Gold Eases; Silver Snaps 7-Session Losing Streak

by CoinNews.net on May 5, 2020 · 0 comments

Gold Bullion

Gold finished 0.2% lower on Tuesday, May 5

Silver prices snapped a seven-session losing streak Tuesday and gold declined for the first time in three sessions.

Gold for June delivery shed $2.70, or 0.2%, to settle at $1,710.60 an ounce on the Comex division of the New York Mercantile Exchange.

"The outlook for gold is mixed and highly dependent on the path and shape of the economic recovery," MarketWatch quoted Gregory Leo, chief investment officer and head of global wealth management at IDB Bank. "The U.S government has delivered unprecedented levels of monetary and fiscal stimulus, which has caused some to believe the U.S. dollar will plummet and inflation will soar."

Gold futures ranged from a low of $1,695.40 to a high of $1,717.80. They rose 0.7% on Monday.

Silver for July delivery advanced 31.4 cents, or 2.1%, to settle at $15.11 an ounce. Silver futures traded between $14.76 and $15.20. They declined 1% on Monday, marking their lowest close since April 3.

In other precious metals futures prices Tuesday:

  • July platinum rose $6.20, or 0.8%, to $784.70 an ounce, ranging from $769.30 to $788.50.

  • Palladium for June delivery fell $78.80, or 4.3%, to $1,756.50 an ounce, trading between $1,732 and $1,837.10. The metal is 7% lower on the week to date.

London Precious Metals Prices (LBMA)

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

  • Gold declined $9.55, or 0.6%, to $1,699.55 an ounce.
  • Silver fell 18 cents, or 1.2%, to $14.75 an ounce.

US Mint Bullion Sales in 2020

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