Gold Rises; Silver Ends Near 4-Year High

by CoinNews.net on July 20, 2020 · 0 comments

Small Gold Bullion Bars

Gold futures rose 0.4% on Monday, July 20

Precious metals futures posted gains Monday that ranged from 0.4% for gold to 2.2% for silver. The latter ended near a four-year high.

Gold for August delivery settled up $7.40 to $1,817.40 an ounce on the Comex division of the New York Mercantile Exchange. The close was the strongest since July 8 when gold finished near a nine-year high.

"There has been a steady flow of safe-haven and chart-based buying in the two precious metals [gold and silver] recently," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a note.

Gold futures ranged from a low of $1,806.60 to a high of $1,823.40. They climbed 0.5% last week, for their sixth straight weekly increase.

Silver for September delivery rallied 42.8 cents to end at $20.192 an ounce. The settlement was the strongest since Aug. 4, 2016, when the precious metal finished at $20.443 an ounce. Silver futures traded between $19.65 and $20.30. They jumped 3.7% last week.

In other precious metals futures prices on Monday:

  • October platinum rose $8.30, or 1%, to $857.90 an ounce, ranging from $845.60 to $868.60.

  • Palladium for September delivery finished up $37.70, or 1.8%, to $2,109.40 an ounce, trading between $2,045.50 and $2,121.

Last week, platinum gained 0.4% and palladium advanced 3.9%.

London Precious Metals Prices (LBMA)

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

  • Gold added $8.30, or 0.5%, to $1,815.65 an ounce.
  • Silver added 28 cents, or 1.5%, to $19.44 an ounce.

In LBMA results last week, prices for platinum fell 1.3% while those for gold, silver and palladium rose 0.2%, 2.1%, and 4.1%.

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)
Monday Last Week May June July 2020 Sales
$50 American Eagle 1 Oz Gold Coin 0 5,000 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 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 0 0 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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