Gold Rises 6%, Silver Jumps 7.5%, Platinum Rallies 11.8%, and Palladium Soars 14.8%

by CoinNews.net on March 24, 2020 · 0 comments

Shelves of gold bullion bars

Gold futures jumped 6% on Tuesday after advancing 5.6% on Monday

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

 

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