Gold Climbs; Silver Marks 12-Week High

Bullion Bar and Gold Bullion Coins
Gold closed 0.7% higher on Tuesday, May 19

Gold prices on Tuesday bounced back from their prior day loss while silver, platinum and palladium extended their advances. Silver led in percentage gains among the metals, and registered a 12-week settlement high.

Gold for June delivery rose $11.20 or 0.7%, to settle at $1,745.60 an ounce on the Comex division of the New York Mercantile Exchange.

"Fundamentals for gold have never been better in history. Unless we have more optimism about the vaccine, we will begin to see an upward momentum to a new high," Reuters quoted Jeffrey Sica, founder of Circle Squared Alternative Investments. "Any news of a setback in re-integration of businesses into the economy will ultimately lead gold higher."

Gold futures ranged from a low of $1,727.20 to a high of $1,750. They fell 1.3% on Monday.

Silver for July delivery rallied 43.3 cents, or 2.5%, to close at $17.901 an ounce. The close was the highest since Feb. 26 when silver finished at $17.914 an ounce. Silver futures traded between $17.34 and $17.99. They advanced 2.3% on Monday.

In other precious metals futures prices Tuesday:

  • July platinum tacked on $20.30, or 2.3%, to $889.60 an ounce, ranging from $849 to $896.

  • Palladium for June delivery jumped $47.60, or 2.4%, to $2,074.70 an ounce, trading between $1,984.60 and $2,152.80.

London Precious Metals Prices (LBMA)

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

  • Gold added $3.25, or 0.2%, to $1,737.95 an ounce.
  • Silver declined 23 cents, or 1.3%, to $17.12 an ounce.

US Mint Bullion Sales in 2020

United States Mint bullion sales rose by 1,500 ounces in American Gold Eagles; 1,500 ounces in American Gold Buffalos; and 490,000 in American Silver Eagles. Gains in American Silver Eagles and American Gold Buffalos were their first for the month.

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 / This Week Last Week April May 2020 Sales
$50 American Eagle 1 Oz Gold Coin 1,500 0 105,000 3,500 283,000
$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 1,500 0 28,500 1,500 117,500
$1 American Eagle 1 Oz Silver Coin 490,000 0 750,000 490,000 11,218,500
$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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