Gold, silver and platinum prices climbed Tuesday while palladium edged lower. Silver finished the day at a five-week high. Gold scored its best close in nearly nine years.
Gold for August delivery tacked on $16.40, or 0.9%, to settle at $1,809.60 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since Sept. 16, 2011 when gold ended at $1,814.70 an ounce.
Gold saw "a classic case of the market allowing some early profit taking, clearing out some short term, [and] weaker participants then buying the dip in size to take gold higher," Jeff Wright, executive vice president of GoldMining Inc., told MarketWatch.
Gold futures ranged from a low of $1,781.20 to a high of $1,810.80. They rose 0.2% on Monday.
Silver for September delivery ended up 11.7 cents, or 0.6%, to $18.699 an ounce. The close was the highest since June 1 when silver finished at $18.827 an ounce. Silver futures traded between $18.23 and $18.72. They gained 1.4% on Monday.
In other precious metals futures prices Tuesday:
October platinum added $25.50, or 3%, to $863.20 an ounce, ranging from $829.40 to $866.50.
- Palladium for September delivery dipped 70 cents, or 0.04%, to $1,951.60 an ounce, trading between $1,910.50 and $1,955.
London Precious Metals Prices (LBMA)
In comparing earlier fixed London gold and silver prices from Monday PM to Tuesday PM:
- Gold rose $1.65, or 0.09%, to $1,789.55 an ounce.
- Silver fell 23.5 cents, or 1.3%, to $18.02 an ounce.
US Mint Bullion Sales in 2020
United States Mint bullion sales increased by 9,000 ounces in American Gold Eagles and by 2,500 ounces in American Gold Buffalos. The Mint’s bullion gains were their first of the week and month.
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 / July||Last Week||April||May||June||2020 Sales|
|$50 American Eagle 1 Oz Gold Coin||8,500||2,000||105,000||5,500||42,500||336,000|
|$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||2,000||0||0||12,000||2,000||56,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||0||0||0||175,000|
|$50 American Buffalo 1 Oz Gold Coin||2,500||3,000||28,500||2,500||7,500||128,500|
|$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.