Precious metals put together another day of sharp increases Tuesday. Gains ranged from 6% for gold to 14.8% for palladium.
Gold for April delivery settled up $93.20, or 6%, to $1,660.80 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since March 6.
"We have long argued that gold is the currency of last resort, acting as a hedge against currency debasement when policy makers act to accommodate shocks such as the one being experienced now," MarketWatch quoted analysts at Goldman Sachs led by Jeffrey Currie.
Gold futures ranged from a low of $1,560.50 to a high of $1,698. They jumped 5.6% on Monday.
Silver for March delivery advanced 99.6 cents, or 7.5%, to end at $14.257 an ounce. Silver futures traded between $13.22 and $14.33. On Monday, they soared 7.1%.
In other precious metals futures prices Tuesday:
April platinum gained $74.20, or 11.8%, to $701.70 an ounce, ranging from $646.60 to $709.90.
- Palladium for June delivery leapt $230, or 14.8%, to $1,786.90 an ounce, trading between $1,605.10 and $1,870.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Monday PM to Tuesday PM:
- Gold rose $83.35, or 5.5%, to $1,608.75 an ounce.
- Silver soared $1.115, or 8.9%, to $13.625 an ounce.
US Mint Bullion Sales in 2020
United States Mint bullion sales increased by 10,000 ounces in American Gold 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||10,000||68,500||39,000||38,000||3,500||112,500||154,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||3,000||5,000||23,000||2,000||8,000||33,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||6,000||14,000||18,000||2,000||20,000||40,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||55,000||20,000||60,000||20,000||90,000||170,000|
|$50 American Buffalo 1 Oz Gold Coin||0||40,500||1,000||21,000||1,000||46,500||68,500|
|$1 American Eagle 1 Oz Silver Coin||0||862,500||1,650,000||3,846,000||650,000||4,832,500||9,328,500|
|$1 American Eagle 1 Oz Platinum Coin||0||0||0||14,500||9,300||6,200||30,000|