Precious Metals Rebound Ahead of Fourth of July Break
Precious metals futures jumped Tuesday ahead of the U.S. Independence Day holiday break on Wednesday and after diving in their start to the week on Monday.
Gold for August delivery tacked on $11.80, or 1%, to settle at $1,253.50 an ounce on the Comex division of the New York Mercantile Exchange.
“If the gold and silver markets can add to their Tuesday gains the rest of this week and close near their weekly highs on Friday, such would be a bullish clue that these metals have put in near-term market bottoms,” Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report.
Gold futures ranged from a low of $1,238.80 to a high of $1,258.50. They lost 1% on Monday, ending at their lowest price since Dec. 12.
Meanwhile, silver for September delivery gained 20.8 cents, or 1.3%, to settle at $16.043 an ounce. Silver futures traded between $15.81 and $16.09. They tumbled 2.2% on Monday.
In other precious metals futures on Tuesday:
October platinum surged $32.90, or 4%, to $846.30 an ounce, ranging from $800.70 to $849.30.
- Palladium for September delivery rose $3.60, or 0.4%, to $938 an ounce, trading between $934.40 and $948.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Monday PM to Tuesday PM:
- Gold added $3.95 or 0.3%, to 1,251.75 an ounce.
- Silver shed 5 cents, or 0.3%, to $15.93 an ounce.
LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.
US Mint Bullion Sales in 2018
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.
|US Mint Bullion Sales (# of coins)|
|Tuesday / Week / July||Last Week||May||June||2018 Sales|
|$100 American Eagle 1 Oz Platinum Coin||0||0||10,000||0||30,000|
|$50 American Eagle 1 Oz Gold Coin||0||5,500||18,500||16,500||82,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||0||1,000||17,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||18,000||4,000||48,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||5,000||10,000||15,000||125,000|
|$50 American Buffalo 1 Oz Gold Coin||0||0||16,500||6,000||53,000|
|$1 American Eagle 1 Oz Silver Coin||0||95,000||380,000||435,000||6,822,500|
|Pictured Rocks 5 Oz Silver Coin||0||0||0||0||30,000|
|Apostle Islands 5 Oz Silver Coin||0||0||0||0||30,000|
|Voyageurs 5 Oz Silver Coin||0||1,100||0||30,000||30,000|