Gold Logs Fresh Low For Year; Silver Drops 5.8%

by CoinNews.net on March 18, 2020 · 0 comments

Partial Photo of Bullion Gold

Gold futures fell 3.1% on Wednesday, March 18

Precious metals futures stepped lower Wednesday, registering losses ranging from 3.1% for gold to 9.1% for platinum. Gold posted a fresh low for the year.

Gold for April delivery dropped $47.90, or 3.1%, to settle at $1,477.90 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since Dec. 12 when gold ended at $1,472.30 an ounce.

"Gold continues to suffer from risk-off panics in the market, trading back below $1,500 level as S&P futures gave up stimulus-driven gains," Reuters quoted Tai Wong, head of base and precious metals derivatives trading at BMO. "Liquidity here, as in most markets, is deeply compromised and we expect to see continuing volatility, mood-driven swings."

Gold futures ranged from a low of $1,473.30 to a high of $1,547. They advanced 2.6% on Tuesday and they lost 2% on Monday.

Silver for March delivery tumbled 72.3 cents, or 5.8%, to settle at $11.772 an ounce. The close was the lowest since January 2009. Silver futures traded between $11.64 and $12.91. They declined 2.5% on Tuesday and they sank 11.6% on Monday.

In PGM futures on Wednesday:

  • April platinum fell $60.30, or 9.1%, to $605 an ounce, ranging from $603.40 to $681.80.

  • Palladium for June delivery lost $89.90, or 6%, to $1,419.80 an ounce, trading between $1,410.80 and $1,548.50.

London Precious Metals Prices

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

  • Gold declined $38, or 2.5%, to $1,498.20 an ounce.
  • Silver shed 2 cents, or 0.2%, to $12.42 an ounce.

US Mint Bullion Sales in 2020

United States Mint bullion sales were unchanged Wednesday following strong gains on Tuesday and Monday.

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)
Wednesday Last Week This Week January February March 2020 Sales
$50 American Eagle 1 Oz Gold Coin 0 3,500 43,000 38,000 3,500 48,000 89,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 2,000 23,000 2,000 2,000 27,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 6,000 18,000 2,000 6,000 26,000
$5 American Eagle 1/10 Oz Gold Coin 0 5,000 55,000 60,000 20,000 70,000 150,000
$50 American Buffalo 1 Oz Gold Coin 0 2,000 15,500 21,000 1,000 20,500 42,500
$1 American Eagle 1 Oz Silver Coin 0 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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