In futures trading Wednesday, gold gained while silver, platinum and palladium declined. Their pricing changes were modest, aside from platinum which dropped 1.3%.
Gold for December delivery edged up $2.70, or 0.1%, to settle at $1,949 an ounce on the Comex division of the New York Mercantile Exchange.
"The precious metals bulls today stabilized prices after Tuesday’s huge declines. In fact today’s high-range daily closes amid the big daily trading ranges have produced selling ‘exhaustion tails’ on the daily bar charts for gold and silver, to suggest today’s lows are near-term market bottoms," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily note.
Gold futures ranged from a low of $1,874.20 to a high of $1,961. They fell 4.6% on Tuesday and they rose 0.6% on Monday. On Thursday, they ended at a record settlement of $2,069.40 an ounce.
Silver for September delivery shed 7 cents, or 0.3%, to close at $25.979 an ounce. Silver futures traded between $23.58 and $26.36. They dropped 11% on Tuesday and they surged 6.3% on Monday — logging their best finish since Feb. 19, 2013.
In PGM futures on Wednesday:
October platinum declined $12.20 to $959.20 an ounce, ranging from $930.10 to $979.30.
- Palladium for September delivery moved down $6.80, or 0.3%, to $2,168.20 an ounce, trading between $2,102.20 and $2,210.30.
London Precious Metals Prices (LBMA)
In comparing earlier fixed London gold and silver prices from Tuesday PM to Wednesday PM:
- Gold fell $7.75, or 0.4%, to $1,931.90 an ounce.
- Silver sank $2.47, or 8.7%, to $25.81 an ounce.
US Mint Bullion Sales in 2020
U.S. Mint bullion sales increased Wednesday by 6,000 ounces in American Gold Eagles and 2,000 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||This Week||June||July||August||2020 Sales|
|$50 American Eagle 1 Oz Gold Coin||6,000||28,500||38,000||42,500||107,500||66,500||501,500|
|$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||2,000||6,500||12,000||7,500||30,000||18,500||174,500|
|$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|