Precious metals futures registered increases Monday that ranged from 1.1% for platinum to 7.2% for silver. The latter posted its best finish in just shy of seven years. Gold hit another record — its second in a row — and marked seven straight session gains.
Gold for August delivery rose $33.50, or 1.8%, to a record settlement of $1,931 an ounce on the Comex division of the New York Mercantile Exchange.
"The dollar is losing its safe-haven appeal and you’re going to continue to see gold surge as the dollar sinks," Reuters quoted Edward Moya, senior market analyst at broker OANDA.
"Everything is clicking for gold. There are high prospects the Federal Reserve is going to ramp up their efforts to repair the economy and the virus uncertainty is going to mean that the stimulus trade is going to remain."
Gold futures ranged from a low of $1,899 to a high of $1,941.90. The intraday high was also a new record. They jumped 4.8% last week.
Silver for September delivery surged $1.65 to settle at $24.501 an ounce. The close was the highest since Aug. 27, 2013, when silver ended at $24.65 and ounce. Silver futures traded between $22.94 and $24.82. They rallied 15.6% last week.
In other precious metals prices on Monday:
October platinum finished up $10.60 to $966.60 an ounce, ranging from $953.90 to $986.90.
- Palladium for September delivery tacked on $75.60, or 3.3%, to $2,369.70 an ounce, trading between $2,288 and $2,418.80.
Last week platinum gained 12.5% and palladium advanced 10.7%.
London Precious Metals Prices (LBMA)
In comparing earlier fixed London gold and silver prices from Friday PM to Monday PM:
- Gold added $34.55, or 1.8%, to $1,936.65 an ounce.
- Silver rose $1.90, or 8.5%, to $24.375 an ounce.
In LBMA results last week, gains reached 5.2% for gold, 17.3% for silver, 12.3% for platinum, and 8% for palladium.
US Mint Bullion Sales in 2020
United States Mint bullion sales advanced Monday with gains totaling a combined 22,500 ounce in gold coins and 448,500 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)|
|Monday||Last Week||May||June||July||2020 Sales|
|$50 American Eagle 1 Oz Gold Coin||14,000||44,500||5,500||42,500||84,500||412,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||4,000||6,000||2,000||4,000||45,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||8,000||12,000||2,000||10,000||64,000|
|$5 American Eagle 1/10 Oz Gold Coin||10,000||25,000||0||0||35,000||210,000|
|$50 American Buffalo 1 Oz Gold Coin||7,500||9,500||2,500||7,500||22,000||148,000|
|$1 American Eagle 1 Oz Silver Coin||448,500||623,500||490,000||1,378,000||1,072,000||13,668,500|
|$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.