Gold Returns to Above $1,900

by CoinNews.net on October 14, 2020 · 0 comments

Fine Gold Bullion 999.9

Gold prices gained 0.7% on Wednesday, Oct. 14

Platinum stood alone with a loss Wednesday after all the metals declined on Tuesday. Gold’s increase was its fourth in five sessions.

Gold for December delivery rose $12.70, or 0.7%, to settle at $1,907.30 an ounce on the Comex division of the New York Mercantile Exchange.

"The $1,900 an ounce level has been a battle ground for gold," Reuters quoted Eli Tesfaye, senior market strategist at RJO Futures. "The market has tried to take it below that level several times but the bears have been overcome by demand from the uncertainty in the upcoming U.S. elections, Brexit and stimulus."

Gold futures ranged from a low of $1,885 to a high of $1,917.50. They shed 1.8% on Tuesday and they edged 0.1% higher on Monday for their best settlement since Sept. 18.

Silver for December delivery settled up 26.6 cents, or 1.1%, to $24.395. Silver futures traded between $23.93 and $24.73. They sank 4.5% on Tuesday and they gained 0.7% on Monday, also for their highest settlement since Sept. 18.

In PGM futures on Wednesday:

  • January platinum declined $9.90, or 1.1%, to $863.40 an ounce, ranging from $858 to $882.40.

  • Palladium for December delivery gained $22, or 0.9%, to $2,366.30 an ounce, trading between $2,323.80 and $2,381.90.

London Precious Metals Prices (LBMA)

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

  • Gold added $18.75, or 1%, to $1,910.05 an ounce.
  • Silver fell 76 cents, or 3.1%, to $24.175 an ounce.

US Mint Bullion Sales in 2020

United States Mint bullion sales increased Wednesday by 7,000 ounces in gold coins and by 582,000 ounces in silver coins.

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 3,500 16,000 7,000 104,000 18,500 36,500 594,000
$25 American Eagle 1/2 Oz Gold Coin 1,000 1,000 1,000 10,000 3,000 3,000 61,000
$10 American Eagle 1/4 Oz Gold Coin 2,000 0 2,000 20,000 4,000 4,000 92,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 0 70,000 10,000 5,000 295,000
$50 American Buffalo 1 Oz Gold Coin 2,500 2,000 3,000 28,000 4,500 11,500 200,000
$1 American Eagle 1 Oz Silver Coin 582,000 826,000 582,000 4,477,000 2,958,500 1,408,000 22,544,500
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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