Precious metals registered across-the-board gains for a second day in a row Wednesday. Silver marked a fresh, more than seven-year high. Gold scored another record — its fourth straight, and logged its thirteenth increase in fourteen sessions.
Gold for December delivery tacked on $28.30, or 1.4%, to a record settlement of $2,049.30 an ounce on the Comex division of the New York Mercantile Exchange.
"Gold and silver continue to see support from safe-haven demand amid the worrisome rise in Covid-19 infections, geopolitical developments and concerns about problematic price inflation in the coming months," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily note.
Gold futures ranged from a low of $2,027.50 to a high of $2,070.30. They rose 1.8% on Tuesday and they edged 0.02% higher on Monday.
Silver for September advanced 86.2 cents, or 3.3%, to settle at $26.898 an ounce. The settlement was the highest since April 11, 2013, when silver ended at $27.697 an ounce. Silver futures traded between $25.64 and $27.25. They jumped 6.6% on Tuesday and they gained 0.8% on Monday.
In PGM futures on Wednesday:
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October platinum added $33.90, or 3.6%, to $989.10 an ounce, ranging from $946 to $1,010.80.
- Palladium for September delivery gained $44.90, or 2.1%, to $2,215.50 an ounce, trading between $2,157 and $2,237.50.
London Precious Metals Prices (LBMA)
In comparing earlier fixed London gold and silver prices from Tuesday PM to Wednesday PM:
- Gold rose $70.25, or 3.6%, to $2,048.15 an ounce.
- Silver soared $2.615, or 10.8%, to $26.945 an ounce.
US Mint Bullion Sales in 2020
U.S. Mint bullion sales increase on Wednesday by 24,000 ounces in American Silver Eagles.
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) | ||||||
|---|---|---|---|---|---|---|
| Wednesday | Last Week | June | July | This Week / August | 2020 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 37,000 | 42,500 | 107,500 | 21,500 | 456,500 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 0 | 2,000 | 4,000 | 0 | 45,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 0 | 2,000 | 10,000 | 0 | 64,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 10,000 | 0 | 35,000 | 0 | 210,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 7,500 | 7,500 | 30,000** | 5,500 | 161,500 |
| $1 American Eagle 1 Oz Silver Coin | 24,000 | 461,000 | 1,378,000 | 1,084,500 | 870,000 | 14,551,000 |
| 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 | 45,000 | 0 | 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.
