Gold Scores 7-Week High; Silver Marks 2-Week High

by CoinNews.net on November 5, 2020 · 1 comment

Bullion Bar and Gold Bullion Coins

Gold logged its best finish since Sept. 18

Precious metals futures rallied Thursday, posting gains that ranged from 2.7% for gold to 5.4% for silver. Gold ended at a seven-week high while silver finished at a bit more than two-week high.

Gold for December delivery jumped $50.60 to settle at $1,946.80 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the strongest since Sept. 18.

"The market is telling us that a large part of the gold price correction was due to the uncertainty relating to the upcoming election," Brien Lundin, editor of Gold Newsletter, told MarketWatch. "While there’s still plenty of uncertainty remaining," the rally shows that "gold bulls are at least somewhat reassured and expecting significant stimulus regardless of the eventual outcome."

Gold futures ranged from a low of $1,902.20 to a high of $1,954.30. They lost 0.7% on Wednesday, they rose 1% on Tuesday for their best finish since Oct. 27, and they gained 0.7% on Monday.

Silver for December delivery soared $1.30 to settle at $25.191. Silver futures traded between $2395 and $25.27. The finish was silver’s highest since Oct. 21. Silver futures gave back 1.8% on Wednesday, they added 1.3% on Tuesday, and they advanced 1.6% on Monday.

In other precious metals prices Thursday:

  • January platinum gained $29.80, or 3.4%, to $899.90 an ounce, ranging from $870.20 to $910.50.

  • Palladium for December delivery tacked on $76, or 3.3%, to $2,383.60 an ounce, trading between $2,282.50 and $2,437.10.

London Precious Metals Prices (LBMA)

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

  • Gold added $38.30, or 2%, to $1,938.45 an ounce.
  • Silver added 59.5 cents, or 2.5%, to $24.57 an ounce.

US Mint Bullion Sales in 2020

United States Mint bullion sales increased Wednesday by 2,500 ounces in American Gold Eagles and 1,500 ounces in American Gold Buffalos.

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 Week / Nov September October 2020 Sales
$50 American Eagle 1 Oz Gold Coin 2,500 18,000 17,000 18,500 64,500 639,000
$25 American Eagle 1/2 Oz Gold Coin 0 1,000 1,000 3,000 6,000 65,000
$10 American Eagle 1/4 Oz Gold Coin 0 4,000 4,000 4,000 8,000 100,000
$5 American Eagle 1/10 Oz Gold Coin 0 15,000 10,000 10,000 25,000 325,000
$50 American Buffalo 1 Oz Gold Coin 1,500 5,000 7,500 4,500 19,500 215,500
$1 American Eagle 1 Oz Silver Coin 0 937,000 1,653,000 2,958,500 3,397,000 26,186,500
America Samoa 5 oz Silver Coin* 0 0 0 0 0 45,000
Weir Farm 5 oz Silver Coin* 0 0 0 0 0 45,000
Salt River Bay 5 oz Silver Coin* 0 0 0 0 0 45,000
Marsh Billings 5 oz Silver Coin* 0 0 0 0 0 45,000
Tallgrass Prairie 5 oz Silver Coin* 0 0 0 45,000 0 45,000
$1 American Eagle 1 Oz Platinum Coin* 0 0 0 0 0 56,500

 

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Andy

Forget the US Mint and their privy mark eagles, just focus on the bullion. Gold and silver have held their value for thousands uf years, what is a PR70 2014 gold Kennedy half worth today? BULLION.