Precious metals climbed as group for a fourth straight session Wednesday. Increases ranged from 1.2% for gold to 7.4% for silver. The former marked a fresh, near nine-year high while latter logged its best finish in almost seven years.
Gold for August delivery tacked on $21.20 to settle at $1,865.10 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since Sept. 6, 2011 when gold ended at $1,873.30 an ounce. Gold’s all-time settlement high is near $1,892.
"The U.S. dollar has dropped as the world is looking a little bit better," Reuters quoted Bart Melek, head of commodity strategies at TD Securities. "Interest rates have fallen across the yield curve and that again is another factor helping gold."
Gold futures ranged from a low of $1,842.10 to a high of $1,866.80. They advanced 1.5% on Tuesday and they gained 0.4% on Monday.
Silver for September delivery soared $1.59 to close at $23.144 an ounce. The settlement was the highest since Sept. 19, 2013, when silver finished at $23.29 an ounce. Silver futures traded between $21.68 and $23.35. They surged 6.8% on Tuesday and they rose 2.2% on Monday.
In PGM futures on Wednesday:
October platinum added $38.50, or 4.2%, to $957.40 an ounce, ranging from $907.20 to $962.10.
- Palladium for September delivery jumped $40.80, or 1.9%, to $2,229 an ounce, trading between $2,170 and $2,237.20.
London Precious Metals Prices (LBMA)
In comparing earlier fixed London gold and silver prices from Tuesday PM to Wednesday PM:
- Gold rose $9.85, or 0.5%, to $1,852.40 an ounce.
- Silver added $1.69, or 8.2%, to $22.245 an ounce.
US Mint Bullion Sales in 2020
United States Mint bullion sales increased Wednesday by 12,500 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)|
|Wednesday||Last Week||This Week||May||June||July||2020 Sales|
|$50 American Eagle 1 Oz Gold Coin||12,500||5,000||44,500||5,500||42,500||70,500||398,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||4,000||6,000||2,000||4,000||45,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||8,000||12,000||2,000||10,000||64,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||25,000||0||0||25,000||200,000|
|$50 American Buffalo 1 Oz Gold Coin||0||0||9,500||2,500||7,500||14,500||140,500|
|$1 American Eagle 1 Oz Silver Coin||0||0||623,500||490,000||1,378,000||623,500||13,220,000|
|$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.