Gold Logs Another Record, Extends Gains to Eight Sessions

by CoinNews.net on July 28, 2020 · 3 comments

closeup of gold bullion

Gold prices advanced 0.7% on Tuesday, July 28

Precious metals split Tuesday with silver and palladium falling and gold and platinum rising. Gold ended the day at another record — its third in a row — and logged eight straight session gains.

Gold for August delivery added $13.60, or 0.7%, to a record settlement of $1,944.60 an ounce on the Comex division of the New York Mercantile Exchange.

"The arguably epic rally in gold continues," MarketWatch quoted Jason Rotman, director at Everplus Capital. "The demand for gold as a safe haven to central bank funny business has gained momentum and I still believe under current conditions $2,200 is my next price target."

Gold futures ranged from a low of $1,900.20 to a high of $1,974.70. The intraday high was also another new record. Gold prices gained 1.8% on Monday.

Silver for September delivery declined 20.1 cents, or 0.8%, to settle at $24.30 an ounce. Silver futures traded between $22.46 and $26.28. They jumped 7.2% on Monday, finishing at their best price since Aug. 27, 2013.

In other precious metals prices Tuesday:

  • October platinum gained $19.60, or 2%, to $986.20 an ounce, ranging from $940 to $1,002.

  • Palladium for September delivery shed $4.20, or 0.2%, to $2,365.50 an ounce, trading between $2,308.90 and $2,419.10.

London Precious Metals Prices (LBMA)

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

  • Gold added $4.25, or 0.2%, to $1,940.90 an ounce.
  • Silver fell 83 cents, or 3.4%, to $23.545 an ounce.

US Mint Bullion Sales in 2020

United States Mint bullion sales were unchanged Tuesday. 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 44,500 14,000 5,500 42,500 84,500 412,000
$25 American Eagle 1/2 Oz Gold Coin 0 4,000 0 6,000 2,000 4,000 45,000
$10 American Eagle 1/4 Oz Gold Coin 0 8,000 0 12,000 2,000 10,000 64,000
$5 American Eagle 1/10 Oz Gold Coin 0 25,000 10,000 0 0 35,000 210,000
$50 American Buffalo 1 Oz Gold Coin 0 9,500 7,500 2,500 7,500 22,000 148,000
$1 American Eagle 1 Oz Silver Coin 0 623,500 448,500 490,000 1,378,000 1,072,000 13,668,500
$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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MJS

Time to buy or time to sell???

sam tweedy

You can always save $$ buying fakes on ebay !!!!

RonnieBGood

The latest projections from 2 wall street analysts say gold can run to $3,000. This is due to the large amounts of dollars being printed to prop up the US economy.