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|