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.