Gold Scores Highest Settlement Since October 2012

by CoinNews.net on June 23, 2020 · 0 comments

one-ounce gold, sqare bars

Gold prices climbed to their highest point since 2012

Precious metals logged gains as a group for a second straight session Tuesday. Gold was the biggest winner, posting its best close since 2012.

Gold for August delivery tacked on $15.60, or 0.9%, to settle at $1,782 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest for gold since it ended at $1,796.50 an ounce on Oct. 4, 2012.

"The tsunami of stimulus coming in from everywhere is not only inflationary but also painting a weaker picture for the economy and making gold look attractive," Reuters quoted Edward Meir, analyst at ED&F Man Capital Markets.

Gold futures ranged from a low of $1,758.30 to a high of $1,786.80. They gained 0.8% on Monday.

Silver for July delivery settled up 16.1 cents, or 0.9%, to $18.063 an ounce. The settlement was the highest since June 1 when silver ended at $18.827 an ounce. Silver futures traded between $17.73 and $18.14. They rose 0.3% on Monday.

In other precious metals futures Tuesday:

  • July platinum rose $2.70, or 0.3%, to $846.40 an ounce, ranging from $828.40 to $849.10.

  • Palladium for September delivery added $9, or 0.5%, to $1,951.10 an ounce, trading between $1,923.60 and $1,959.

London Precious Metals Prices (LBMA)

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

  • Gold rose $7.05, or 0.4%, to $1,768.90 an ounce.
  • Silver declined 5 cents, or 0.6%, to $17.81 an ounce.

US Mint Bullion Sales in 2020

United States Mint bullion sales increased Tuesday by 2,000 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)
Tuesday / This Week Last Week April May June 2020 Sales
$50 American Eagle 1 Oz Gold Coin 2,000 10,500 105,000 5,500 40,500 325,500
$25 American Eagle 1/2 Oz Gold Coin 0 1,000 0 6,000 2,000 41,000
$10 American Eagle 1/4 Oz Gold Coin 0 2,000 0 12,000 2,000 54,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 0 0 0 175,000
$50 American Buffalo 1 Oz Gold Coin 0 500 28,500 2,500 4,500 123,000
$1 American Eagle 1 Oz Silver Coin 0 457,000 750,000 490,000 907,000 12,125,500
$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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