Gold Logs First Loss in Nine Sessions; Palladium Scores Record

by CoinNews.net on February 25, 2020 · 11 comments

Two gold bullion bars

Gold prices fell 1.6% on Tuesday, Feb. 25

Palladium scored another record Tuesday while silver, gold and platinum declined. Silver sank from a nearly six-month high. Gold’s loss was its first in nine sessions after notching a seven-year high on Monday.

Gold for April delivery fell $26.60, or 1.6%, to settle at $1,650 an ounce on the Comex division of the New York Mercantile Exchange.

"While economic growth concerns surrounding the coronavirus were the most recent impetus supporting gold prices, there is very little reason for gold prices to move significantly lower given the current global environment," MarketWatch quoted Jeff Klearman, portfolio manager at GraniteShares, which offers the GraniteShares Gold Trust

Gold futures ranged from a low of $1,635.10 to a high of $1,666.70. They gained 1.7% on Monday, ending the day at their highest point since Feb. 6, 2013.

Silver for March delivery tumbled 68.5 cents, or 3.6%, to finish at $18.191 an ounce. Silver futures traded between $18.11 and $18.64. They jumped 1.9% on Monday, closing at their best price since Sept. 4.

In other precious metals futures Tuesday:

  • April platinum lost $41.90, or 4.3%, to $932.30 an ounce, ranging from $927.80 to $972.10.

  • Palladium for March delivery rallied $126.50, or 5%, to a record settlement of $2,647.80 an ounce. The precious metal traded between $2,553.30 and $2,632.50.

London Precious Metals Prices

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

  • Gold fell $21.35, or 1.3%, to $1,650.30 an ounce.
  • Silver dropped 44.5 cents, or 2.4%, to $18.33 an ounce.

US Mint Bullion Sales in 2020

United States Mint bullion sales remain unreported for the week and month according to available figures from the Mint’s website. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold during varying periods.

US Mint Bullion Sales (# of coins)
This Week / February November December 2020 Sales
$50 American Eagle 1 Oz Gold Coin 0 8,000 2,000 38,000
$25 American Eagle 1/2 Oz Gold Coin 0 5,000 0 23,000
$10 American Eagle 1/4 Oz Gold Coin 0 2,000 0 18,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 0 60,000
$50 American Buffalo 1 Oz Gold Coin 0 5,000 1,500 21,000
$1 American Eagle 1 Oz Silver Coin 0 463,000 0 3,846,000
$1 American Eagle 1 Oz Platinum Coin 0 463,000 0 14,500

 

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Seth Riesling

The U.S. Mint Director David J. Ryder has abdicated his responsibility to provide the public (& especially U.S. Mint customers) with the sales figures we need as coin collectors/investors to make informed buying decisions (for bullion program coins & numismatic program coins & other numismatic products). Get a new U.S. Mint Director please President Trump!

NumisdudeTX

K ROB

this just makes it easier for me not to buy from the Mint. until i see some numbers i’m not buying anything.transparency is important to me!

Mjs1447

Seth, was it officially announced that the mint will no longer publish weekly (or yearly?) sales figures?? Thanks.

cagcrisp

Agree 100%

Seth Riesling

It is not official policy yet, but a battle has been brewing between the Mint Director & Congress’ oversight Banking Committee members & staff over this “public information” sales figures transparency debate. The U.S. Mint is trying to act like a private corporation, when it is officially just another bureau of the U.S. Department of the Treasury (the U.S. Mint used to be officially called the “Bureau of the Mint” for those of you old enough to remember ordering by mail up until sometime in the 80s & then Congress changed the name to “United States Mint”. Stay tuned for… Read more »

chuck

As I’ve stated several times, I would like to see sales numbers. BUT! Not sure such reports would be any good. They just do not know what they sell/sold i.e. silver eagles found, Madison Spouses destroyed/at landfill/ or? Also,early releases by them!?

cagcrisp

Bullion sales numbers for February were posted Today…

Seth Riesling

cagcrisp –

Those bullion version coin sales figures used to be published on the Mint’s website every day Monday through Friday, until recently. Once a month is not good enough for investors…

NumisdudeTX

cagcrisp

Agree 100%…

Mark Glass

In fairness to the Mint though, if you don’t report a problem, you don’t have a problem. Right? You don’t have to account for a problem if you deny it exists.

I’m always keen to step on the scales, when I’ve been eating properly for a week or two. As soon as I slip up a little, I’ll find a reason to avoid them. I’d love to know how the recent final year platinum coin has sold. I suspect the Mint isn’t too keen to step on the scales…

Seth Riesling

Mark Glass –

Great insight! Thanks for sharing your interesting thoughts on this subject.

NumisdudeTX