Precious metals marched higher Wednesday, with gold scoring a new two-year high and silver closing above $20 an ounce for the first time since August 2014.
Gold for August delivery settled up $8.40, or 0.6%, to $1,367.10 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the highest since Mar. 17, 2014 when gold ended at $1,372.90 an ounce.
"Gold prices ended the U.S. day session higher and hit a 27-month high Wednesday, on more safe-haven demand as risk appetite in the marketplace is on the downswing, post-Brexit vote," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "The risk aversion in the marketplace Wednesday came amid worries about U.K. property fund redemptions and the health of European banks," Wyckoff added.
Gold futures traded from a low of $1,356.30 to a high of $1,377.50.
Advancing for the tenth time in eleven sessions, silver for September delivery tacked on 29.6 cents, or 1.5%, to close at $20.203 an ounce. The settlement is the highest since Aug. 4, 2014 when the precious metal ended at $20.23 an ounce. Silver futures ranged from $19.93 to $20.59.
In PGM futures on Wednesday:
October platinum gained $14.40, or 1.3%, to $1,091.30 an ounce, trading between $1,068 and $1,095.60.
- Palladium for September delivery rose $4.90, or 0.8%, to $607.55 an ounce, ranging from $591.20 to $611.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Tuesday PM to Wednesday PM:
- Gold added $15.50, or 1.2%, to $1,366.25 an ounce.
- Silver added 70 cents, or 3.6%, to $20.43 an ounce.
LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.
US Mint Bullion Coin Sales in 2016
United States Mint bullion products logged gains for the first time in both the week and month with sales of 7,500 ounces in gold coins 250,000 ounces in American Silver Eagles.
The U.S. Mint set its latest weekly allocation of American Silver Eagles at 2,839,500 coins. Bullion distributors so far have ordered 8.8% of them. 2016 Silver Eagles are running slower but still at a record pace with sales of 26,500,500 coins, marking a 13.3% increase over those sold through same time in record-breaking year 2015.
Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of bullion coins sold during varying periods of time.
|US Mint Bullion Sales (# of coins)|
|Wednesday / This Week / July||Last Week||May Sale||June Sales||2016 Sales|
|$50 American Eagle 1 Oz Gold Coins||5,500||13,000||64,500||62,500||411,500|
|$25 American Eagle 1/2 Oz Gold Coins||0||0||7,000||3,000||46,000|
|$10 American Eagle 1/4 Oz Gold Coins||2,000||0||10,000||10,000||88,000|
|$5 American Eagle 1/10 Oz Gold Coins||5,000||15,000||60,000||70,000||510,000|
|$50 American Buffalo 1 Oz Gold Coins||1,000||2,500||18,500||14,500||113,500|
|$1 American Eagle 1 Oz Silver Coins||250,000||938,000||4,498,500||2,837,500||26,500,500|
|2016 Shawnee 5 Oz Silver Coins||0||0||0||0||105,000|
|2016 Cumberland Gap 5 Oz Silver Coins||0||0||11,000||0||75,000|
|2016 Harpers Ferry 5 Oz Silver Coins||0||0||0||34,200||34,200|