Precious Metals Decline Tuesday, July 14

by CoinNews.net on July 14, 2020 · 0 comments

Five gold bullion bars

Gold futures declined slightly Tuesday, July 14

Precious metals declined Tuesday following their gains on Monday. The losses ranged from less than 0.1% for gold to 3% for platinum.

Gold for August delivery dipped 70 cents, or 0.04%, to settle at $1,813.40 an ounce on the Comex division of the New York Mercantile Exchange.

"Technically, the gold bulls have the strong overall near-term technical advantage. Bulls’ next upside price objective is to produce a close in August futures above solid resistance at $1,850.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at last week’s low of $1,779.20," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily research note. “

Gold futures ranged from a low of $1,791.10 to a high of $1,815. They rose 0.7% on Monday. Last Wednesday they ended at $1,820.60 an ounce for their highest settlement since Sept. 14, 2011.

Silver for September delivery shed 25.8 cents, or 1.3%, to close at $19.53 an ounce. Silver futures traded between $19.24 and $19.69. They rallied 3.9% on Monday, marking their highest finish since Sept. 23, 2016, when the precious metal ended at $19.81 an ounce.

In other precious metals prices Tuesday:

  • October platinum dropped $26.20 to $836.80 an ounce, ranging from $825.50 to $851.40.

  • Palladium for September delivery settled down $55.30, or 2.7%, to $1,985.60 an ounce, trading between $1,958.10 and $2,021.

London Precious Metals Prices (LBMA)

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

  • Gold declined $5.60, or 0.3%, to $1,801.90 an ounce.
  • Silver fell 20 cents, or 1.1%, to $18.895 an ounce.

US Mint Bullion Sales in 2020

United States Mint bullion sales were unchanged. 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 Last Week This Week May June July 2020 Sales
$50 American Eagle 1 Oz Gold Coin 0 8,500 5,000 5,500 42,500 13,500 341,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 6,000 2,000 0 41,000
$10 American Eagle 1/4 Oz Gold Coin 0 2,000 0 12,000 2,000 2,000 56,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 0 0 0 0 175,000
$50 American Buffalo 1 Oz Gold Coin 0 5,000 0 2,500 7,500 5,000 131,000
$1 American Eagle 1 Oz Silver Coin 0 0 0 490,000 1,378,000 0 12,596,500
$1 American Eagle 1 Oz Platinum Coin 0 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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