Precious Metals Surge Monday, June 8

by CoinNews.net on June 8, 2020 · 0 comments

Partial Photo of Bullion Gold

Gold futures rose 1.3% on Monday, June 8

Precious metals futures rallied Monday, posting gains ranging from 1.3% for gold to 4.3% for palladium. Gold advanced from a two-month low.

Gold for August delivery tacked on $22.10 to settle at $1,705.10 an ounce on the Comex division of the New York Mercantile Exchange.

"The global economic recovery will still require further aid and gold prices should still be supported over the medium-term," Edward Moya, senior market analyst at brokerage Oanda, said in a daily research note reported by MarketWatch.

Gold futures ranged from a low of $1,680.70 to a high of $1,707.10. They lost 3.9% last week, ending Friday at their weakest point since April 3.

Silver for July delivery gained 41.4 cents, or 2.4%, to settle at $17.893 an ounce. Silver futures traded between $17.49 and $17.94. They sank 5.5% last week, ending Friday at their lowest price since May 21.

In other precious metals futures prices on Monday:

  • July platinum jumped $30.80, or 3.7%, to $861.20 an ounce, ranging from $862.20 to $868.90.

  • Palladium for September delivery soared $84.30 to $2,036.90 an ounce, trading between $1,926.20 $2,046.

Last week, platinum fell 5.1% and palladium shed 1%.

London Precious Metals Prices (LBMA)

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

  • Gold added $6.90, or 0.4%, to $1,690.35 an ounce.
  • Silver added 5 cents, or 0.3%, to $17.63 an ounce.

In LBMA results last week, prices for palladium rose 0.3% while they declined 2.6% for gold, 0.1% for silver, and 0.2% for platinum.

US Mint Bullion Sales in 2020

United States Mint bullion sales increase Monday by 16,500 ounces in American Gold Eagles and 3,500 ounces in American Gold Buffalos.

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 June 2020 Sales
$50 American Eagle 1 Oz Gold Coin 16,000 2,500 105,000 5,500 18,500 303,500
$25 American Eagle 1/2 Oz Gold Coin 1,000 0 0 6,000 1,000 40,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 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 3,500 500 28,500 2,500 4,000 122,500
$1 American Eagle 1 Oz Silver Coin 0 450,000 750,000 490,000 450,000 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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