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.