Gold Edges Higher; Silver Climbs 1.2%

by CoinNews.net on May 28, 2020 · 0 comments

Small Gold Bullion Bars

Gold futures inched 0.09% higher on Thursday, May 28

In futures trading Thursday, gold and silver advanced while platinum and palladium declined. Gold’s gain was its first in three days.

Gold for August delivery edged up $1.50, or 0.09%, to settle at $1,728.30 an ounce on the Comex division of the New York Mercantile Exchange.

"We’re seeing tensions increase between U.S. and China… We see the market froth still with this bevy of negative economic data and that’s clearly supportive for the gold market," Reuters quoted David Meger, director of metals trading at High Ridge Futures.

Gold futures ranged from a low of $1,720 to a high of $1,743.70.

Silver for July delivery tacked on 21 cents, or 1.2%, to close at $17.967 an ounce. Silver futures traded between $17.68 and $18.11.

In other precious metals futures prices Thursday:

  • July platinum declined $10, or 1.1%, to $868.10 an ounce, ranging from $857 to $892.

  • Palladium for September delivery fell $31.90, or 1.6%, to $1,946.50 an ounce, trading between $1,905.80 and $2,011.30.

London Precious Metals Prices (LBMA)

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

  • Gold gained $22.75, or 1.3%, to $1,717.35 an ounce.
  • Silver rose 15 cents, or 0.9%, to $17.34 an ounce.

US Mint Bullion Sales in 2020

United States Mint bullion sales climbed on Thursday by a combined 4,000 ounces in gold coins.

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 / This Week Last Week April May 2020 Sales
$50 American Eagle 1 Oz Gold Coin 2,000 1,500 105,000 5,500 285,000
$25 American Eagle 1/2 Oz Gold Coin 1,000 0 0 6,000 39,000
$10 American Eagle 1/4 Oz Gold Coin 2,000 0 0 12,000 52,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 0 0 175,000
$50 American Buffalo 1 Oz Gold Coin 1,000 1,500 28,500 2,500 118,500
$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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