Precious Metals Mixed Wednesday, May 27

by CoinNews.net on May 27, 2020 · 0 comments

Bullion Gold Bars, Three

Gold futures fell less than 0.1% on Wednesday, May 27

Trading action was mixed for precious metals Wednesday. Silver and platinum gained while gold and palladium declined. Their changes were modest, overall.

Gold for August delivery — the new, most-active contract — shed $1.40, or 0.08%, to settle at $1,726.80 an ounce on the Comex division of the New York Mercantile Exchange.

"The bulls still have the overall near-term technical advantage but need to step up and show more power soon. 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," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily research note.

Gold futures ranged from a low of $1,701.60 to a high of $1,729.10.

Silver for July delivery rose 16.2 cents, or 0.9%, to close at $17.757 an ounce. Silver futures traded between $17.22 and $17.78.

In PGM futures on Wednesday:

  • July platinum added $4.80, or 0.6%, to $878.10 an ounce, ranging from $860.30 to $883.10.

  • Palladium for June delivery declined $10.70, or 0.5%, to $1,978.40 an ounce, trading between $1,893.50 and $2,000.

London Precious Metals Prices (LBMA)

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

  • Gold declined $25.65, or 1.5%, to $1,694.60 an ounce.
  • Silver fell 11 cents, or 0.6%, to $17.19 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 / This Week Last Week April May 2020 Sales
$50 American Eagle 1 Oz Gold Coin 0 1,500 105,000 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 0 1,500 28,500 1,500 117,500
$1 American Eagle 1 Oz Silver Coin 0 490,000 750,000 490,000 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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