Gold and silver futures rallied Wednesday as safe-havens ignited. The yellow metal scored its best close since early 2013 and silver logged its strongest finish since mid-2018.
Gold for December delivery tacked on $13.70, or 0.9%, to close at $1,527.80 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since April 11, 2013 when gold ended at $1,564.90 an ounce.
"Safe-haven demand continues to be featured for the two precious metals [gold and silver] at mid-week, amid heightened concerns about slowing world economic growth," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily note. "Geopolitics also remains close to the front burner of the marketplace, which is also supporting gold and silver."
Gold futures ranged from a low of $1,504.50 to a high of $1,534.90. They lost 0.2% on Tuesday and rose 0.6% on Monday.
Silver for September delivery surged 29.5 cents, or 1.7%, to finish at $17.28 an ounce. The settlement was the highest since June 14, 2018 when silver ended at $17.262 an ounce.
Silver futures traded between $16.85 and $17.31. They shed 0.5% on Tuesday and gained 0.8% on Monday.
In PGM futures Wednesday:
October platinum dropped $11.70, or 1.4%, to $848 an ounce, ranging from $846.50 to $858.40.
- Palladium for September fell $35.10, or 2.4%, to $1,416.40 an ounce, trading between $1,412 and $1,449.40.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Tuesday PM to Wednesday PM:
- Gold rose $14.85, or 1%, to $1,513.25 an ounce.
- Silver declined 33 cents, or 1.9%, to $17.115 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 Wednesday. 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||1,000||1,500||2,500||2,500||83,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||1,000||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||500||0||500||1,000||49,000|
|$1 American Eagle 1 Oz Silver Coin||0||0||92,000||1,240,000||92,000||11,354,000|
|War in the Pacific 5 Oz Silver Coin||0||0||0||57,000||8,000||65,000|
|American Memorial Park 5 Oz Silver Coin||0||0||0||0||0||78,000|
|Lowell 5 Oz Silver Coin*||N/A||80,000|
|$100 American Eagle 1 Oz Platinum Coin*||N/A||40,000|