Gold Gains; Silver Ends Near Four-Year High

by CoinNews.net on July 13, 2020 · 0 comments

silver bars stacked side by side

Silver futures marked their best settlement since Sept. 23, 2016

Precious metals posted gains Monday ranging from 0.7% for gold to 3.9% for silver. The latter closed near a four-year high.

Gold for August delivery rose $12.20 to settle at $1,814.10 an ounce on the Comex division of the New York Mercantile Exchange.

“With the uptick in coronavirus cases in the United States, there is a potential for another shutdown,” Reuters quoted Bob Haberkorn, senior market strategist at RJO Futures.

“Gold is benefiting and will continue to benefit from anticipated action by the U.S. Fed and other central banks.”

Gold futures ranged from a low of $1,802.10 to a high of $1,815.50. They gained 0.7% last week, for their fifth straight weekly increase. On Wednesday they ended at $1,820.60 an ounce for their highest settlement since Sept. 14, 2011.

Silver for September delivery soared 73.5 cents to close at $19.788 an ounce. The settlement was the highest since Sept. 23, 2016, when the precious metal ended at $19.81 an ounce.

Silver futures traded between $19.08 and $19.81. They jumped 4% last week, also for their fifth straight weekly gain.

In other precious metals prices Monday:

  • October platinum tacked on $17.10, or 2%, to $863 an ounce, ranging from $843.40 to $870.20.

  • Palladium for September delivery ended up $46.50, or 2.3%, to $2,040.90 an ounce, trading between $2,002 and $1,989.20.

Last week, platinum rose 1.7% and palladium rallied 3.5%.

London Precious Metals Prices (LBMA)

In comparing earlier fixed London gold and silver prices from Friday PM to Monday PM:

  • Gold added $4.40, or 0.2%, to $1,807.50 an ounce.
  • Silver rose 32.5 cents, or 1.7%, to $19.095 an ounce..

In LBMA results last week, prices increased 1.7% for gold, 4.2% for silver, 3.3% for platinum and 2% for palladium.

US Mint Bullion Sales in 2020

United States Mint bullion sales increased by 5,000 ounces in American Gold Eagles.

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 Last Week May June July 2020 Sales
$50 American Eagle 1 Oz Gold Coin 5,000 8,500 5,500 42,500 13,500 341,000
$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 2,000 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 0 5,000 2,500 7,500 5,000 131,000
$1 American Eagle 1 Oz Silver Coin 0 0 490,000 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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