Gold is up on the month but down over $50 on the week

Gold futures declined over $19 today, with the most active contract (June 2020) breaking below a key support level at $1700, and is currently fixed at $1693.90. However, even with the declines that have occurred this week gold pricing still gained 6% this month.

Lower gold prices were curtailed somewhat by dollar weakness. The U.S. dollar index is currently fixed at 99.015 and is showing a net decline of – 0.63% in trading today. Dollar weakness today took the index below its 50-day moving average, a key indicator analyst used to determine the short-term trend of a stock, commodity or index.

Spot gold sold off even harder currently fixed at $1684.80, after factoring in today’s decline of approximately $29. According to the KGX (Kitco Gold Index) selling pressure took gold pricing down $38, however dollar weakness softened that decline by $8.70, resulting in today’s decline of $29.30.

Today’s weekly jobless claims came in at 3.84 million new unemployment claims, slightly above economists’ estimates of 3.5 million indicating that the economy continues to contract.

According to Tyler Richey, co-editor at Sevens Report Research, and reported in MarketWatch, traders moved to “square their books into the end of the month,”

Statements made by both the Federal Reserve and the ECB (European Central Bank) indicated that both entities will continue to take emergency steps to help curb a contracting GDP in the United States as well as the eurozone. The Fed announced that they will leave federal funds-rates at near zero, and reiterated that it will continue to use all and any policy tools available to them. The ECB allocated €750 billion for a Pandemic Emergency Purchase Program, and also left their interest rates unchanged.

On a technical basis gold broke through two key levels of support today as it traded to lower pricing. First gold futures traded and closed below the key psychological level of $1700 per ounce. Secondly it broke below the 21-day exponential moving average which is currently fixed at $1699. While pricing is still above the 50-day moving average, which is currently fixed at $1648.50, this week’s sharp decline of over $50 is bewildering.

Currently we show the next level of support at $1681.80, which is the 50% retracement of the most recent rally which began at $1580 and concluded at $1788. Below that is the next level of support occurs at $1660 which corresponds to the 38% Fibonacci retracement of a larger data set beginning on March 16th when gold was trading at $1451 per ounce, and concludes at this year’s high of $1788.


Gold trades fractionally higher, overcoming a drop in consumer confidence

Gold Tops $1,750/oz; Ends Trading Week At Best Price Since October 2012

Precious metals prices gained Thursday, the final trading day of the holiday-shortened week. Major U.S. and European markets are closed tomorrow, April 10, in observance of Good Friday. All the metals scored weekly increases. As for the day, silver jumped 5.6% to end at a more than one-month high and gold soared 4.1% to notch a more than seven-year high.

Gold prices rallied 6.5% this week, logging a more than seven-year high

Gold for June delivery on Thursday jumped $68.50 to settle at $1,752.80 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest for gold since it closed at $1,753 an ounce on Oct. 17, 2012.

“The market is flooded with cash from central banks around the world which is inflating gold prices at this highly uncertain time,” MarketWatch quoted Craig Erlam, senior market analyst at Oanda, in a daily research report.

Gold futures surged 6.5% this week after sliding 0.5% last week. The yellow metal is 15.1% higher on the year to date. In looking ahead to next week, Kitco News offers the following forecasts via their Wall Street & Main Street surveys:

“All fifteen market professionals who took part in the Wall Street survey look for gold to rise next week…”

“Meanwhile, 1,172 votes were cast in an online Main Street poll. A total of 821 voters, or 70%, looked for gold to rise in the next week. Another 222, or 19%, said lower, while 129, or 11%, were neutral.”

Elsewhere, silver for May delivery advanced 84.8 cents to settle at $16.053 an ounce. The close was the highest since March 6 when silver ended at $17.263 an ounce. Silver futures traded 10.8% higher this week after falling 0.3% last week. They are down 10.4% on the year.

In other precious metals prices on Thursday and for the week:

  • July platinum added $15, or 2%, to end at $748.60 an ounce, for a 4.3% weekly gain.
  • Palladium for June delivery gained $14.80, or 0.7%, to finish at $2,110 an ounce, for a 0.2% increase on the week.

The two are split on the year so far with platinum off 23.4% and palladium up 10.5%.

London Precious Metals Prices (LBMA)

London precious metals prices ended divided Thursday and gained on the week. In comparing their levels from Wednesday PM to Thursday PM:

  • Gold rose $32.85, or 2%, to $1,680.65 an ounce.
  • Silver added 11 cents, or 0.7%, to $15.175 an ounce.
  • Platinum fell $6, or 0.8%, to $735 an ounce.
  • Palladium declined $14, or 0.6%, to $2,166 an ounce.

