Precious metals managed across-the-board gains for a third day in a row Thursday. Silver registered another fresh, more than seven-year high while gold posted another record — its fifth straight, and logged its fourteenth increase in fifteen sessions.
Gold for December delivery gained $20.10, or 1%, to a record settlement of $2,069.40 an ounce on the Comex division of the New York Mercantile Exchange.
"Both metals see no early chart clues that major market tops are close at hand. Thus, the path of least resistance for prices remains sideways to higher. Importantly, however, while there are no early chart clues to suggest the gold and silver markets are topping out, both are now short-term overbought, technically, and are due for normal downside corrections in the uptrends," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily note.
Gold futures ranged from a low of $2,049 to a high of $2,081.80. They tacked on 1.4% on Wednesday, they rose 1.8% on Tuesday, and they edged 0.02% higher on Monday.
Silver for September rallied $1.51, or 5.6%, to settle at $28.40 an ounce. The settlement was the highest since March 27, 2013, when silver ended at $28.612 an ounce. Silver futures traded between $26.93 and $28.54. They advanced 3.3% on Wednesday, they jumped 6.6% on Tuesday, and they gained 0.8% on Monday.
In other precious metals futures prices on Thursday:
October platinum added $24.80, or 2.5%, to $1,013.90 an ounce, ranging from $988 to $1,020.
- Palladium for September delivery added $43.90, or 2%, to $2,259.40 an ounce, trading between $2,217.60 and $2,307.50.
London Precious Metals Prices (LBMA)
In comparing earlier fixed London gold and silver prices from Wednesday PM to Thursday PM:
- Gold rose $19, or 0.9%, to $2,067.15 an ounce.
- Silver gained 94 cents, or 3.5%, to $27.885 an ounce.
US Mint Bullion Sales in 2020
U.S. Mint bullion sales increase on Thursday by a combined 8,000 ounces in gold coins and 68,000 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)|
|Thursday||Last Week||June||July||This Week / August||2020 Sales|
|$50 American Eagle 1 Oz Gold Coin||7,000||37,000||42,500||107,500||28,500||463,500|
|$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||1,000||7,500||7,500||30,000**||6,500||162,500|
|$1 American Eagle 1 Oz Silver Coin||68,000||461,000||1,378,000||1,084,500||918,000||14,619,000|
|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.