Precious Metals Plunge Thursday, May 21

by CoinNews.net on May 21, 2020 · 0 comments

Gold bullion, Three Bars

Gold prices fell 1..7% on Thursday, May 21

Precious metals futures tumbled Thursday with losses ranging from 1.7% for gold to 7.3% for platinum. On Wednesday, gold had logged a second straight day of gains while silver, platinum and palladium had climbed for five sessions in a row.

Gold for June delivery fell $30.20 to settle at $1,721.90 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since May 13.

"Gold seems to have lost a little momentum since breaking above $1,750, and the rise in the dollar today doesn’t seem to be helping," Reuters quoted OANDA analyst Craig Erlam.

"However, the enormous amount of monetary stimulus in the system, the need for that to continue for some time and the inflation risk are all bullish for gold in the longer term."

Gold futures ranged from a low of $1,731 to a high of $1,751.70. They added 0.4% on Wednesday, they rose 0.7% on Tuesday, and they fell 1.3% on Monday. The yellow metal is 2% lower on the week to date.

Silver for July delivery plunged 66.7 cents, or 3.7%, to close at $17.364 an ounce. Silver futures traded between $17.53 and $18.06. They gained 0.7% on Wednesday, ending at their highest price since Feb. 25, they rallied 2.5% on Tuesday, and they advanced 2.3% on Monday. On the week, silver prices are 1.7% higher.

In other precious metals futures prices on Thursday:

  • July platinum sank $68 to $866.50 an ounce, ranging from $851.30 to $937.10. Despite the drop, platinum is still 6.1% higher on the week to date.

  • Palladium for June delivery lost $97.10, or 4.5%, to $2,062.30 an ounce, trading between $2,037.40 and $2,156.60. Palladium is 11% higher on the week.

London Precious Metals Prices (LBMA)

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

  • Gold declined $23.40, or 1.3%, to $1,724.90 an ounce.
  • Silver fell 26.5 cents, or 1.5%, to $17.205 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 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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