Gold Slips From Near Nine-Year High

by CoinNews.net on July 9, 2020 · 0 comments

Gold bullion, Three Bars

Gold prices fell 0.9% on Thursday, July 9, after ending Wednesday at their best point since Sept. 14, 2011

Exactly opposite from the past two days, palladium gained while gold, silver and platinum declined. In the previous session, gold ended near a nine-year high.

Gold for August delivery fell $16.80, or 0.9%, to settle at $1,803.80 an ounce on the Comex division of the New York Mercantile Exchange.

"The most significant development [in the market] seems to concern the breakout in the precious metals given ongoing U.S. dollar weakness at a time when yields also remain weak," wrote Mark Newton, technical analyst at Newton Advisors, in a Thursday research report cited by MarketWatch.

"This time in July should be a sweet-spot for metals strength, and overweighting silver and gold should be favored for additional upside in the weeks ahead," he wrote.

Gold futures ranged from a low of $1,799.60 to a high of $1,825.50. They advanced 0.6% on Wednesday — ending at their best level since Sept. 14, 2011, they tacked on 0.9% on Tuesday, and they rose 0.2% on Monday.

Silver for September delivery declined 19.9 cents, or 1%, to close at $18.962 an ounce. Silver futures traded between $18.83 and $19.44. They rallied 2.5% on Wednesday — registering their highest finish since Sept. 4, they climbed 0.6% on Tuesday, and they gained 1.4% on Monday.

In other precious metals futures Thursday:

  • October platinum dropped $37.10, or 4.2%, to $846.90 an ounce, ranging from $842.30 to $892.90.

  • Palladium for September delivery gained $24.90, or 1.3%, to $1,963.20 an ounce, trading between $1,935.90 and $2,019.40.

London Precious Metals Prices (LBMA)

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

  • Gold added $1, or 0.06%, to $1,812.10 an ounce.
  • Silver rose 35 cents, or 1.9%, to $18.835 an ounce.

US Mint Bullion Sales in 2020

United States Mint bullion sales increased by 1,000 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)
Thursday 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 1,000 3,000 2,500 7,500 5,000 131,000
$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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