Precious metals declined Wednesday, registering losses ranging from 1.6% for palladium to 3% for silver. Gold’s loss was its first in three sessions, and after having posted a three-week high on Tuesday.
Gold for February delivery fell $36.40, or 1.9%, to settle at $1,838.50 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since last Wednesday, Dec. 2.
"There is the anticipation that some of the chaos that has resulted from the pandemic is going to subside (now that) they are beginning to disperse the vaccine in some parts of the world," Reuters quoted Jeffrey Sica, founder of Circle Squared Alternative Investments.
Gold futures ranged from a low of $1,828.20 to a high of $1,875.90. They rose 0.5% on Tuesday — marking their best settlement since Nov. 17, and they gained 1.4% on Monday.
Silver for March delivery tumbled 74.6 cents to close at $23.99 an ounce. The settlement was the lowest since Nov. 30. Silver futures traded between $23.69 and $24.76. They dipped 0.2% on Tuesday and they rose 2.2% on Monday, finishing at their best level since Nov. 16.
In PGM futures on Wednesday:
January platinum declined $18.50, or 1.8%, to $1,018.50 an ounce, ranging from $998.10 to $1,042.70.
- Palladium for March delivery lost $37.30 to $2,290.60 an ounce, trading between $2,275 and $2,333.50.
London Precious Metals Prices (LBMA)
In comparing earlier fixed London gold and silver prices from Tuesday PM to Wednesday PM:
- Gold fell $26.40, or 1.4%, to $1,841.75 an ounce.
- Silver declined 39 cents, or 1.6%, to $24.085 an ounce.
US Mint Bullion Sales in 2020
United States Mint bullion sales were unchanged Wednesday. 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||October||November||December||2020 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||12,500||16,000||64,500||77,000||22,500||721,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||0||6,000||4,000||0||68,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||0||8,000||10,000||0||106,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||5,000||0||25,000||35,000||0||350,000|
|$50 American Buffalo 1 Oz Gold Coin||0||7,500||1,000||19,500||23,500||5,500||237,000|
|$1 American Eagle 1 Oz Silver Coin||0||800,000||475,000||3,397,000||4,805,000||751,000||30,089,500|
|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||0||0||0||45,000|
|$1 American Eagle 1 Oz Platinum Coin*||0||0||0||0||0||0||56,500|