Gold Rallies 3% to Log 1-Week High

by CoinNews.net on April 22, 2020 · 1 comment

Fine Gold Bullion 999.9

Gold futures rose 3% on Wednesday, April 22

Gold, silver and platinum rebounded Wednesday while palladium pushed is losing streak to three straight sessions.

Gold for June delivery shot up $50.50, or 3%, to settle at $1,738.30 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since last Wednesday, April 15.

"This is the perfect storm for gold… Perpetual buyer is buying gold because of all the global stimulus going on," Reuters quoted Michael Matousek, head trader at U.S. Global Investors.

"Gold is in a bull market. You’ll be hard pressed to find something else that has this type of price action and this trend going on right now so you naturally have people gravitating towards it."

Gold futures ranged from a low of $1,695.40 to a high of $1,742.40. They fell 1.4% on Tuesday — marking their worst finish since April 8, and they rose 0.7% on Monday.

Silver for May delivery jumped 45.9 cents, or 3.1%, to settle at $15.335 an ounce. Silver futures traded between $14.77 and $15.37. They tumbled 4.7% on Tuesday — logging their lowest close since April 3, and they gained 2.1% on Monday.

In PGM futures on Wednesday:

  • July platinum rose $6.90, or 0.9%, to $765.30 an ounce, ranging from $750.20 to $778.

  • Palladium for June delivery declined $15.40, or 0.8%, to $1,892.20 an ounce, trading between $1,873.40 and $1,924.10. On Tuesday, palladium prices plunged 10.3%.

London Precious Metals Prices (LBMA)

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

  • Gold gained $28.50, or 1.7%, to $1,710.55 an ounce.
  • Silver fell 6 cents, or 0.4%, to $14.91 an ounce.

US Mint Bullion Sales in 2020

United States Mint bullion sales on Wednesday increased by a combined 25,500 ounces in gold coins.

In terms of 5-ounce silver bullion sales for 2020, the U.S. Mint is working on getting them automated and reported.

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 / This Week Last Week January February March April 2020 Sales
$50 American Eagle 1 Oz Gold Coin 20,000 11,000 38,000 3,500 133,000 76,500 251,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 23,000 2,000 8,000 0 33,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 18,000 2,000 20,000 0 40,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 60,000 20,000 95,000 0 175,000
$50 American Buffalo 1 Oz Gold Coin 5,500 4,000 21,000 1,000 65,500* 9,500 97,000
$1 American Eagle 1 Oz Silver Coin 0 0 3,846,000 650,000 5,482,500 350,000 10,328,500
$1 American Eagle 1 Oz Platinum Coin 0 1,500 14,500 9,300 31,200 1,500 56,500

 

*The U.S. Mint adjusted American Gold Buffalo sales for March to 65,500 ounces from 47,500 ounces.

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chuck

COINNEWS.NET/ Mike Unser,
Thank you for your continuing help in attempting to obtain the sales figures for bullion sales i.e. the 5 oz ATB. Surprised that the mint indicates such figures are not already “automated”, from the get go, and concerned that apparently they were off by 18,000 for March of the AGB sales a (37.8947%) error is troubling at best.