Gold and Silver Rise Thursday, June 11

by CoinNews.net on June 11, 2020 · 0 comments

Five gold bullion bars

Gold futures climbed 1.1% on Thursday, June 11

Precious metals futures divided Thursday with gold and silver gaining and platinum and palladium declining.

Gold for August delivery rose $19.10, or 1.1%, to settle at $1,739.80 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since June 1.

"Safe-haven demand is featured late this week amid a global marketplace that has become anxious again — evidenced by a daily meltdown in the U.S. stock market Thursday," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily research note. "The Federal Reserve on Wednesday afternoon doused a stock market rally with some dour forecasts for the U.S. economy. There are also renewed worries about a Covid-19 infection resurgence."

Gold futures ranged from a low of $1,727.50 to a high of $1,754.90. They dipped 0.07% on Wednesday, they rose 1% on Tuesday, and they tacked on 1.3% on Monday. Last Friday, they ended at their weakest point since April 3.

Silver for July delivery added 9.3 cents, or 0.5%, to settle at $17.889 an ounce. Silver futures traded between $17.75 and $18.39. The settlement was the highest since Monday. They edged up 0.01% on Wednesday, they shed 0.6% on Tuesday, and they gained 2.4% on Monday. Last Friday, they ended at their lowest price since May 21.

In other precious metals futures prices on Thursday:

  • July platinum declined $22, or 2.6%, to $824 an ounce, ranging from $814.60 to $863.70.

  • Palladium for September delivery fell $20.70, or 1.1%, to $1,910.10 an ounce, trading between $1,904.10 and $1,968.30.

London Precious Metals Prices (LBMA)

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

  • Gold added $16.20, or 0.9%, to $1,738.25 an ounce.
  • Silver was unchanged at $17.63 an ounce.

US Mint Bullion Sales in 2020

United States Mint bullion sales increased Thursday by 7,500 ounces in American Gold Eagles.

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 Last Week This Week April May June 2020 Sales
$50 American Eagle 1 Oz Gold Coin 7,500 2,500 23,500 105,000 5,500 26,000 311,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 1,000 0 6,000 1,000 40,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 0 12,000 0 52,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 0 0 0 0 175,000
$50 American Buffalo 1 Oz Gold Coin 0 500 3,500 28,500 2,500 4,000 122,500
$1 American Eagle 1 Oz Silver Coin 0 450,000 0 750,000 490,000 450,000 11,668,500
$1 American Eagle 1 Oz Platinum Coin 0 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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