Precious Metals Decline Tuesday, June 2

by CoinNews.net on June 2, 2020 · 0 comments

Shelves of gold bullion bars

Gold futures shed 0.9% on Tuesday, June 6

Precious metals prices registered losses Tuesday that ranged from 0.3% for palladium to 3.6% for platinum. Silver fell from a more than three-month high, for its first decline in five sessions.

Gold for August delivery lost $16.30, or 0.9%, to settle at $1,734 an ounce on the Comex division of the New York Mercantile Exchange.

"Every fundamental signal for gold was bullish earlier [Tuesday]," said Jeff Wright, executive vice president of GoldMining Inc. The "sudden reversal is contrarian and profit taking," he speculated.

"Gold has been steady through protests turning into riots around the country, U.S.-China tensions are still rising, not getting better," he told MarketWatch.

Gold futures ranged from a low of $1,744 to a high of $1,756.90. They shed 0.08% on Monday. On Friday, they marked their highest settlement since April 14.

Silver for July delivery dropped 56.7 cents, or 3%, to close at $18.26 an ounce. Silver futures traded between $18.56 and $18.90. They tacked on 1.8% on Monday, logging their highest settlement since Feb. 24.

In other precious metals futures Tuesday:

  • July platinum fell $32.40 to $868.70 an ounce, ranging from $855.10 to $908.90.

  • Palladium for September delivery shed $5.80 to $1,982.60 an ounce, trading between $1,965.30 and $2,029.

London Precious Metals Prices (LBMA)

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

  • Gold gained $11.55, or 0.7%, to $1,742.15 an ounce.
  • Silver rose 11 cents, or 0.6%, to $18.27 an ounce.

US Mint Bullion Sales in 2020

United States Mint bullion coins posted their first gains of the month with American Gold Eagles rising by 1,000 ounces and American Silver Eagles rising by 433,500 ounces.

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)
Tuesday / Week / June Last Week April May 2020 Sales
$50 American Eagle 1 Oz Gold Coin 1,000 2,000 105,000 5,500 286,000
$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 433,500 0 750,000 490,000 11,652,000
$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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