Gold futures extended their winning streak to six sessions in a row Wednesday. They also ended the day at a fifteen-week high.
Gold for August delivery tacked on $4.90, or 0.4%, to settle at $1,333.60 an ounce on the Comex division of the New York Mercantile Exchange. The finish was the highest since Feb 20.
Fed Chair Jerome "Powell’s speech yesterday about how he is going to watch the economy for the potential of lowering the interest rate, that seemed to provide a very good bid to gold," Reuters quoted Michael Matousek, head trader at U.S. Global Investors.
"The market was pricing in two rate cuts before, now the probability of the rate cuts are increasing."
Gold futures ranged from a low of $1,329.30 to a high of $1,348.90. They edged up less than 0.1% on Tuesday and advanced 1.3% on Monday.
Silver for July delivery climbed 2.2 cents, or 0.2%, to end at $14.791 an ounce. Silver futures traded between $14.75 and $15.04. They rose 0.2% on Tuesday and gained 1.2% on Monday.
In PGM futures on Wednesday:
-
July platinum dropped $16.30, or 2%, to $802.80 an ounce, ranging from $802.10 to $833.30.
- Palladium for September delivery fell $13.50, or 1%, to $1,327.30 an ounce, trading between $1,311.60 and $1,345.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Tuesday PM to Wednesday PM:
- Gold added $10.80, or 0.8%, to $1,335.05 an ounce.
- Silver rose 12 cents, or 0.8%, to $14.84 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 / 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 | ||
Why no mention of US Mint raising prices on gold products ??