Precious metals climbed Tuesday, with the exception of palladium. Gains in the other metals were their second in a row.
Gold for December delivery tacked on $14.40, or 0.7%, to settle at $2,013.10 an ounce on the Comex division of the New York Mercantile Exchange.
"People are watching the dollar index and its pretty alarming how its breaking down and we’re seeing all these hard assets like gold and silver rising up in tandem," Reuters quoted Phillip Streible, chief market strategist at Blue Line Futures in Chicago. "We’re going to run back up to the all-time highs, we had a healthy correction in the gold market, a lot of people who jumped on the bear side of the market are going to end up reversing course."
Gold futures ranged from a low of $1,985.20 to a high of $2,024.60. They bounced 2.5% on Monday. As recently as a week ago Thursday, Aug. 6, gold posted a record settlement of $2,069.40 an ounce.
Silver for September delivery advanced 40.8 cents, or 1.5%, to close at $28.075 an ounce. Silver futures traded between $27.19 and $28.61. They surged 6.1% on Monday. A week ago Monday, Aug. 10, silver closed at $29.261 an ounce for its best settlement since Feb. 19, 2013.
In other precious metals futures Tuesday:
October platinum rose $7.80, or 0.8%, to $975.40 an ounce, ranging from $955.40 to $989.90.
- Palladium for September delivery fell $5.50, or 0.3%, to $2,228.30 an ounce, trading between $2,151 and $2,258.40.
London Precious Metals Prices (LBMA)
In comparing earlier fixed London gold and silver prices from Monday PM to Tuesday PM:
- Gold rose $35.90, or 1.8%, to $2,008.75 an ounce.
- Silver jumped $1.41, or 5.2%, to $28.325 an ounce.
US Mint Bullion Sales in 2020
U.S. Mint bullion sales increased on Tuesday by a combined 26,000 ounces in gold coins and 1 million 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)|
|Tuesday / This Week||Last Week||June||July||August||2020 Sales|
|$50 American Eagle 1 Oz Gold Coin||14,500||41,000||42,500||107,500||94,000||519,000|
|$25 American Eagle 1/2 Oz Gold Coin||5,000||0||2,000||4,000||5,000||50,000|
|$10 American Eagle 1/4 Oz Gold Coin||12,000||0||2,000||10,000||12,000||76,000|
|$5 American Eagle 1/10 Oz Gold Coin||20,000||0||0||35,000||20,000||230,000|
|$50 American Buffalo 1 Oz Gold Coin||4,000||12,000||7,500||30,000||22,500||178,500|
|$1 American Eagle 1 Oz Silver Coin||1,000,000||675,000||1,398,000||1,084,500||2,593,000||16,294,000|
|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|