Gold Gains; Silver Marks Best Finish Since February 2013

by CoinNews.net on August 10, 2020 · 0 comments

Gold Bullion

Gold prices tacked on 0.6% on Monday, Aug. 10

Precious metals posted gains Monday ranging from 0.6% for gold to 6.3% for silver. The latter finished near a seven-and-a-half-year high.

Gold for December delivery rose $11.70 to settle at $2,039.70 an ounce on the Comex division of the New York Mercantile Exchange.

"The governments around the world are not going to stop printing money to fight COVID in the short term and gold will benefit from that. Gold’s next target is $2,090 per ounce," Reuters quoted Bob Haberkorn, senior market strategist at RJO Futures.

Gold futures ranged from a low of $2,028.70 to a high of $2,060.80. They moved up 2.1% last week, for their ninth straight weekly win. On Thursday, they ended at a record settlement of  $2,069.40 an ounce.

Silver for September delivery rallied $1.72 to finish at $29.261 an ounce. The settlement was the highest since Feb. 19, 2013, when silver ended at $29.422 an ounce. Silver futures traded between $27.96 and $29.53. They jumped 13.7% last week.

In other precious metals futures prices on Monday.

  • October platinum added $32.30, or 3.3%, to $1,002.70 an ounce, ranging from $977.30 to $1,026.90.

  • Palladium for September delivery advanced $93.80, or 4.3%, to $2,270.40 an ounce, trading between $2,194.50 and $2,350.30.

Last week’s PGM actions saw platinum soar 5.6% and palladium rise 1.5%.

London Precious Metals Prices (LBMA)

In comparing earlier fixed London gold and silver prices from Friday PM to Monday PM:

  • Gold added $13.35, or 0.7%, to $2,044.50 an ounce.
  • Silver declined 6 cents, or 0.2%, to $28.27 an ounce.

In LBMA results last week, prices increased 3.4% for gold, 17.7% for silver, 0.1% for platinum, and 3% for palladium.

US Mint Bullion Sales in 2020

U.S. Mint bullion sales increase on Monday by a combined 42,000 ounces in gold coins and 675,000 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)
Monday Last Week June July August 2020 Sales
$50 American Eagle 1 Oz Gold Coin 32,000 28,500 42,500 107,500 60,500 495,500
$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 0 0 35,000 0 210,000
$50 American Buffalo 1 Oz Gold Coin 10,000 6,500 7,500 30,000 16,500 172,500
$1 American Eagle 1 Oz Silver Coin 675,000 918,000 1,398,000 1,084,500 1,593,000 15,294,000
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

 

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