Excluding palladium, precious metals declined Wednesday. Palladium’s win was its first in three sessions. Gold and silver ended at two-month lows.
Gold for December delivery lost $39.20, or 2.1%, to settle at $1,868.40 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since July 22.
"The stronger dollar is pressuring gold, as is the lack of any stimulus package coming out of Washington, but we think the complex is oversold both fundamentally and technically and we would not go short here," Edward Meir, analyst at ED&F Man Capital Markets, wrote in a note Wednesday reported by MarketWatch.
Gold futures ranged from a low of $1,865 to a high of $1,909.90. They lost 0.2% on Tuesday and they fell 2.6% on Monday.
Silver for December delivery dropped $1.42, or 5.8%, to settle at $23.105 an ounce. The settlement was the lowest since July 24. Silver futures traded between $22.95 and $24.62. They edged 0.6% higher on Tuesday and they plunged 10.1% on Monday.
In PGM futures on Wednesday:
October platinum declined $14.40, or 1.7%, to $843 an ounce, ranging from $833 to $874.
- Palladium for December delivery rose $28.70, or 1.3%, to $2,258.30 an ounce, trading between $2,184.80 and $2,296.60.
London Precious Metals Prices (LBMA)
In comparing earlier fixed London gold and silver prices from Tuesday PM to Wednesday PM:
- Gold declined $32.60, or 1.7%, to $1,873.40 an ounce.
- Silver dropped 70.5 cents, or 2.9%, to $23.595 an ounce.
US Mint Bullion Sales in 2020
United States Mint bullion sales increased Wednesday by 68,000 ounces in American Silver 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||July||August||September||2020 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||7,500||9,500||107,500||104,000||18,500||557,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||1,000||1,000||4,000||10,000||3,000||58,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||2,000||10,000||20,000||4,000||88,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||0||35,000||70,000||10,000||290,000|
|$50 American Buffalo 1 Oz Gold Coin||0||1,000||3,000||30,000||28,000||4,500||188,500|
|$1 American Eagle 1 Oz Silver Coin||68,000||331,000||517,000||1,084,500||4,477,000||1,888,000||20,066,000|
|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|
|Tallgrass Prairie 5 oz Silver Coin*||0||N/A||45,000||N/A||N/A||45,000||45,000|
|$1 American Eagle 1 Oz Platinum Coin*||0||0||0||0||0||0||56,500|