Gold Dips in June Start; Silver Logs Fourth Straight Gain

by CoinNews.net on June 1, 2020 · 0 comments

Gold bullion bar and US coins

Gold declined less than 0.1% on Monday, June 1

In futures trading on the first day of June, gold eased a bit lower while silver, platinum and palladium gained. Silver extended its winning streak to four sessions and scored a fresh, more than three-month high.

Gold for August delivery shed $1.40, or 0.08%, to settle at $1,750.30 an ounce on the Comex division of the New York Mercantile Exchange.

"Protests and trade war situations can have both positive and negative effects on gold prices," said James Hatzigiannis, chief market strategist at Ploutus Capital Advisors. They can have a negative effect on the economy and decrease physical demand for gold, but also boost haven demand for the precious metal, he told MarketWatch.

Gold futures ranged from a low of $1,737.60 to a high of $1,761. On Friday, they marked their highest settlement since April 14, ending the week and May with respective gains of 0.9% and 3.4%.

Silver for July delivery tacked on 32.8 cents, or 1.8%, to end at $18.827 an ounce. The settlement was the highest since Feb. 24. Silver futures traded between $18.45 and $18.95. On Friday, they registered weekly and May increases of 4.6% and 23.6%.

In other precious metals futures prices on Monday:

  • July platinum rose $26.50, or 3%, to $901.10 an ounce, ranging from $865.40 to $906.50.

  • Palladium for September delivery added $15.50, or 0.8%, to $1,988.40 an ounce, trading between $1,934.40 and $1,994.70.

Last month, platinum gained 7.6% and palladium climbed 0.9%.

London Precious Metals Prices (LBMA)

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

  • Gold rose $1.90, or 0.1%, to $1,730.60 an ounce.
  • Silver jumped 57 cents, or 3.2%, to $18.16 an ounce.

In LBMA results last month, prices rose 1.5% for gold, 14.7% for silver, and 7.6% for platinum while they fell 3.3% for palladium.

US Mint Bullion Sales in 2020

United States Mint bullion sales were unchanged. 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)
Monday Last Week April May 2020 Sales
$50 American Eagle 1 Oz Gold Coin 0 2,000 105,000 5,500 285,000
$25 American Eagle 1/2 Oz Gold Coin 0 1,000 0 6,000 39,000
$10 American Eagle 1/4 Oz Gold Coin 0 2,000 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 0 1,000 28,500 2,500 118,500
$1 American Eagle 1 Oz Silver Coin 0 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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