Gold Declines; Silver, Platinum and Palladium Soar

by CoinNews.net on May 18, 2020 · 0 comments

Fine Gold Bullion 999.9

Gold futures fell 1.3% on Monday, May 18

In trading action Monday, gold declined while silver, platinum and palladium soared to log respective gains of 2.3%, 6.4%, and 9.1%.

Gold for June delivery declined $21.90 or 1.3%, to settle at $1,734.40 an ounce on the Comex division of the New York Mercantile Exchange.

"Technically, June gold futures scored a bearish ‘outside day’ down on the daily bar chart today. The bulls still have the solid overall near-term technical advantage," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily research note. "Gold bulls’ next upside near-term price objective is to produce a close above solid technical resistance at the April high of $1,788.80. Bears’ next near-term downside price objective is pushing prices below solid technical support at $1,666.20."

Gold futures ranged from a low of $1,729.30 to a high of $1,775.80. They gained 2.5% last week, ending Friday at their best level since April 14.

Silver for July delivery advanced 39.8 cents to close at $17.468 an ounce. The close was the highest since Feb. 27 when silver finished at $17.735 an ounce. Silver futures traded between $17.12 and $17.99. They soared 8.2% last week.

In other precious metals futures prices on Monday:

  • July platinum rallied $52.20 to $869.30 an ounce, ranging from $822.70 to $877.

  • Palladium for June delivery surged $169.20 to $2,027.10 an ounce, trading between $1,864.90 and $2,070.

Last week, platinum rose 3.5% and palladium gained 2%.

London Precious Metals Prices (LBMA)

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

  • Gold dipped 65 cents, or 0.04%, to $1,734.70 an ounce.
  • Silver soared $1.10, or 6.8, to $17.35 an ounce.

In LBMA results last week, prices increased 1.8% for gold, 8.5% for silver, 1.3% for platinum, and 1.7% for palladium.

US Mint Bullion Sales in 2020

United States Mint bullion sales were unchanged Monday, according to published Mint data. 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 Last Week April May 2020 Sales
$50 American Eagle 1 Oz Gold Coin 0 0 105,000 2,000 281,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 5,000 38,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 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.

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