Gold, Silver and Other Metals Tumble Tuesday, Aug. 11

by CoinNews.net on August 11, 2020 · 0 comments

9999 Gold Bullion

Gold finished 4.6% lower on Tuesday, Aug. 11

Precious metals sank Tuesday, following advances on Monday, with losses ranging from 3.1% for platinum to 11% for silver.

Gold for December delivery lost $93.40, or 4.6%, to settle at $1,946.30 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold and silver’s run over the past couple of weeks was dizzying in its trajectory and just about everyone marveling at that rise was expecting, and even hoping for, a correction," MarketWatch quoted Brien Lundin, editor of Gold Newsletter. "Well, it’s here, and the metals are simply releasing a bit of the air that had overinflated the market."

Gold futures ranged from a low of $1,929 to a high of $2,040.50. They rose 0.6% on Monday. On Thursday, they ended at a record settlement of  $2,069.40 an ounce.

Silver for September delivery fell $3.21 to close at $26.049 an ounce. Silver futures traded between $25.17 and $29.44. They surged 6.3% on Monday, logging their best finish since Feb. 19, 2013.

In other precious metals futures Tuesday:

  • October platinum declined $31.30 to $971.40 an ounce, ranging from $954 to $1,010.

  • Palladium for September delivery lost $95.40, or 4.2%, to $2,175 an ounce, trading between $2,137 and $2,285.

London Precious Metals Prices (LBMA)

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

  • Gold dropped $104.85, or 5.1%, to $1,939.65 an ounce.
  • Silver rose a cent, or 0.04%, to $28.28 an ounce.

US Mint Bullion Sales in 2020

U.S. Mint bullion sales were unchanged Tuesday. 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)
Tuesday Last Week This Week June July August 2020 Sales
$50 American Eagle 1 Oz Gold Coin 0 28,500 32,000 42,500 107,500 60,500 495,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 2,000 4,000 0 45,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 2,000 10,000 0 64,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 0 0 35,000 0 210,000
$50 American Buffalo 1 Oz Gold Coin 0 6,500 10,000 7,500 30,000 16,500 172,500
$1 American Eagle 1 Oz Silver Coin 0 918,000 675,000 1,398,000 1,084,500 1,593,000 15,294,000
America Samoa 5 oz Silver Coin* 0 0 0 0 0 0 45,000
Weir Farm 5 oz Silver Coin* 0 0 0 0 0 0 45,000
Salt River Bay 5 oz Silver Coin* 0 0 0 0 0 0 45,000
Marsh Billings 5 oz Silver Coin* 0 0 0 0 45,000 0 45,000
$1 American Eagle 1 Oz Platinum Coin* 0 0 0 0 0 0 56,500

 

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