For a second straight session, gold, silver and platinum gained while palladium declined. Silver finished the day at a more than ten-month high. Gold registered a new, nearly nine-year high.
Gold for August delivery rose $10.70, or 0.6%, to settle at $1,820.60 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since Sept. 14, 2011 when gold ended at $1,826.50 an ounce.
"Gold prices have continued to benefit from safe-haven demand despite positive macro data and risk-on sentiment… Dollar weakness has provided some support to gold but the key driver remains real yields," Reuters quoted Standard Chartered analyst Suki Cooper.
Gold futures ranged from a low of $1,803.80 to a high of $1,829.80. They tacked on 0.9% on Tuesday and they rose 0.2% on Monday.
Silver for September delivery rallied 46.2 cents, or 2.5%, to end at $19.161 an ounce. The settlement was the highest since Sept. 4 when silver closed at $19.547 an ounce. Silver futures traded between $18.58 and $19.22. They climbed 0.6% on Tuesday and they gained 1.4% on Monday.
In PGM futures on Wednesday:
October platinum added $20.80, or 2.4%, to $884 an ounce, ranging from $859.80 to $888.20.
- Palladium for September delivery declined $13.30, or 0.7%, to $1,938.30 an ounce, trading between $1,923.10 and $1,971.50.
London Precious Metals Prices (LBMA)
In comparing earlier fixed London gold and silver prices from Tuesday PM to Wednesday PM:
- Gold gained $21.55, or 1.2%, to $1,811.10 an ounce.
- Silver jumped 46.5 cents, or 2.6%, to $18.485 an ounce.
US Mint Bullion Sales in 2020
United States Mint bullion sales increased by 1,500 ounces in American Gold Buffalos. 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||Last Week||May||June||This Week / July||2020 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||2,000||5,500||42,500||8,500||336,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||6,000||2,000||0||41,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||12,000||2,000||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||1,500||3,000||2,500||7,500||4,000||130,000|
|$1 American Eagle 1 Oz Silver Coin||0||471,000||490,000||1,378,000||0||12,596,500|
|$1 American Eagle 1 Oz Platinum Coin||0||0||0||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.