Gold Rises; Silver, Platinum and Palladium Log Five Straight Gains

by CoinNews.net on May 20, 2020 · 0 comments

Gold Bullion Overshadowing Other Bars

Gold futures rose 0.4% on Wednesday, May 20

Gold prices climbed Wednesday for a second day in a row while silver, platinum and palladium extended their gains to five straight sessions. Silver, notably, ended at a fresh, more than 12-week high.

Gold for June delivery added $6.50 or 0.4%, to settle at $1,752.10 an ounce on the Comex division of the New York Mercantile Exchange.

"We are seeing with both gold and silver is precious metals continuing to respond positively to central bank and government stimulus, particularly [Federal Reserve Chairman Jerome Powell’s] recent comments about using all the tools at his disposal," MarketWatch quoted Colin Cieszynski, chief market strategist at SIA Wealth Management.

Gold futures ranged from a low of $1,744 to a high of $1,757.60. They rose 0.7% on Tuesday and they fell 1.3% on Monday. The yellow metal is down on the week to date by 0.2%.

Silver for July delivery gained 13 cents, or 0.7%, to end at $18.031 an ounce. The settlement was the highest since Feb. 25 when silver finished at $18.191 an ounce. Silver futures traded between $17.75 and $18.17. They rallied 2.5% on Tuesday and they advanced 2.3% on Monday. They are 5.6% higher on the week.

In PGM futures on Wednesday:

  • July platinum advanced $44.90, or 5.1%, to $934.50 an ounce, ranging from $889 to $943. Platinum is 14.4% higher on the week to date.

  • Palladium for June delivery soared $84.70, or 4.1%, to $2,159.40 an ounce, trading between $2,064.10 and $2,170. Palladium is 16.2% higher on the week.

London Precious Metals Prices (LBMA)

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

  • Gold rose $10.35, or 0.6%, to $1,748.30 an ounce.
  • Silver added 35 cents, or 2%, to $17.47 an ounce.

US Mint Bullion Sales in 2020

United States Mint bullion sales were unchanged Wednesday. 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)
Wednesday Last Week This Week April May 2020 Sales
$50 American Eagle 1 Oz Gold Coin 0 0 1,500 105,000 3,500 283,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 0 5,000 38,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 0 10,000 50,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 0 0 0 175,000
$50 American Buffalo 1 Oz Gold Coin 0 0 1,500 28,500 1,500 117,500
$1 American Eagle 1 Oz Silver Coin 0 0 490,000 750,000 490,000 11,218,500
$1 American Eagle 1 Oz Platinum Coin 0 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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