Gold Extends Record; Silver Logs Fresh Multi-Year High

by CoinNews.net on August 5, 2020 · 1 comment

Partial Photo of Bullion Gold

Gold futures rose 1.4% on Wednesday, Aug. 5

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.

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chuck

So, are Mint officials still thinking they were “right?” and smart to sell the “hoard” on possibly three occasions (instead of doing what they represented they would do)? Besides likely illegal probably dumb too. Hold them to account!!