Precious Metals Tumble; Gold and Silver End at 1-Month Lows

by CoinNews.net on October 28, 2020 · 0 comments

Gold Bullion Bars, Three

Gold prices fell 1.7% on Wednesday, Oct. 28

Precious metals tumbled Wednesday, registering losses that ranged from 1.3% for platinum to 4.9% for silver. Gold closed at a more than one-month low after scoring its sixth gain in seven sessions on Tuesday.

Gold for December delivery lost $32.70, or 1.7%, to settle at $1,879.20 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since Sept. 25.

"The go-to safe haven just now is the U.S. dollar and the combined effect of a strong dollar, plus the need for investors to raise funds for margins calls," conspired to see gold lower, Ross Norman, chief executive officer of Metals Daily, told MarketWatch.

Gold futures ranged from a low of $1,876.30 to a high of $1,912.60. They added 0.3% on Tuesday and they edged up 0.03% on Monday.

Silver for December delivery sank $1.21 to settle at $23.359. Like for gold, silver’s close was its worst since Sept. 25.

Silver futures traded between $23.36 and $24.68. They climbed 0.6% on Tuesday and they fell 1% on Monday.

In PGM futures on Wednesday:

  • January platinum declined $11.80 to $875 an ounce, ranging from $856.20 to $890.

  • Palladium for December delivery fell $103.30, or 4.4%, to $2,250.60 an ounce, trading between $2,212.60 and $2,367.40.

London Precious Metals Prices (LBMA)

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

  • Gold declined $35.75, or 1.9%, to $1,869.95 an ounce.
  • Silver fell 51 cents, or 2.1%, to $23.925 an ounce.

US Mint Bullion Sales in 2020

United States Mint bullion sales were unchanged. 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 0 7,000 8,000 104,000 18,500 54,500 612,000
$25 American Eagle 1/2 Oz Gold Coin 0 2,000 1,000 10,000 3,000 6,000 64,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 4,000 20,000 4,000 8,000 96,000
$5 American Eagle 1/10 Oz Gold Coin 0 5,000 10,000 70,000 10,000 20,000 310,000
$50 American Buffalo 1 Oz Gold Coin 0 1,000 4,500 28,000 4,500 19,000 207,500
$1 American Eagle 1 Oz Silver Coin 0 761,000 937,000 4,477,000 2,958,500 3,397,000 24,533,500
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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