Precious Metals Decline Thursday, June 18

by CoinNews.net on June 18, 2020 · 0 comments

Silver and Gold Bullion

Gold, silver and other precious metals lost ground Thursday, June 18

Precious metals futures posted losses Thursday that ranged from 0.3% for gold to 3.1% for platinum.

Gold for August delivery declined $4.50 to settle at $1,731.10 an ounce on the Comex division of the New York Mercantile Exchange.

“Ongoing risks to the global economic recovery, especially with regards to recent spikes in virus cases in both the U.S. and China continue to underpin (gold’s) price action. However, a lack of physical demand is likely to see gold hold $1,700-$1,750 over the near term,” MKS PAMP said in a note reported by Reuters.

Gold futures ranged from a low of $1,722.70 to a high of $1,749.20. They shed 0.05% on Wednesday, they rose 0.5% on Tuesday and they fell 0.6% on Monday.

Silver for July delivery declined 26.7 cents, or 1.5%, to settle at $17.508 an ounce. Silver futures traded between $17.40 and $17.92. They gained 0.7% on Wednesdy, they added1.5% on Tuesday, and they declined 0.5% on Monday.

In other precious metals futures prices Thursday:

  • July platinum dropped $26 to $812.20 an ounce, ranging from $805.60 to $837.60.

  • Palladium for September delivery fell $16.90, or 0.9%, to $1,908.60 an ounce, trading between $1,876.50 and $1,956.80.

London Precious Metals Prices (LBMA)

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

  • Gold declined $4.85, or 0.3%, to $1,719.50 an ounce.
  • Silver rose 14.5 cents, or 0.8%, to $17.615 an ounce.

US Mint Bullion Sales in 2020

United States Mint bullion sales were unchanged Thursday. 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 0 25,500 8,500 105,000 5,500 36,500 321,500
$25 American Eagle 1/2 Oz Gold Coin 0 1,000 1,000 0 6,000 2,000 41,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 2,000 0 12,000 2,000 54,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 0 0 0 0 175,000
$50 American Buffalo 1 Oz Gold Coin 0 3,500 500 28,500 2,500 4,500 123,000
$1 American Eagle 1 Oz Silver Coin 0 0 457,000 750,000 490,000 907,000 12,125,500
$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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