Precious Metals Decline Wed., Aug. 19; Drop Further After Fed Minutes

by CoinNews.net on August 19, 2020 · 0 comments

Bullion gold bars and US $100s.

Gold futures lost 2.1% on Wednesday, Aug. 19

Precious metals futures prices logged declines Wednesday that ranged from 2% for platinum to 2.6% for silver. Losses in gold, silver and platinum were their first in three sessions. Metals dropped further in after-hours trade following the release of minutes from the Fed’s last policy meeting.

Gold for December delivery dropped $42.80, or 2.1%, to settle at $1,970.30 an ounce on the Comex division of the New York Mercantile Exchange.

Gold futures ranged from a low of $1,941.20 to a high of $2,015.60. They gained 0.7% on Tuesday and they bounced 2.5% on Monday. A week ago Thursday, Aug. 6, gold posted a record settlement of $2,069.40 an ounce.

Following the release of minutes from the Fed’s July meeting, gold in electronic trading was last near $1,953 an ounce.

Silver for September delivery fell 73.5 cents to close at $27.34 an ounce. Silver futures traded between $26.62 and $28.13. They moved ahead 1.5% on Tuesday and 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.

Silver was last near $26.98 an ounce in after-hours trading.

In PGM futures on Wednesday:

  • October platinum declined $19.10 to $956.30 an ounce, ranging from $942.70 to $979.80.

  • Palladium for September delivery lost $49.20, or 2.2%, to $2,179.10 an ounce, trading between $2,163 and $2,222.

London Precious Metals Prices (LBMA)

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

  • Gold declined $27.75, or 1.4%, to $1,981 an ounce.
  • Silver sank 88.5 cents, or 3.1%, to $27.44 an ounce.

US Mint Bullion Sales in 2020

U.S. Mint bullion sales increased Wednesday by 1,000 ounces in American Gold 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 1,000 41,000 15,500 42,500 107,500 85,000 520,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 5,000 2,000 4,000 5,000 50,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 12,000 2,000 10,000 12,000 76,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 20,000 0 35,000 20,000 230,000
$50 American Buffalo 1 Oz Gold Coin 0 12,000 4,000 7,500 30,000 22,500 178,500
$1 American Eagle 1 Oz Silver Coin 0 675,000 1,000,000 1,398,000 1,084,500 2,593,000 16,294,000
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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