Most precious metals advanced in their start to the new trading week on Monday, padding their monthly gains. Gold was one of the winners on the day, but it also stood alone with a loss in August — its first monthly decline in six months.
Gold for December delivery rose $3.70, or 0.2%, to settle at $1,978.60 an ounce on the Comex division of the New York Mercantile Exchange.
"Gold will continue to be one of the best beneficiaries of the dollar’s weakness so expect to see a retest above $2,000 in the upcoming weeks," wrote Hussein Sayed, chief market strategist at FXTM, in a Monday note according to MarketWatch.
Gold futures traded 0.4% lower in August following six straight monthly increases that had lifted prices by a combined $419.10 or 26.8%. Earlier this month, on Aug. 6, gold registered a record settlement of $2,069.40 an ounce. They are 29.9% higher on the year to date.
Silver for September delivery surged 80.4 cents, or 2.9%, to close at $28.594 an ounce. Silver futures rallied 18.1% in August, for their fifth straight monthly gain. They are 59.6% higher on the year.
In PGM futures on Monday and for the month:
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October platinum declined $2.10, or 0.2%, to $937.90 an ounce, but advanced 2.1% on the month.
- Palladium for December delivery jumped $47.80, or 2.1%, to $2,279.30 an ounce, for a 6.3% increase in August.
The two are divided on the year so far with platinum 4.1% lower and palladium 19.4% higher
London Precious Metals Prices (LBMA)
London market closed Monday for Summer Bank Holiday. In LBMA prices on Friday:
- Gold gained $33.50, or 1.7%, to $1,957.35 an ounce.
- Silver added 10.5 cents, or 0.4%, to $27.35 an ounce.
- Platinum was unchanged at $930 an ounce.
- Palladium moved ahead $8, or 0.4%, to $2,176 an ounce.
In LBMA results for August, prices fell 0.4% for gold while they gained 13.6% for silver, 2.8% for platinum, and 5.4% for palladium.
US Mint Bullion Sales in 2020
U.S. Mint American Eagle and Buffalo sales split in August from July with silver coin totals sharply higher and gold coin totals decently lower. In headline comparisons:
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American Eagle gold coins increased by 95,000 ounces in August, down 17.8% from the 115,500 ounces sold in July and 1,087.5% higher than the 8,000 ounces sold in August 2019. Year to date, American Gold Eagle sales at 589,500 ounces are383.2% above the 122,000 ounces sold during the same period last year.
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American Eagle silver coins climbed in August by 2,593,000 ounces, marking advances of 139.1% from July sales of 1,084,500 ounces and 157.5% from the 1,007,000 ounces sold in August 2019. American Silver Eagle sales for the year so far at 16,294,000 coins are 32.8% higher than the 12,269,000 coins sold through the same time last year.
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American Buffalo gold coins increased by 22,500 ounces in August, compared to 30,000 ounces in July, lifting their year-to-date total to 178,500 ounces. In 2019, August sales of the coins reached 1,500 ounces and their total through the first eight months of last year totaled 49,500 ounces.
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American Platinum Eagles last registered gains in April and have year-to-date sales of 56,500 ounces. Last year’s issue finished with sales of 40,000 ounces, and also only had sales through the first four months of 2019.
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) | ||||||
|---|---|---|---|---|---|---|
| Monday | Last Week | June | July | August | 2020 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 0 | 42,500 | 107,500 | 86,000 | 521,000 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 0 | 2,000 | 4,000 | 6,000 | 51,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 0 | 2,000 | 10,000 | 12,000 | 76,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 0 | 0 | 35,000 | 30,000 | 240,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 0 | 7,500 | 30,000 | 22,500 | 178,500 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 0 | 1,398,000 | 1,084,500 | 2,593,000 | 16,294,000 |
| America Samoa 5 oz Silver Coin* | 0 | 0 | 0 | 0 | 0 | 45,000 |
| Weir Farm 5 oz Silver Coin* | 0 | 0 | 0 | 0 | 0 | 45,000 |
| Salt River Bay 5 oz Silver Coin* | 0 | 0 | 0 | 0 | 0 | 45,000 |
| Marsh Billings 5 oz Silver Coin* | 0 | 0 | 0 | 45,000 | 0 | 45,000 |
| $1 American Eagle 1 Oz Platinum Coin* | 0 | 0 | 0 | 0 | 0 | 56,500 |
