Gold prices climbed Wednesday for a second day in a row while silver, platinum and palladium extended their gains to five straight sessions. Silver, notably, ended at a fresh, more than 12-week high.
Gold for June delivery added $6.50 or 0.4%, to settle at $1,752.10 an ounce on the Comex division of the New York Mercantile Exchange.
"We are seeing with both gold and silver is precious metals continuing to respond positively to central bank and government stimulus, particularly [Federal Reserve Chairman Jerome Powell’s] recent comments about using all the tools at his disposal," MarketWatch quoted Colin Cieszynski, chief market strategist at SIA Wealth Management.
Gold futures ranged from a low of $1,744 to a high of $1,757.60. They rose 0.7% on Tuesday and they fell 1.3% on Monday. The yellow metal is down on the week to date by 0.2%.
Silver for July delivery gained 13 cents, or 0.7%, to end at $18.031 an ounce. The settlement was the highest since Feb. 25 when silver finished at $18.191 an ounce. Silver futures traded between $17.75 and $18.17. They rallied 2.5% on Tuesday and they advanced 2.3% on Monday. They are 5.6% higher on the week.
In PGM futures on Wednesday:
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July platinum advanced $44.90, or 5.1%, to $934.50 an ounce, ranging from $889 to $943. Platinum is 14.4% higher on the week to date.
- Palladium for June delivery soared $84.70, or 4.1%, to $2,159.40 an ounce, trading between $2,064.10 and $2,170. Palladium is 16.2% higher on the week.
London Precious Metals Prices (LBMA)
In comparing earlier fixed London gold and silver prices from Tuesday PM to Wednesday PM:
- Gold rose $10.35, or 0.6%, to $1,748.30 an ounce.
- Silver added 35 cents, or 2%, to $17.47 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.
| US Mint Bullion Sales (# of coins) | ||||||
|---|---|---|---|---|---|---|
| Wednesday | Last Week | This Week | April | May | 2020 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 0 | 1,500 | 105,000 | 3,500 | 283,000 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 0 | 0 | 0 | 5,000 | 38,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 0 | 0 | 0 | 10,000 | 50,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 0 | 0 | 0 | 0 | 175,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 0 | 1,500 | 28,500 | 1,500 | 117,500 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 0 | 490,000 | 750,000 | 490,000 | 11,218,500 |
| $1 American Eagle 1 Oz Platinum Coin | 0 | 0 | 0 | 1,500 | 0 | 56,500 |
In terms of 5-ounce silver bullion sales for 2020, the U.S. Mint is working on getting them automated and reported. Initial U.S. Mint-provided figures have the first two 2020-dated pieces at 45,000 produced and sold per issue. These amounts are being verified.
