Precious metals futures logged gains Thursday ranging from 0.4% for palladium to 3.1% for silver. Silver ended at a ten-week high. Gold, meanwhile, finished at a three-week high.
Gold for June delivery rose $24.50, or 1.4%, to settle at $1,740.90 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since April 23.
"Near zero U.S. Treasury rates throughout the yield curve brought about by unprecedented accommodative [Fed] monetary policy and never-before seen U.S. government relief packages, and U.S. government deficits, [have] set the stage for higher gold prices," MarketWatch quoted Jeff Klearman, Portfolio Manager at GraniteShares, which offers the GraniteShares Gold Trust.
Gold futures ranged from a low of $1,716 to a high of $1,746.50. They gained 0.6% on Wednesday, they rose 0.5% on Tuesday, and they lost 0.9% on Monday.
Silver for July delivery surged 48.5 cents to settle at $16.156 an ounce. The close was the highest since March 6. Silver futures traded between $15.66 and $16.18. They declined 0.2% on Wednesday, they gained 0.2% on Tuesday, and they fell 0.6% on Monday.
In other precious metals futures prices Thursday:
July platinum tacked on $5.20, or 0.7%, to $775 an ounce, ranging from $769.40 to $783.90.
- Palladium for June delivery rose $7.50 to $1,798.20 an ounce, trading between $1,742.20 and $1,812.10.
London Precious Metals Prices (LBMA)
In comparing LBMA prices from Wednesday PM to Thursday PM:
- Gold advanced $23.20, or 1.4%, to $1,731.60 an ounce.
- Silver declined 3 cents, or 0.2%, to $15.53 an ounce.
US Mint Bullion Sales in 2020
United States Mint bullion sales were unchanged Thursday. 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 / This Week||Last Week||April||May||2020 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||2,000||105,000||2,000||281,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||5,000||0||5,000||38,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||10,000||0||10,000||50,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||0||0||175,000|
|$50 American Buffalo 1 Oz Gold Coin||0||0||28,500||0||116,000|
|$1 American Eagle 1 Oz Silver Coin||0||0||750,000||0||10,728,500|
|$1 American Eagle 1 Oz Platinum Coin||0||0||1,500||0||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.