Precious Metals Decline in July Start

by CoinNews.net on July 1, 2020 · 0 comments

Gold Bullion, five bars

Gold futures retreated from an almost nine year high, closing down 1.1% in their start to July

Precious metals futures declined Wednesday in their start to July, registering losses ranging from 1.1% for gold to 2.3% for silver. On Tuesday, gold scored its highest settlement in nearly 9 years.

Gold for August delivery fell $20.60 to settle at $1,779.90 an ounce on the Comex division of the New York Mercantile Exchange.

"A renewed sense of optimism over the U.S. economy recovering quicker than expected may fuel the risk-on mood, ultimately denting appetite for safe-haven assets including gold," Reuters quoted FXTM analyst Lukman Otunuga.

Gold futures ranged from a low of $1,767.90 to a high of $1,807.70. On Tuesday, they marked their highest settlement since Sept. 21, 2011, while also closing out June, the second quarter, and first half of 2020 with gains of 2.8%;12.8%; and 18.2%.

Silver for September delivery dropped 41.9 cents to settle at $18.218 an ounce. Silver futures traded between $18.09 and $18.85. On Tuesday, they logged their best close since June 1, while posting June, second quarter, a first half of 2020 with increases of 0.8%; 31.7%; and 4%.

In PGM futures on Wednesday:

  • October platinum fell $16.80, or 2%, to $834.40 an ounce, ranging from $821 to $865.

  • Palladium for September delivery shed $36.20, or 1.8% to $1,930.70 an ounce, trading between $1,915.30 and $1,957.

London Precious Metals Prices (LBMA)

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

  • Gold rose $2.95, or 0.2%, to $1,771.05 an ounce.
  • Silver added 37.5 cents, or 2.1%, to $18.22 an ounce.

US Mint Bullion Sales in 2020

United States Mint bullion sales were unchanged Wednesday. 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)
Wednesday / July Last Week This Week April May June 2020 Sales
$50 American Eagle 1 Oz Gold Coin 0 2,000 2,000 105,000 5,500 42,500 327,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 0 6,000 2,000 41,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 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 0 3,000 28,500 2,500 7,500 126,000
$1 American Eagle 1 Oz Silver Coin 0 0 471,000 750,000 490,000 1,378,000 12,596,500
$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.

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments