Precious Metals Decline Wed., June 3

by CoinNews.net on June 3, 2020 · 0 comments

Several 999.9 gold bullion bars

Gold futures declined 1.7% on Wednesday, June 3

Precious metals prices fell together for a second straight session Wednesday, led by a 1.7% loss in gold.

Gold for August delivery gave back $29.20 to settle at $1,704.80 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since May 11.

"Trader and investor attitudes improved markedly early today following the release of a surprising May U.S. ADP jobs report that was not nearly as bleak as had been expected. Heavy profit taking in the futures markets, following recent gains, was featured in both metals today. The safe-haven metals are also seeing limited buying interest at mid-week amid rallies in world equity markets," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily research note.

Gold futures ranged from a low of $1,690.30 to a high of $1,738.90. They lost 0.9% on Tuesday and they shed 0.08% on Monday. On Friday, at $1,751.70 an ounce they marked their highest finish since April 14.

Silver for July delivery lost 30.2 cents, or 1.7%, to close at $17.958 an ounce. Silver futures traded between $17.67 and $18.41. They dropped 3% on Tuesday and they rose 1.8% on Monday, logging their highest settlement since Feb. 24.

In PGM futures on Wednesday:

  • July platinum shed $8.20, or 0.9%, to $860.50 an ounce, ranging from $851.60 to $874.

  • Palladium for September delivery lost $24.40, or 1.2%, to $1,958.20 an ounce, trading between $1,955.80 and $2,000.90.

London Precious Metals Prices (LBMA)

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

  • Gold declined $36.80, or 2.1%, to $1,705.35 an ounce.
  • Silver fell 41 cents, or 2.2%, to $17.86 an ounce.

US Mint Bullion Sales in 2020

United States Mint bullion sales increased Wednesday with American Gold Eagles rising by 1,000 ounces and American Silver Eagles rising by 16,500 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)
Wednesday Last Week April May This Week / June 2020 Sales
$50 American Eagle 1 Oz Gold Coin 1,000 2,000 105,000 5,500 2,000 287,000
$25 American Eagle 1/2 Oz Gold Coin 0 1,000 0 6,000 0 39,000
$10 American Eagle 1/4 Oz Gold Coin 0 2,000 0 12,000 0 52,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 0 0 0 175,000
$50 American Buffalo 1 Oz Gold Coin 0 1,000 28,500 2,500 0 118,500
$1 American Eagle 1 Oz Silver Coin 16,500 0 750,000 490,000 450,000 11,668,500
$1 American Eagle 1 Oz Platinum Coin 0 0 1,500 0 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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