Gold Rebounds; Silver Marks Fresh Multi-Year Low

by CoinNews.net on March 17, 2020 · 1 comment

Gold Changed Slightly This Week

Gold increased 2.6% on Tuesday, March 17

Gold futures rose Tuesday, registering their first gain in six sessions and after marking a 2020-low on Monday.

Gold for April delivery advanced $39.30, or 2.6%, to settle at $1,525.80 an ounce on the Comex division of the New York Mercantile Exchange.

"The less panic in the marketplace Tuesday is actually prompting fresh safe-haven buying in gold because traders and investors now have the increased confidence to step in and buy something, and because this global health crisis and economic crisis are by no means near being over," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily research note

Gold futures ranged from a low of $1,465.60 to a high of $1,554.30. They lost 2% on Monday, ending at their lowest price since Dec. 20.

Silver for March delivery fell 32.1 cents, or 2.5%, to settle at $12.495 an ounce. The close was the weakest since April 30, 2009 when silver ended at $12.325 and ounce. Silver futures traded between $12.11 and $13.23. They sank 11.6% on Monday.

In other precious metals futures Tuesday:

  • April platinum added $7.60, or 1.2%, to $665.30 an ounce, ranging from $600 to $718.40.

  • Palladium for June delivery declined $4.50, or 0.3%, to $1,509.60 an ounce, trading between $1,369.90 and $1,650.10.

London Precious Metals Prices

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

  • Gold gained $48.50, or 3.3%, to $1,536.20 an ounce.
  • Silver fell 52.5 cents, or 3.3%, to $12.44 an ounce.

US Mint Bullion Sales in 2020

United States Mint bullion products posted another day of broad gains with combined sales of 59,000 ounces in American Eagle and Buffalo gold coins and 455,000 ounces in American Silver Eagles.

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)
Tuesday Last Week This Week January February March 2020 Sales
$50 American Eagle 1 Oz Gold Coin 40,000 3,500 43,000 38,000 3,500 48,000 89,500
$25 American Eagle 1/2 Oz Gold Coin 1,000 0 2,000 23,000 2,000 2,000 27,000
$10 American Eagle 1/4 Oz Gold Coin 2,000 0 6,000 18,000 2,000 6,000 26,000
$5 American Eagle 1/10 Oz Gold Coin 35,000 5,000 55,000 60,000 20,000 70,000 150,000
$50 American Buffalo 1 Oz Gold Coin 14,500 2,000 15,500 21,000 1,000 20,500 42,500
$1 American Eagle 1 Oz Silver Coin 455,000 1,570,000 792,500 3,846,000 650,000 3,112,500 7,608,500
$1 American Eagle 1 Oz Platinum Coin 0 3,200 0 14,500 9,300 6,200 30,000

 

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Never say never. Never did think you could buy 121 times the amount of silver for what you could buy gold for. Wonder how high this ratio will go!