Gold Climbs; Silver Settles at 1-Month Low

by CoinNews.net on May 4, 2020 · 0 comments

Gold Bullion and Coins

Gold futures rose 0.7% on Monday, May 4

Gold moved ahead Monday for a second session in a row, while silver drove its losing streak to seven straight and ended at a one-month low.

Gold for June delivery tacked on $12.40, or 0.7%, to settle at $1,713.30 an ounce on the Comex division of the New York Mercantile Exchange. The close was the highest since Wednesday.

"There’s flight to safety because equities look weak as it is unknown how this is going to play out," Reuters quoted Bob Haberkorn, senior market strategist at RJO Futures. "There probably are going to be a lot of issues coming up over the next couple of months with China, and rest of the world due to this virus."

Gold futures ranged from a low of $1,700.30 to a high of $1,726. They declined 2% last week.

Meanwhile, silver for July delivery declined 14.2 cents, or 1%, to settle at $14.796 an ounce. The settlement was the lowest since silver ended at $14.494 an ounce on April 3. Silver futures traded between $14.76 and $15.23. They fell 2.1% last week.

In other precious metals futures prices on Monday:

  • July platinum added $4.60, or 0.6%, to $778.50 an ounce, ranging from $760 to $789.

  • Palladium for June delivery dropped $52.50, or 2.8%, to $1,835.30 an ounce, trading between $1,810.50 and $1,899.30.

Last week, platinum edged 10 cents higher while palladium dropped 4.9%.

London Precious Metals Prices (LBMA)

In comparing earlier fixed London gold and silver prices from Friday PM to Monday PM:

  • Gold gained $22.85, or 1.4%, to $1,709.10 an ounce.
  • Silver rose 8.5 cents, or 0.6%, to $14.93 an ounce.

In LBMA results last week, prices fell 1.7% for gold, 3.1% for silver and 3.5% for palladium while they climbed 0.3% for platinum.

US Mint Bullion Sales in 2020

United States Mint American Gold Eagle sales rose on Monday by a combined 3,000 ounces. 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)
Monday / May Last Week January February March April 2020 Sales
$50 American Eagle 1 Oz Gold Coin 0 12,500 38,000 3,500 133,000 105,000 279,500
$25 American Eagle 1/2 Oz Gold Coin 3,000 0 23,000 2,000 8,000 0 36,000
$10 American Eagle 1/4 Oz Gold Coin 6,000 0 18,000 2,000 20,000 0 46,000
$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 0 12,500 21,000 1,000 65,500 28,500 116,000
$1 American Eagle 1 Oz Silver Coin 0 400,000 3,846,000 650,000 5,482,500 750,000 10,728,500
$1 American Eagle 1 Oz Platinum Coin 0 0 14,500 9,300 31,200 1,500 56,500

 

In terms of 5-ounce silver bullion sales for 2020, the U.S. Mint is working on getting them automated and reported. Initial U.S. Mint-provided figures have the first two 2020-dated pieces at 45,000 produced and sold per issue. These amounts are being verified.

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