Gold Posts Another, Almost 9-Year High; Silver Logs 10-Month High

by CoinNews.net on July 8, 2020 · 0 comments

Three bullion gold bars

Gold prices gained 0.6% on Wednesday, July 8

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.

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