Gold Ends Near 2-Week High; Silver Prices Surge 3.8%

by CoinNews.net on May 7, 2020 · 0 comments

Gold bullion and gold coins

Gold futures rose Thursday, May 7, following two straight session losses

Precious metals futures rallied Thursday, logging gains ranging from 2.2% for both gold and platinum to 4.4% for palladium.

Gold for June delivery rose $37.30 to settle at $1,725.80 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since April 24.

"You had high unemployment (numbers) that came out. … That’s still telling people to maybe look for the safety trade," Reuters quoted Michael Matousek, head trader at U.S. Global Investors.

Gold futures ranged from a low of $1,683.90 to a high of $1,732.80. They declined 1.3% on Wednesday — registering their lowest close since April 21, they shed 0.2% on Tuesday, and they rose 0.7% on Monday.

Silver for July delivery surged 57.5 cents, or 3.8%, to settle at $15.59 an ounce. Silver futures traded between $14.92 and $15.70. They lost 0.6% on Wednesday, they advanced 2.1% on Tuesday, and they declined 1% on Monday, marking their lowest close since April 3.

In other precious metals futures prices Thursday:

  • July platinum added $16.60 to $782.10 an ounce, ranging from $762.40 to $785.

  • Palladium for June delivery jumped $76.80 to $1,835.70 an ounce, trading between $1,761.50 and $1,843.10.

London Precious Metals Prices (LBMA)

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

  • Gold rose $12.55, or 0.7%, to $1,704.05 an ounce.
  • Silver fell 9.5 cents, or 0.6%, to $14.98 an ounce.

US Mint Bullion Sales in 2020

United States Mint bullion sales rose Thursday by 2,000 ounces in American Gold Eagles. 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)
Thursday Last Week This Week / May January February March April 2020 Sales
$50 American Eagle 1 Oz Gold Coin 2,000 12,500 2,000 38,000 3,500 133,000 105,000 281,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 5,000 23,000 2,000 8,000 0 38,000
$10 American Eagle 1/4 Oz Gold Coin 0 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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