Gold and silver futures rallied Wednesday on safe-haven demand. Gold topped the $1,500 an ounce milestone and closed at its best price in 6.3 years while silver surged 4.6% to end at an almost 14-month high.
Gold for December delivery jumped $35.40, or 2.4%, to settle at $1,519.60 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since April 11, 2013 when gold ended at $1,564.90 an ounce.
"Gold captured the $1,500 an ounce level and the rally seems set to roll on as no one is expecting any immediate progress on the trade front and the proactive easing efforts from central banks globally," wrote Edward Moya, senior market analyst at Oanda, in a Wednesday research note reported by MarketWatch. "When the Fed capitulates later this month that could be the catalyst to support the drive towards the $1,650 an ounce level."
Gold futures ranged from a low of $1,484.30 to a high of $1,522.70. They rose 0.5% on Tuesday and gained 1.3% on Monday.
Silver for September delivery soared 75.1 cents to close at $17.196 an ounce. The finish was the highest since June 14, 2018 when silver ended at $17.262 an ounce. Silver futures traded between $16.45 and $17.21. They added 0.3% on Tuesday and increased 0.8% on Monday.
In PGM futures on Wednesday:
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October platinum tacked on $17.80, or 2.1%, to $871 an ounce, ranging from $849.60 to $873.50.
- Palladium for September gained $26.70, or 1.9%, to $1,410.30 an ounce, trading between $1,392.10 and $1,442.60.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Tuesday PM to Wednesday PM:
- Gold rose $40.80, or 2.8%, to $1,506.05 an ounce.
- Silver added 43.5 cents, or 2.7%, to $16.82 an ounce.
LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.
US Mint 2019 Bullion Sales
United States Mint bullion sales were unchanged. 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 | July | August | 2019 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 1,500 | 1,000 | 2,500 | 1,000 | 82,000 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 1,000 | 0 | 3,000 | 0 | 22,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 0 | 0 | 2,000 | 0 | 28,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 0 | 0 | 15,000 | 0 | 160,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 500 | 500 | 500 | 1,000 | 49,000 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 756,000 | 0 | 1,240,000 | 0 | 11,262,000 |
| War in the Pacific 5 Oz Silver Coin | 0 | 65,000 | 0 | 57,000 | 8,000 | 65,000 |
| American Memorial Park 5 Oz Silver Coin | 0 | 0 | 0 | 0 | 0 | 78,000 |
| Lowell 5 Oz Silver Coin* | N/A | 80,000 | ||||
| $100 American Eagle 1 Oz Platinum Coin* | N/A | 40,000 | ||||
