Gold Falls From Record, Logging First Loss in 10 Sessions

by CoinNews.net on July 30, 2020 · 5 comments

Pile of Gold Bullion

Gold prices retreated 0.5% on Thursday, July 30

Precious metals declined Thursday, posting losses ranging from 0.5% for gold to 5.6% for palladium. Gold’s decline was its first in ten sessions and follows a streak of four straight record settlements.

Gold for December delivery — the new, most active contract — shed $9.90 to settle at $1,966.60 an ounce on the Comex division of the New York Mercantile Exchange.

"These are normal corrective price pullbacks in still-strong uptrends on the charts. Once again, look for bulls to soon step in to buy the dips and do some bargain hunting," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily research note.

Gold futures ranged from a low of $1,957.20 to a high of $1,987.30.

Silver for September delivery sank 95.9 cents, or 3.9%, to close at $23.362 an ounce. Silver futures traded between $23 and $24.58. They ended at $24.501 an ounce on Monday, registering their best settlement since Aug. 27, 2013.

In other precious metals prices on Thursday:

  • October platinum fell $45.90, or 4.8%, to $912.60 an ounce, ranging from $894.30 to $965.

  • Palladium for September delivery tumbled $126.30 to $2,134.90 an ounce, trading between $2,079 and $2,243.60.

London Precious Metals Prices (LBMA)

In comparing earlier fixed London gold and silver prices from Wednesday PM to Thursday PM:

  • Gold added $6.75, or 0.4%, to $1,957.65 an ounce.
  • Silver fell $1.175, or 4.8%, to $23.16 an ounce.

US Mint Bullion Sales in 2020

United States Mint bullion sales were unchanged Thursday. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold during varying periods. Products with an asterisk (*) are no longer available.

US Mint Bullion Sales (# of coins)
Thursday 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
America Samoa 5 oz Silver Coin* 0 0 0 0 0 0 45,000
Weir Farm 5 oz Silver Coin* 0 0 0 0 0 0 45,000
Salt River Bay 5 oz Silver Coin* 0 0 0 0 0 0 45,000
Marsh Billings 5 oz Silver Coin* 0 0 0 0 0 45,000 45,000
$1 American Eagle 1 Oz Platinum Coin* 0 0 0 0 0 0 56,500

 

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chuck

Do not believe your London prices are correct.
Also, again, the mint’s site shows 45,000 for each of the first four 2020-dated 5-ounce sliver bullion. But of course still no update on the 2019 sales for them.

chuck

Thank you for your update. Did not know first four 5-ounce ATB bullion coins were no longer available. Good to know. Shortage of 5-ounce blanks?

Seth Riesling

There is no shortage of SAE $1 .9993 fine silver coin blank planchets or 5-ounce .999 fine silver coin blank planchets, according to a public statement by the president of Sunshine Minting Inc. in Coeur D”Alene, Idaho which supplies the U.S. Mint with such blanks. (The company is part of Sunshine Mining Company). Don’t believe coin dealers who are trying to scare investors that there is a shortage to charge higher prices on silver coins. As a matter of fact, Sunshine has enough silver planchets to also supply other world Mints & the U.S. Mint even has “back-up sources” for… Read more »

chuck

Is interesting thou that they have released the first four 5-ounce bullion coins for 2020 but only the first two “P” ones. (usually the next bullion one only comes out after the previous collector one is available). Also, with the current sales prices wonder why dealers would not want more in stock to sell? Perhaps they (the Mint) are just waiting to stick collectors with higher prices for them or perhaps making “re-strikes” for the “hoard” first?
Thank you for your info Seth.