Precious Metals Fall Thursday, Oct. 22

by CoinNews.net on October 22, 2020 · 0 comments

Gold Bullion and Coins

Gold futures shed 1.3% on Thursday, Oct. 22

Precious metals declined Thursday following two days of increases. Gold’s loss was its first in four sessions. The yellow metal scored a more than one-month high on Wednesday.

Gold for December delivery fell $24.90, or 1.3%, to settle at $1,904.60 an ounce on the Comex division of the New York Mercantile Exchange.

"Both metals [gold and silver] continue to trade in an inverse fashion with the daily movements of the U.S. dollar index, which on this day is higher on a corrective bounce after hitting a six-week low Wednesday. The safe-haven gold and silver bulls need a new fundamental spark, such as a geopolitical flare-up, to break prices out of their weeks-long malaise," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily research note.

Gold futures ranged from a low of $1,894.20 to a high of $1,929.40. They gained 0.7% on Wednesday — for their best settlement since Sept. 18, they rose 0.2% on Tuesday and they moved up 0.3% on Monday.

Silver for December delivery dropped 53.2 cents, or 2.1%, to settle at $24.709. Silver futures traded between $24.46 and $25.23. They advanced 1% on Wednesday — for their highest close since Oct. 12, they added 1.1% on Tuesday and they tacked on 1.2% on Monday.

In other precious metals futures prices Thursday:

  • January platinum lost $9.90, or 1.1%, to $884 an ounce, ranging from $861.70 to $895.60.

  • Palladium for December delivery declined $31.60, or 1.3%, to $2,395.90 an ounce, trading between $2,366.80 and $2,428.90.

London Precious Metals Prices (LBMA)

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

  • Gold fell $23.20, or 1.2%, to $1,900.95 an ounce.
  • Silver declined 10.5 cents, or 0.4%, to $24.915 an ounce.

US Mint Bullion Sales in 2020

United States Mint bullion sales increased Thursday by a combined 2,000 ounces in gold 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)
Thursday Last Week This Week August September October 2020 Sales
$50 American Eagle 1 Oz Gold Coin 1,500 10,000 7,000 104,000 18,500 46,500 604,000
$25 American Eagle 1/2 Oz Gold Coin 0 1,000 2,000 10,000 3,000 5,000 63,000
$10 American Eagle 1/4 Oz Gold Coin 0 2,000 0 20,000 4,000 4,000 92,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 5,000 70,000 10,000 10,000 300,000
$50 American Buffalo 1 Oz Gold Coin 500 5,000 1,000 28,000 4,500 14,500 203,000
$1 American Eagle 1 Oz Silver Coin 0 873,000 724,000 4,477,000 2,958,500 2,423,000 23,559,500
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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