Precious metals gained on Wednesday, recovering at least a portion of their prior-day losses. They still declined in June, however, although gold, silver and palladium managed to score strong gains in the second quarter.
Gold for August delivery rose $8, or 0.5%, to settle at $1,771.60 an ounce on the Comex division of the New York Mercantile Exchange.
"Short covering and perceived bargain buying are featured after [gold] prices hit 2.5-month lows Tuesday. Falling U.S. Treasury bond yields this week are also a minor positive for the precious metals markets. However, gains in gold and silver are still being limited at mid-week by bearish near-term technical charts and scant risk aversion in the marketplace as the first half of 2021 draws to a close today," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
Gold futures ranged from a low of $1,753.20 to a high of $1,774.70. They fell 1% on Tuesday, for their lowest settlement since April 14, and they rose 0.2% on Monday.
In the longer haul, gold prices declined 7% in June, trimming their second quarterly gain to 3.3%. They are 6.5% lower through the first half of 2021.
Meanwhile, silver for September delivery moved up 29.3 cents, or 1.1%, to end at $26.194 an ounce. Silver futures traded between $25.80 and $26.22. They lost 1.3% on Tuesday, for their weakest close since June 22, and they climbed 0.5% on Monday.
Silver prices booked a 6.5% monthly loss, pulling down their quarterly increase to 6.8%. They are 0.8% lower for the year to date.
In PGM futures on Wednesday, for the month and in the second quarter:
October platinum added $2.30, or 0.2%, to $1,072.90 an ounce, ranging from $1,049.10 to $1,075.50. Platinum dropped 2.6% on Tuesday and fell 0.5% on Monday. The metal sank 9.3% in June and plunged 10% in the quarter.
- Palladium for September delivery jumped $98, or 3.7%, to $2,779.20 an ounce, trading between $2,670 and $2,793. Palladium slipped 0.7% on Tuesday but surged 2.4% on Monday. It has a week-to-date gain of 12.5%. Prices declined 1.8% in June but still registered a quarterly advance of 6.1%.
Through the first half of 2021, platinum dipped 0.6% while palladium soared 13.3%.
US Mint Bullion Sales in 2021
The United States Mint has not published bullion sales gains for more than two weeks. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold during varying periods.
|US Mint Bullion Sales (# of coins)|
|Wednesday / This Week||Last Week||March Sales||April Sales||May||June||2021 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||0||55,500||38,500||20,500||4,000||430,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||0||0||0||0||31,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||20,000||0||0||0||56,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||55,000||0||0||0||150,000|
|$50 American Buffalo 1 Oz Gold Coin||0||0||33,500||11,000||44,000||7,000||173,000|
|$1 American Eagle 1 Oz Silver Coin||0||0||4,087,000||1,053,000||0||0||13,106,500|
|$100 American Eagle 1 Oz Platinum Coin||0||0||35,000||0||40,000||0||75,000|
|Tuskegee Airmen 5 oz Silver Coin||0||0||N/A||50,000||2,900||0||52,900|