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|