Gold Marks Another, More Than 7-Year High; Silver Posts 5-Week High

by CoinNews.net on April 14, 2020 · 0 comments

Gold Changed Slightly This Week

Gold prices edged 0.4% higher on Tuesday, April 14

Precious metals prices drove higher Tuesday, marking gains ranging from 0.4% for gold to 9.3% for platinum. Silver finished at a more than five-week high and gold ended at another, more than seven-year high.

Gold for June delivery added $7.50 to settle at $1,768.90 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest for gold since it ended at $1,770.60 an ounce on Oct. 11, 2012.

"There’s a lot of safe-haven buying. It’s the recession/depression concerns that are out there right now. The economic outlook looks pretty dire," Reuters quoted Bob Haberkorn, senior market strategist at RJO Futures.

Gold futures ranged from a low of $1,755.30 to a high of $1,788.80. They rose 0.5% on Monday.

Silver for May delivery rallied 59.3 cents, or 3.8%, to settle at $16.13 an ounce. The close was the highest since March 6 when silver ended at $17.263 an ounce. Silver futures traded between $15.65 and $16.30. They declined 3.2% on Monday.

In other precious metals futures prices on Tuesday:

  • July platinum gained $69.90 to $819.70 an ounce, ranging from $751.20 to $838.20.

  • Palladium for June delivery added $14.70, or 0.7%, to $2,185.40 an ounce, trading between $2,121 and $2,255.

London Precious Metals Prices (LBMA)

London markets shut down for Good Friday and Easter Monday holiday. In comparing earlier fixed London gold and silver prices from Thursday PM to Tuesday PM:

  • Gold gained $61.25, or 3.6%, to $1,741.90 an ounce.
  • Silver rose 33.5 cents, or 2.2%, to $15.51 an ounce.

US Mint Bullion Sales in 2020

United States Mint bullion sales increased on Tuesday by 2,000 ounces in American Gold Eagles; by 4,000 ounces in American Gold Buffalos; and by 1,500 ounces in American Platinum Eagles. The American Gold Buffalo and American Platinum Eagle gains were their first for the month.

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 April 2020 Sales
$50 American Eagle 1 Oz Gold Coin 2,000 12,000 11,000 38,000 3,500 133,000 56,500 231,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 23,000 2,000 8,000 0 33,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 18,000 2,000 20,000 0 40,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 0 60,000 20,000 95,000 0 175,000
$50 American Buffalo 1 Oz Gold Coin 4,000 0 4,000 21,000 1,000 47,500 4,000 73,500
$1 American Eagle 1 Oz Silver Coin 0 350,000 0 3,846,000 650,000 5,482,500 350,000 10,328,500
$1 American Eagle 1 Oz Platinum Coin 1,500 0 1,500 14,500 9,300 31,200 1,500 56,500

 

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