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|