Precious metals futures prices logged declines Wednesday that ranged from 2% for platinum to 2.6% for silver. Losses in gold, silver and platinum were their first in three sessions. Metals dropped further in after-hours trade following the release of minutes from the Fed’s last policy meeting.
Gold for December delivery dropped $42.80, or 2.1%, to settle at $1,970.30 an ounce on the Comex division of the New York Mercantile Exchange.
Gold futures ranged from a low of $1,941.20 to a high of $2,015.60. They gained 0.7% on Tuesday and they bounced 2.5% on Monday. A week ago Thursday, Aug. 6, gold posted a record settlement of $2,069.40 an ounce.
Following the release of minutes from the Fed’s July meeting, gold in electronic trading was last near $1,953 an ounce.
Silver for September delivery fell 73.5 cents to close at $27.34 an ounce. Silver futures traded between $26.62 and $28.13. They moved ahead 1.5% on Tuesday and they surged 6.1% on Monday. A week ago Monday, Aug. 10, silver closed at $29.261 an ounce for its best settlement since Feb. 19, 2013.
Silver was last near $26.98 an ounce in after-hours trading.
In PGM futures on Wednesday:
-
October platinum declined $19.10 to $956.30 an ounce, ranging from $942.70 to $979.80.
- Palladium for September delivery lost $49.20, or 2.2%, to $2,179.10 an ounce, trading between $2,163 and $2,222.
London Precious Metals Prices (LBMA)
In comparing earlier fixed London gold and silver prices from Tuesday PM to Wednesday PM:
- Gold declined $27.75, or 1.4%, to $1,981 an ounce.
- Silver sank 88.5 cents, or 3.1%, to $27.44 an ounce.
US Mint Bullion Sales in 2020
U.S. Mint bullion sales increased Wednesday by 1,000 ounces in American Gold Eagles. 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 | June | July | August | 2020 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 1,000 | 41,000 | 15,500 | 42,500 | 107,500 | 85,000 | 520,000 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 0 | 5,000 | 2,000 | 4,000 | 5,000 | 50,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 0 | 12,000 | 2,000 | 10,000 | 12,000 | 76,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 0 | 20,000 | 0 | 35,000 | 20,000 | 230,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 12,000 | 4,000 | 7,500 | 30,000 | 22,500 | 178,500 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 675,000 | 1,000,000 | 1,398,000 | 1,084,500 | 2,593,000 | 16,294,000 |
| 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 | 45,000 | 0 | 45,000 |
| $1 American Eagle 1 Oz Platinum Coin* | 0 | 0 | 0 | 0 | 0 | 0 | 56,500 |
