Gold and Silver Log First Losses in Four Sessions

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

Partial Photo of Bullion Gold

Gold futures finished 1.1% lower on Thursday, Sept. 17

Precious metals prices fell Thursday, logging declines ranging from 1.1% for gold to 4.4% for platinum. Losses in gold and silver were their first in four sessions.

Gold for December delivery shed $20.60 to settle at $1,949.90 an ounce on the Comex division of the New York Mercantile Exchange.

"Safe-haven gold and silver prices are solidly lower at midday Thursday despite eroding trader/investor risk appetite and global stock markets that were weaker today. This seemingly conflicting scenario has played out often the past few months, confounding the precious metals market bulls. Still, such situations have also invited metals bulls to step in and buy the dips to keep the overall price uptrends alive in gold and silver," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily research note.

Gold futures ranged from a low of $1,938.20 to a high of $1,969.30. They climbed 0.2% on Wednesday — logging their highest settlement since Sept 1, they edged up 0.1% on Tuesday, and they gained 0.8% on Monday.

Silver for December delivery dropped 37.6 cents, or 1.4%, to close at $27.10 an ounce. Silver futures traded between $26.40 and $27.40. They edged 0.04% higher on Wednesday — marking their best finish since Sept. 1, they finished up 0.4% on Tuesday, and they gained 1.9% on Monday.

In other precious metals futures prices on Thursday:

  • October platinum sank $42.60 to $930.90 an ounce, ranging from $925.40 to $977.

  • Palladium for December delivery tumbled $82.30, or 3.4%, to $2,335.30 an ounce, trading between $2,310.30 and $2,413.90.

London Precious Metals Prices (LBMA)

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

  • Gold fell $25.55, or 1.3%, to $1,936.25 an ounce.
  • Silver declined 63.5 cents, or 2.3%, to $26.745 an ounce.

US Mint Bullion Sales in 2020

The United States Mint bullion sales advanced Thursday by a combined 6,000 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)
Thursday Last Week This Week July August September 2020 Sales
$50 American Eagle 1 Oz Gold Coin 5,500 1,500 7,500 107,500 104,000 9,000 548,000
$25 American Eagle 1/2 Oz Gold Coin 1,000 1,000 1,000 4,000 10,000 2,000 57,000
$10 American Eagle 1/4 Oz Gold Coin 0 2,000 0 10,000 20,000 2,000 86,000
$5 American Eagle 1/10 Oz Gold Coin 0 10,000 0 35,000 70,000 10,000 290,000
$50 American Buffalo 1 Oz Gold Coin 0 500 1,000 30,000 28,000 1,500 185,500
$1 American Eagle 1 Oz Silver Coin 0 1,000,000 331,000 1,084,500 4,477,000 1,331,000 19,509,000
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 45,000 0 0 45,000
$1 American Eagle 1 Oz Platinum Coin* 0 0 0 0 0 0 56,500

 

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