Precious Metals Rally Monday, Aug. 17

by CoinNews.net on August 17, 2020 · 0 comments

Rows of gold bullion

Gold futures advanced 2.5% on Monday, Aug. 17

Precious metals surged in their start to the new trading week on Monday. Their gains ranged from 0.9% for platinum to 6.1% for silver.

Gold for December delivery bounced $48.90, or 2.5%, to settle at $1,998.70 an ounce on the Comex division of the New York Mercantile Exchange.

"We will have a new bullish signal with a clear surpass of $1,965, in a scenario that remains dominated by coronavirus news and fears of further lockdowns," MarketWatch quoted Carlo Alberto De Casa, chief analyst at ActivTrades in a note. "Expectations for further actions by central banks remain ever present and this is another supportive element for gold. A fresh decline below the support zone of $1,920-$1,930 would denote weakness."

Gold futures ranged from a low of $1,939.10 to a high of $2,000.80. They sank 3.9% last week, for their first weekly loss in ten weeks. As recently as a week ago Thursday, Aug. 6, gold posted a record settlement of $2,069.40 an ounce.

Silver for September delivery jumped $1.58 to close at $27.667 an ounce. Silver futures traded between $25.91 and $27.71. They tumbled 5.3% last week, also for their first weekly decline in ten weeks. Last Monday, silver closed at $29.261 an ounce for its best settlement since Feb. 19, 2013.

In other precious metals futures prices on Monday.

  • October platinum added $8.50 to $967.60 an ounce, ranging from $953.70 to $975.30.

  • Palladium for September delivery tacked on $90, or 4.2%, to $2,233.80 an ounce, trading between $2,144.40 and $2,233.

Last week platinum fell 1.2% and palladium lost 1.5%.

London Precious Metals Prices (LBMA)

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

  • Gold climbed $28.10, or 1.4%, to $1,972.85 an ounce.
  • Silver rose 21 cents, or 0.8%, to $26.915 an ounce.

In LBMA results last week, gold declined 4.3%, silver dropped 5.7%, platinum added 5.1% and palladium gained 0.9%.

US Mint Bullion Sales in 2020

United States Mint bullion sales were unchanged Monday. 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 0 41,000 42,500 107,500 69,500 504,500
$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 0 12,000 7,500 30,000 18,500 174,500
$1 American Eagle 1 Oz Silver Coin 0 675,000 1,398,000 1,084,500 1,593,000 15,294,000
America Samoa 5 oz Silver Coin* 0 0 0 0 0 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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