Gold Tumbles to 16-Week Settlement Low

by CoinNews.net on November 9, 2020 · 0 comments

Shelves of gold bullion bars

Gold finished at its lowest level since July 21

Gold, silver and platinum sank Monday, while palladium finished almost unchanged. Losses in gold and silver come on the heels of their seven-week settlement highs on Friday.

Gold for December delivery dropped $97.30, or 5%, to settle at $1,854.40 an ounce on the Comex division of the New York Mercantile Exchange. The close was gold’s weakest since July 21.

Safe-havens saw pressure, opined analysts, on positive news about a COVID-19 vaccine candidate.

"News from Pfizer that it has developed a very promising Covid-19 vaccine spiked up risk appetite in the marketplace. Stock markets soared on the news, including U.S. indexes hitting record highs. The metals markets were also hit by a solid rally in the U.S. dollar index today," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily research note.

Gold futures ranged from a low of $1,848 to a high of $1,966.10. They gained 3.8% last week, ending Friday at their highest price since Sept. 18.

Meanwhile, silver for December delivery tumbled $1.96, or 7.6%, to settle at $23.701. The finish was the lowest since Oct. 30. Silver futures traded between $23.60 and $26.14. They soared 8.5% last week, also closing Friday at their best level since Sept. 18.

In other precious metals futures prices on Monday:

  • January platinum declined $32, or 3.6%, to $867.40 an ounce, ranging from $849.20 to $909.

  • Palladium for December delivery shed 80 cents, or 0.03, to $2,499.20 an ounce, trading between $2,439.30 and $2,523.

Last week platinum jumped 6% and palladium surged 12.8%.

London Precious Metals Prices (LBMA)

In comparing earlier fixed London gold and silver prices from Friday PM to Monday PM:

  • Gold fell $73.50, or 3.8%, to $1,867.30 an ounce.
  • Silver declined 67.5 cents, or 2.6%, to $25.105 an ounce.

In LBMA results last week, prices moved ahead 3.1% for gold, 9.1% for silver, 6.9% for platinum and 10% for palladium.

US Mint Bullion Sales in 2020

United States Mint bullion sales increased Monday by 1,048,000 ounces in silver coins and a combined 11,000 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)
Monday Last Week September October November 2020 Sales
$50 American Eagle 1 Oz Gold Coin 7,000 22,000 18,500 64,500 29,000 651,000
$25 American Eagle 1/2 Oz Gold Coin 1,000 1,000 3,000 6,000 2,000 66,000
$10 American Eagle 1/4 Oz Gold Coin 4,000 4,000 4,000 8,000 8,000 104,000
$5 American Eagle 1/10 Oz Gold Coin 10,000 15,000 10,000 25,000 25,000 340,000
$50 American Buffalo 1 Oz Gold Coin 1,500 7,500 4,500 19,500 9,000 217,000
$1 American Eagle 1 Oz Silver Coin 1,048,500 1,653,000 2,958,500 3,397,000 2,701,500 27,235,000
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 45,000 0 0 45,000
$1 American Eagle 1 Oz Platinum Coin* 0 0 0 0 0 56,500

 

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