Gold and Silver Prices Finish at Two-Month Lows

by CoinNews.net on September 23, 2020 · 0 comments

Gold bullion and nuggets

Gold prices shed 2.1% on Wednesday, Sept. 23

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

 

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