In LBMA weekly results, gains reached 4.2% for gold, 5.5% for silver, 2.9% for platinum, and 1.2% for palladium.

US Mint Bullion Sales in 2020

United States Mint bullion sales slowed from a week ago. In week-over-week comparisons:

  • Sales of American Platinum Eagles were flat after rising by 25,000 coins last week.
  • Combined sales of American Gold Eagles rose by 12,000 ounces after rising by 43,000 ounces last week.
  • Sales of American Silver Eagles moved up by 350,000 coins after increasing by 650,000 coins last week.
  • Sales of American Buffalo gold coins were flat for a second week in a row.

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)

Thursday Last Week This Week January February March April 2020 Sales
$50 American Eagle 1 Oz Gold Coin 0 43,000 12,000 38,000 3,500 133,000 45,500 220,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 23,000 2,000 8,000 0 33,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 18,000 2,000 20,000 0 40,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 0 60,000 20,000 95,000 0 175,000
$50 American Buffalo 1 Oz Gold Coin 0 0 0 21,000 1,000 47,500 0 69,500
$1 American Eagle 1 Oz Silver Coin 0 650,000 350,000 3,846,000 650,000 5,482,500 350,000 10,328,500
$1 American Eagle 1 Oz Platinum Coin 0 25,000 0 14,500 9,300 31,200 0 55,000

Continue reading Gold Tops $1,750/oz; Ends Trading Week At Best Price Since October 2012

2020-W $50 Proof American Buffalo Gold Coin Released

Today, April 9, the United States Mint kicked off sales of the 2020-W $50 Proof American Gold Buffalo. Made for coin collectors and containing 1 ounce of .9999 fine 24-karat gold, the piece debuted for $2,315.

U.S. Mint product Images for the 2020-W $50 Proof American Buffalo Gold Coin. The coin ships in a hardwood box with a matte finish and a leather-like inset. It is accompanied by a Certificate of Authenticity.

This release is the numismatic version of a companion bullion coin made for investors. Both are authorized under Public Law 109-145.

“The American Buffalo One Ounce Gold Proof Coin is the first 24-karat gold proof coin ever struck by the U.S. Mint and is the coin collector version of the official United States Mint American Buffalo Gold Bullion Coin,” the U.S. Mint describes.

Sales of Proof American Buffalo Gold Coins from 2006 to 2019

The first proof American Gold Buffalo launched in 2006. The 1-ounce coins opened at prices and achieved sales of:

Year Debut Price Final Sales
2019 (released on April 12) $1,660.00 14,279*
2018 (released on May 10) $1,710.00 15,756
2017 (released on May 11) $1,590.00 15,810
2016 (released on March 31) $1,590.00 21,878
2015 (released on April 9) $1,590.00 16,591
2014 (released on May 8) $1,640.00 20,557
2013 (released on May 23) $1,790.00 18,594
2012 (released March 15) $1,960.00 19,715
2011 (released May 19) $1,760.00 28,683
2010 (released June 3) $1,510.00 49,263
2009 (released October 29) $1,360.00 49,306
2008 (released July 22) $1,199.95 18,863
2007 (released May 23) $825.95 58,998
2006 (released June 22) $800.00 246,267

*The 2019-dated coin is currently unavailable. The U.S. Mint last published it sales through the week ending Jan. 12, 2020, so its final figure is likely higher.

Along with the 1-ounce proof and bullion coins, the U.S. Mint has issued other variations of the American Gold Buffalo to include fractional editions and a special reverse proof to celebrate the anniversary of the designs.

Coin Designs

The gold coin’s obverse showcases a right-facing portrait of a Native American. The image by James Earle Fraser is said to be created from a composite of three different individuals. Inscriptions around the design include ‘LIBERTY’, a ‘W’ mint mark to denote its production at the West Point Mint, ‘2020’, and an ‘F’ for the artist’s initial.

This image shows the gold coin’s obverse or heads side

On the reverse, also designed by Fraser, is a single American Buffalo, or bison, surrounded by inscriptions of ‘UNITED STATES OF AMERICA,’ ‘E PLURIBUS UNUM,’ ‘IN GOD WE TRUST,’ the coin’s legal tender face value of ‘$50’ and its weight and fineness of ‘1 OZ. .9999 FINE GOLD’.

This image shows the coin’s reverse or tails side

Coin specifications include a diameter of 1.287 inches (32.70 mm), a weight of 31.103 grams, and a reeded edge.


The 2020-W $50 Proof American Buffalo Gold Coin may be ordered directly from the U.S. Mint via its webpage dedicated to gold coins, or by calling 1-800-USA-MINT (872-6468).

Its price of $2,315 will change over time, possibly weekly. The Mint’s numismatic gold coins are tied to its pricing matrix and gold market conditions.