Precious metals gained Monday following an extended weekend with U.S. markets closed Friday in observance of U.S. Independence Day.
Gold for August delivery climbed $3.50, or 0.2%, to settle at $1,793.50 an ounce on the Comex division of the New York Mercantile Exchange.
"The bulls have the solid overall near-term technical advantage. Prices are in a four-week-old uptrend on the daily bar chart. Gold bulls’ next upside near-term price objective is to produce a close above strong technical resistance at the June high of $1,807.70. Bears’ next near-term downside price objective is pushing prices below solid technical support at $1,754.00," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily research note.
Gold futures ranged from a low of $1,779.20 to a high of $1,797.60. They edged up 0.5% last week. On Tuesday at $1,800.50 an ounce they registered their highest settlement since Sept. 21, 2011.
Silver for September delivery gained 26 cents, or 1.4%, to end at $18.582 an ounce. Silver futures traded between $18.22 and $18.76. They finished 1.6% ahead last week.
In other precious metals futures on Monday:
October platinum rose $6.10, or 0.7%, to $837.70 an ounce, ranging from $819.10 to $854.40.
- Palladium for September delivery moved up $24.70, or 1.3%, to $1,952.30 an ounce, trading between $1,895.20 and $1,959.
Last week, platinum increased 2.7% and palladium gained 1.8%.
London Precious Metals Prices (LBMA)
In comparing earlier fixed London gold and silver prices from Friday PM to Monday PM:
- Gold added $15, or 0.9%, to $1,787.90 an ounce.
- Silver added 23.5 cents, or 1.3%, to $18.255 an ounce.
In LBMA results last week, prices rose 1.5% for gold, 1.1% for silver and for platinum, and 3.1% for palladium.
US Mint Bullion Sales in 2020
United States Mint bullion sales were unchanged. 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)|
|Monday / July||Last Week||April||May||June||2020 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||2,000||105,000||5,500||42,500||327,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||0||6,000||2,000||41,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||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||3,000||28,500||2,500||7,500||126,000|
|$1 American Eagle 1 Oz Silver Coin||0||471,000||750,000||490,000||1,378,000||12,596,500|
|$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.