Gold Marks Best Close Since 2011; Silver Scores Highest Settlement Since 2014

by CoinNews.net on July 21, 2020 · 4 comments

Four Gold Ingots, One Silver Bullion Bar

Gold and silver notched multi-year highs Tuesday, July 21

Precious metals prices rallied Tuesday with gains ranging from 1.5% for gold to 7.1% for platinum. The former closed at a near nine-year high. Silver, meanwhile, scored its highest finish in more than six years.

Gold for August delivery advanced $26.50 to settle at $1,843.90 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since Sept. 9, 2011 when gold ended at $1,859.50 an ounce.

"Clearly, the passage of the EU recovery fund combined with the beginning of negotiations on another U.S. stimulus package provides a solid backdrop for the bull camp," analysts a Zaner Metals wrote in a daily note according to MarketWatch, adding that the dollar, overnight, broke down to the lowest level since March 10. "Currency forces should be poised to add to the bull track."

Gold futures ranged from a low of $1,817.20 to a high of $1,844.90. They gained 0.4% on Monday.

Silver for September delivery soared $1.37, or 6.8%, to end at $21.557 an ounce. The settlement was the highest since March 6, 2014, when silver finished at $21.57 an ounce. Silver futures traded between $20.31 and $21.66. They rose 2.2% on Monday.

In other precious metals futures Tuesday:

  • October platinum tacked on $61 to $918.90 an ounce, ranging from $960.90 to $921.

  • Palladium for September delivery jumped $78.80, or 3.7%, to $2,188.20 an ounce, trading between $2,092.70 and $2,237.90.

London Precious Metals Prices (LBMA)

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

  • Gold rose $26.90, or 1.5%, to $1,842.55 an ounce.
  • Silver added $1.115, or 5.7%, to $20.555 an ounce.

US Mint Bullion Sales in 2020

United States Mint bullion sales jumped Tuesday with gains reaching a combined 60,500 ounce in gold coins and 623,500 ounces in silver coins.

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 / This Week Last Week May June July 2020 Sales
$50 American Eagle 1 Oz Gold Coin 44,500 5,000 5,500 42,500 58,000 385,500
$25 American Eagle 1/2 Oz Gold Coin 4,000 0 6,000 2,000 4,000 45,000
$10 American Eagle 1/4 Oz Gold Coin 8,000 0 12,000 2,000 10,000 64,000
$5 American Eagle 1/10 Oz Gold Coin 25,000 0 0 0 25,000 200,000
$50 American Buffalo 1 Oz Gold Coin 9,500 0 2,500 7,500 14,500 140,500
$1 American Eagle 1 Oz Silver Coin 623,500 0 490,000 1,378,000 623,500 13,220,000
$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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MJS

ATB P 5 ounce puck price is sure to rise soon – back up to $259 perhaps??

chuck

Mike Unser, On the NGC web site there is a July 14,2020 article by Chris Clifton stating there was a second sale of “Surplus Previous Date Coins to Bulk Account Buyers” including this time “Platinum Eagles” just conducted in June 2020. Do you have information on this that you can share? Also, the NGC on a 6/30/2020 post re their grading with a “2020 West Point Mint Hoard Attribution” that it was an “unusual sale of prior-year bullion coins” from the US Mint. Were these, in fact, Numismatic coins not “bullion coins”? (Seems the AP”s were always required to buy… Read more »

chuck

Yet another mistake by the US Mint to unload the “hoard” instead of melting the coins (as likely required by law)? Time will tell!!!

Gary

I do not intend to search comments that agree that the US MINT, if you haven’t NOTICE by now, is moving more and more to establishing its entity as a LOTTERY AGENCY, albeit a self dictating and artificial one at that. 2019 S Silver Eagle (1 per household) sells out immediately and this $65 coin shoots to Thousands of Dollars. I passed on that one. Now we have the V75 Silver Eagle (75,00 Limited)1 per household, the GOLD V75 One Once (WOW 1945 Mintage) 1 per household (Try to calculate your odds there FOLKS) oh by the way two more… Read more »