Gold Dips 0.7%; Platinum Extends Gains to Six Sessions

by CoinNews.net on November 19, 2020 · 0 comments

Partial Photo of Bullion Gold

Gold futures ended 0.7% higher on Thursday, Nov. 19

Platinum drove its winning streak Thursday to six straight sessions. Other precious metals, meanwhile, declined. Losses in gold and silver were their third in a row. Both finished at about 1-1/2-week lows.

Gold for December delivery settled down $12.40, or 0.7%, to $1,861.50 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the weakest since Nov. 9.

"Though there’s anticipation for more (stimulus), some people are electing to take profits until there’s more clarity." Reuters quoted said Jeffrey Sica, founder of Circle Squared Alternative Investments.

"(Vaccines) removed some of the longer-term uncertainty when it comes to the virus. So although there are concerns about the short-term implications of the spike, longer term, people are a lot more optimistic, which is probably why we’ve seen somewhat of a pullback in gold."

Gold futures ranged from a low of $1,850 to a high of $1,872.60. They lost 0.6% on Wednesday, they shed 0.1% on Tuesday, and they rose 0.08% on Monday.

Silver for December delivery dropped 40 cents, or 1.6%, to settle at $24.048. Like for gold, silver’s finish was its lowest since Nov. 9. Silver futures traded between $23.67 and $24.43. They fell 0.8% on Wednesday, they gave back 0.6% on Tuesday, and they edged 0.1% higher on Monday.

In PGM futures on Wednesday:

  • January platinum edged up 60 cents, or 0.06%, to $951.50 an ounce, ranging from $936.10 to $956.50.

  • Palladium for December delivery fell $34.20, or 1.5%, to $2,319.80 an ounce, trading between $2,270.60 and $2,334.50.

London Precious Metals Prices (LBMA)

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

  • Gold declined $18.75, or 1%, to $1,857.35 an ounce.
  • Silver fell 33.5 cents, or 1.4%, to $23.98 an ounce.

US Mint Bullion Sales in 2020

United States Mint bullion sales were unchanged Thursday. 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 September October November 2020 Sales
$50 American Eagle 1 Oz Gold Coin 0 7,000 23,500 18,500 64,500 52,500 674,500
$25 American Eagle 1/2 Oz Gold Coin 0 1,000 1,000 3,000 6,000 3,000 67,000
$10 American Eagle 1/4 Oz Gold Coin 0 4,000 2,000 4,000 8,000 10,000 106,000
$5 American Eagle 1/10 Oz Gold Coin 0 10,000 5,000 10,000 25,000 30,000 345,000
$50 American Buffalo 1 Oz Gold Coin 0 1,500 6,000 4,500 19,500 15,000 223,000
$1 American Eagle 1 Oz Silver Coin 0 1,048,500 276,000 2,958,500 3,397,000 3,456,000 27,989,500
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 45,000 0 0 45,000
$1 American Eagle 1 Oz Platinum Coin* 0 0 0 0 0 0 56,500

 

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