Gold Drops in September but Logs 8th Straight Quarterly Gain

by CoinNews.net on September 30, 2020 · 0 comments

100g fine gold 999.9 bar

Like most other precious metals, gold prices declined in September while still posting harp quarterly gains

Precious metals ended mixed Wednesday, mostly lower for the month and higher for the quarter. Gold’s quarterly gain was its eighth in a row.

Gold for December delivery gave back $7.70, or 0.4%, to settle at $1,895.50 an ounce on the Comex division of the New York Mercantile Exchange.

"The good thing for gold is, with more uncertainty, more people want to own gold, and in addition to that, it looks like some of the policies may continue, like the low and negative interest rates across the globe," Reuters quoted Michael Matousek, head trader at U.S. Global Investors.

Gold futures lost 4.2% in September but they still jumped 5.3% in the third quarter. They are 24.5% higher on the year to date.

Silver for December delivery sank 95.1 cents, or 3.9%, to close at $23.494. Silver futures traded 17.8% lower for the month yet soared 26.1% in the quarter. They are ahead 31.1% on the year.

In PGM futures on Wednesday, in September, and for the third quarter:

  • January platinum ended up $11.50, or 1.3%, to $909.20 an ounce, down 3.1% for the month yet 6.8% higher in the quarter.

  • Palladium for December delivery climbed $1.20, or 0.05%, to $2,330.50 an ounce, marking gains of 2.3% in September and 18.5% for the quarter.

The two are divided on the year so far with platinum 7% lower and palladium 22.1% higher.

London Precious Metals Prices (LBMA)

London precious metals prices mostly gained on Wednesday, they mostly fell in September, and they advanced during the third quarter. In comparing their latest day-over-day PM prices:

  • Gold added $2.95, or 0.2%, to $1,886.90 an ounce.
  • Silver declined 11 cents, or 0.5%, to $23.725 an ounce.
  • Platinum rose $4, or 0.5%, to $884 an ounce.
  • Palladium gained $60, or 2.6%, to $2,335 an ounce.

In LBMA monthly results, prices rose 7.3% for palladium while they declined 3.6% for gold, 13.3% for silver, and 4.9% for platinum.

In LBMA quarterly results, prices moved up 6.7% for gold, 33% for silver, 8.6% for platinum, and 22.6% for palladium.

US Mint Bullion Sales in 2020

United States Mint American Eagle and Buffalo sales slowed in September but were sharply higher than a year earlier. In headline comparisons:

  • American Eagle gold coins increased by 22,000 ounces in September, down 81.8% from the 121,000 ounces sold in August and 300% higher than the 5,500 ounces sold in September 2019. Year to date, American Gold Eagle sales at 637,500 ounces are 400% above the 127,500 ounces sold during the same period last year.

  • American Eagle silver coins rose by 2,958,500 ounces in September, down 33.9% from August sales of 4,477,000 ounces but 189.8% higher than the 1,021,000 ounces sold in September 2019. American Silver Eagle sales for the year so far at 21,136,500 coins are 42.2% higher than the 14,863,500 coins sold through the same time last year.

  • American Buffalo gold coins increased by 4,500 ounces in September, compared to 28,000 ounces in August, lifting their year-to-date total to 188,500 ounces. In 2019, September sales of the coins reached 2,500 ounces and their total through the first nine months of last year totaled 52,000 ounces.

  • American Platinum Eagles last registered gains in April and have year-to-date sales of 56,500 ounces. Last year’s issue finished with sales of 40,000 ounces, and also only had sales through the first four months of 2019.

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 Last Week July August September 2020 Sales
$50 American Eagle 1 Oz Gold Coin 0 9,500 107,500 104,000 18,500 557,500
$25 American Eagle 1/2 Oz Gold Coin 0 1,000 4,000 10,000 3,000 58,000
$10 American Eagle 1/4 Oz Gold Coin 0 2,000 10,000 20,000 4,000 88,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 35,000 70,000 10,000 290,000
$50 American Buffalo 1 Oz Gold Coin 0 3,000 30,000 28,000 4,500 188,500
$1 American Eagle 1 Oz Silver Coin 1,070,500 517,000 1,084,500 4,477,000 2,958,500 21,136,500
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 45,000 0 0 45,000
Tallgrass Prairie 5 oz Silver Coin* 0 45,000 N/A N/A 45,000 45,000
$1 American Eagle 1 Oz Platinum Coin* 0 0 0 0 0 56,500

 

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