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:
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.