Bullion Coins 0 10,000 5,000 35,000 15,000 340,000
$50 American Buffalo Gold Bullion Coins 0 3,500 2,000 12,500 5,500 101,000
$1 American Eagle Silver Bullion Coins 0 670,000 675,000 3,988,500 1,345,000 22,781,500
Great Smoky Mountains National Park 5 Oz Silver Bullion Coins 0 500 500 4,000 1,000 28,000
Shenandoah National Park 5 Oz Silver Bullion Coins 0 500 0 19,100 500 19,600
Arches National Park 5 Oz Silver Bullion Coins 0 N/A 13,500 N/A 13,500 13,500


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