Precious metals scored gains Tuesday ranging from 1.5% for palladium to 6.6% for silver. The latter posted its best finish in more than seven years. Gold logged another record — its third straight, marked its twelfth increase in thirteen sessions, and finished above $2,000 for the first time.
Gold for December delivery rose $34.70, or 1.8%, to a record settlement of $2,021 an ounce on the Comex division of the New York Mercantile Exchange.
"Safe-haven buying has propelled gold prices to breach $2,000 for the first time as the U.S. dollar tested lows last seen over two years ago, negative real rates fell to levels last seen in 2013 and expectations for further stimulus packages continue to build," Reuters quoted Standard Chartered analyst Suki Cooper.
"Given how quickly prices have rallied, the risk of a temporary pullback has risen," Cooper said, adding the balance of risks still remain skewed to the upside in light of the macro backdrop remaining "exceptionally favourable."
Gold futures ranged from a low of $1,982.60 to a high of $2,026.60. They edged 0.02% higher on Monday.
Silver for September soared $1.611 to end at $26.028 an ounce. The close was the highest since April 12, 2013, when silver ended at $26.331 an ounce. Silver futures traded between $24.24 and $26.16. They rose 0.8% on Monday.
In other precious metals prices on Tuesday:
-
October platinum added $24.10, or 2.6%, to $955.20 an ounce, ranging from $928.60 to $959.90.
- Palladium for September delivery moved up $31.10 to $2,170.60 an ounce, trading between $2,125.70 and $2,192.20.
London Precious Metals Prices (LBMA)
In comparing earlier fixed London gold and silver prices from Monday PM to Tuesday PM:
- Gold rose $19.35, or 1%, to $1,977.90 an ounce.
- Silver added 10 cents, or 0.4%, to $24.33 an ounce.
US Mint Bullion Sales in 2020
U.S. Mint bullion sales increase on Tuesday by a combined 27,000 ounces in gold coins and 846,000 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. Products with an asterisk (*) are no longer available.
| US Mint Bullion Sales (# of coins) | ||||||
|---|---|---|---|---|---|---|
| Tuesday / This Week / August | Last Week | May | June | July | 2020 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 21,500 | 37,000 | 5,500 | 42,500 | 107,500 | 456,500 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 0 | 6,000 | 2,000 | 4,000 | 45,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 0 | 12,000 | 2,000 | 10,000 | 64,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 10,000 | 0 | 0 | 35,000 | 210,000 |
| $50 American Buffalo 1 Oz Gold Coin | 5,500 | 7,500 | 2,500 | 7,500 | 30,000** | 161,500 |
| $1 American Eagle 1 Oz Silver Coin | 846,000 | 461,000 | 490,000 | 1,378,000 | 1,084,500 | 14,527,000 |
| America Samoa 5 oz Silver Coin* | 0 | 0 | 0 | 0 | 0 | 45,000 |
| Weir Farm 5 oz Silver Coin* | 0 | 0 | 0 | 0 | 0 | 45,000 |
| Salt River Bay 5 oz Silver Coin* | 0 | 0 | 0 | 0 | 0 | 45,000 |
| Marsh Billings 5 oz Silver Coin* | 0 | 0 | 0 | 0 | 45,000 | 45,000 |
| $1 American Eagle 1 Oz Platinum Coin* | 0 | 0 | 0 | 0 | 0 | 56,500 |
**The U.S. Mint on Tuesday adjusted American Buffalo bullion sales in July to 30,000 ounces from 22,000 ounces.
The leftover 2019 ATB 5 ounce P’s are looking like a bargain at $154.95 – Might be a good idea to grab some before the Mint jacks the prices up…
I’m wondering if they are returns.