Precious Metals Decline Wed., Oct. 7

by CoinNews.net on October 7, 2020 · 0 comments

Bullion, 3 Gold Bars

Gold gave back 0.9% on Wednesday, Oct. 7

Precious metals fell Wednesday. Losses in gold, silver and platinum were their second in a row while palladium’s fall was its first in three sessions.

Gold for December delivery declined $18, or 0.9%, to settle at $1,890.80 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was gold’s weakest since Sept. 28.

"Technically, December gold futures bulls still have the overall near-term technical advantage. A two-month-old downtrend is in place on the daily bar chart, and trendline resistance turned back this week’s rally. Bulls’ next upside price objective is to produce a close in October futures above solid resistance at this week’s high of $1,927.00," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily research note.

Gold futures ranged from a low of $1,877.10 to a high of $1,902.40. They fell 0.6% on Tuesday and they rose 0.7% on Monday — marking their highest settlement since Sept.18.

Silver for December delivery shed 2.5 cents, or 0.1%, to close at $23.896. Silver futures traded between $23.09 and $24.12. They tumbled 2.6% on Tuesday and they surged 2.2% on Monday — logging their highest close since Sept. 18.

In PGM futures on Wednesday:

  • January platinum dipped $3.50, or 0.4%, to $866.80 an ounce, ranging from $855.50 to $876.10.

  • Palladium for December delivery fell $9.10, or 0.4%, to $2,382.10 an ounce, trading between $2,358.60 and $2,397.50.

London Precious Metals Prices (LBMA)

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

  • Gold dropped $28.90, or 1.5%, to $1,884.50 an ounce.
  • Silver plummeted 77 cents, or 3.2%, to $22.53 an ounce.

US Mint Bullion Sales in 2020

United States Mint bullion sales increased Wednesday by 1,000 ounces in American Gold Eagles and 177,000 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 August September October 2020 Sales
$50 American Eagle 1 Oz Gold Coin 1,000 13,500 15,000 104,000 18,500 28,500 586,000
$25 American Eagle 1/2 Oz Gold Coin 0 1,000 1,000 10,000 3,000 2,000 60,000
$10 American Eagle 1/4 Oz Gold Coin 0 2,000 0 20,000 4,000 2,000 90,000
$5 American Eagle 1/10 Oz Gold Coin 0 5,000 0 70,000 10,000 5,000 295,000
$50 American Buffalo 1 Oz Gold Coin 0 6,500 2,000 28,000 4,500 8,500 197,000
$1 American Eagle 1 Oz Silver Coin 177,000 1,070,500 826,000 4,477,000 2,958,500 826,000 21,962,500
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 0 0 0 45,000
Tallgrass Prairie 5 oz Silver Coin* 0 0 0 N/A 45,000 0 45,000
$1 American Eagle 1 Oz Platinum Coin* 0 0 0 0 0 0 56,500

 

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