Gold, Silver, Platinum and Palladium Gain in Holiday-Shortened Week

by CoinNews.net on July 2, 2020 · 0 comments

Several 999.9 gold bullion bars

Gold futures grew 0.5% this week

Precious metals split Thursday, ahead of Friday’s holiday break in observance of U.S. Independence Day, but they all gained for the week. The weekly wins for gold and silver were their fourth in a row.

Gold for August delivery rose $10.10, or 0.6%, to settle at $1,790 an ounce on the Comex division of the New York Mercantile Exchange.

Gold prices climbed 0.5% this week. On Tuesday at $1,800.50 an ounce they posted their highest settlement since Sept. 21, 2011. The yellow metal is 17.5% higher on the year to date.

In looking ahead to next week, Kitco News offers the following forecasts via their Wall Street & Main Street surveys:

"Of the 17 Wall Street professionals who took part in this week’s poll, 12, or 70%, called for gold prices to rise. Three, or 18%, predicted lower prices. Another two voters, or 12%, said sideways or unchanged.

A total of 1,940 votes were cast in an online Main Street poll. Of these, 1,287 respondents, or 66%, looked for gold to rise in the next week. Another 373, or 19%, said lower, while 280 voters, or 14%, were neutral."

Silver for September delivery tacked on 10.4 cents, or 0.6%, to close at $18.322 an ounce. Silver futures advanced 1.6% this holiday-shortened week. On Tuesday at $18.637 an ounce they registered their best settlement since June 1. Silver is 2.2% higher on the year.

In other precious metals futures prices on Thursday and for the week:

  • October platinum shed $2.80, or 0.3%, to end at $831.60 an ounce, but logged 2.7% weekly increase.

  • Palladium for September delivery declined $3.10, or 0.2%, to finish at $1,927.60 an ounce, but gained 1.8% on the week.

The two are divided on the year so far with platinum down 15% and palladium up 1%.

London Precious Metals Prices (LBMA)

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

  • Gold rose $6.40, or 0.4%, to $1,777.45 an ounce.
  • Silver declined 29.5 cents, or 1.6%, to $17.925 an ounce.

US Mint Bullion Sales in 2020

United States Mint bullion sales picked up overall from a week ago. In week-over-week comparisons:

  • Sales of American Gold Eagles increased by 2,000 ounces, matching their prior week of gains.

  • Sales of American Silver Eagles rose 471,000 ounces after they finished flat last week.

  • Sales of American Buffalo gold coins moved ahead 3,000 ounces after they ended flat last week.

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 / 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.

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