Precious Metals Drop Wed., September 2

by CoinNews.net on September 2, 2020 · 0 comments

Layers of Gold Bullion

Gold futures declined 1.7% on Wednesday, September 2

Precious metals posted loses Wednesday that ranged from 1.7% for gold to 5.1% for platinum. Gold’s loss was its first in four sessions.

Gold for December delivery fell $34.20 to settle at $1,944.70 an ounce on the Comex division of the New York Mercantile Exchange.

"Bullion’s decline is proportional to the recovery of the greenback, confirming that the current movement is mostly related to what is happening on the currency markets," MarketWatch quoted Carlo Alberto De Casa, chief analyst at ActivTrades. "In other words, the main trend for gold remains positive and a clear surpass of $1,990 and then $2,005 would open space for further rallies," he wrote.

Gold futures ranged from a low of $1,938.90 to a high of $1,980.40. They inched up 0.02% on Tuesday — registering their best settlement since Aug. 19, and they climbed 0.2% on Monday.

Silver for September delivery sank $1.25, or 4.4%, to close at $27.395 an ounce. Silver futures traded between $27.27 and $28.54. They rose nearly 0.2% on Tuesday and they surged 2.9% on Monday.

In PGM futures on Wednesday:

  • October platinum fell $48.60 to $904.10 an ounce, ranging from $899.40 to $953.20.

  • Palladium for December delivery declined $43.60, or 1.9%, to $2,267.50 an ounce, trading between $2,261.20 and $2,307.80.

London Precious Metals Prices (LBMA)

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

  • Gold declined $25.30, or 1.3%, to $1,947.05 an ounce.
  • Silver dropped $1.18, or 4.1%, to $27.705 an ounce.

US Mint Bullion Sales in 2020

United States Mint bullion sales were unchanged Wednesday. 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 / This Week / Sept. Last Week June July August 2020 Sales
$50 American Eagle 1 Oz Gold Coin 0 0 42,500 107,500 86,000 521,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 2,000 4,000 6,000 51,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 2,000 10,000 12,000 76,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 0 35,000 30,000 240,000
$50 American Buffalo 1 Oz Gold Coin 0 0 7,500 30,000 22,500 178,500
$1 American Eagle 1 Oz Silver Coin 0 0 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

 

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