U.S. gold and silver prices settled at a five-week high after the extended three-day weekend when Americans celebrated Martin Luther King Jr. Day.
Gold futures for February delivery tacked on $6.20, or 0.4%, to close at $1,693.20 an ounce on the Comex in New York. Gold marked an intraday low at $1,684.80 and a high at $1,695.90. The closing price was the highest since Dec. 17.
A weaker U.S. dollar and news of fresh stimulus measures from the Bank of Japan contributed to the gains.
"A weaker U.S. dollar index and higher crude oil prices were bullish outside forces that provided support to the precious metals," noted Jim Wyckoff in the PM Kitco Metals Roundup.
"The Bank of Japan announced more monetary policy stimulus measures Tuesday, but the move was expected by the market place and Asian markets were little moved. Still, the recent easing of BOJ monetary policy is a bullish underlying factor for the precious metals markets," added Wyckoff
Silver notched a sixth straight session increase and also settled at the highest price since Dec. 17. March silver prices gained 24.5 cents, or 0.8%, to $32.177 an ounce. The precious metal traded between $31.815 and $32.365.
PGM’s were the biggest gainers Tuesday:
Platinum for April delivery advanced $24.50, or 1.5%, to $1,698.50 an ounce, ranging from $1,666.60 to $1,700.00.
March palladium added $7.15, or 1.0%, to $729.90 an ounce, trading between $714.25 and $732.50.
Last week, precious metal advances in New York were 1.6% for gold, 5.0% for silver, 2.6% for platinum and 3.0% for palladium.
London Bullion Prices
London metals were moderately higher. In contrasting the latest London PM Fix prices:
- Gold gained $3.00, or 0.2%, to $1,690.50 an ounce,
- Silver advanced 4.0 cents, or 0.1%, to $31.94 an ounce,
- Platinum added $16.00, or 1.0%, to $1,687.00 an ounce, and
- Palladium rose $2.00, or 0.3%, to $717.00 an ounce
Sales of US Mint Bullion Coins
Every type and size of U.S. Mint gold bullion coin advanced Tuesday. Sales rose 31,500 troy ounces, which was 1,000 ounces shy of matching the entire total from last week. The biggest chunk of activity came from a 27,000 jump in American Buffalo gold coins. Now at 66,500 for January, the monthly total is the highest since sales reached 70,500 in May 2010.
American Eagle gold coins advanced 4,500 ounces to 131,500 ounces for January, the highest level since 136,500 ounces moved in November. The next higher tier is back in July 2010 at 152,000 ounces.
Sales remain suspended for American Eagle silver coins.
The latest daily, weekly and year-to-date bullion coin sales follow.
|American Eagle and Buffalo Bullion Coin Sales|
|Tuesday Sales||Last Week||Week-To-Date Sales||2013 Sales|
|$50 American Eagle Gold Bullion Coins||3,000||23,500||3,000||107,000|
|$25 American Eagle Gold Bullion Coins||1,000||3,000||1,000||16,000|
|$10 American Eagle Gold Bullion Coins||2,000||6,000||2,000||24,000|
|$5 American Eagle Gold Bullion Coins||5,000||30,000||5,000||105,000|
|$50 American Buffalo Gold Bullion Coins||27,000||3,000||27,000||66,500|
|American Eagle Silver Coin*||0||1,225,000||0||6,007,000|
|America the Beautiful 5 Oz. Silver Bullion Coin Sales|
|Tuesday Sales||Last Week||Week-To-Date Sales||All-Time Sales|
|2012 El Yunque National Forest 5 oz. Silver Bullion Coins||0||0||0||21,900|
|2012 Chaco Culture National Historical Park 5 oz. Silver Bullion Coins||0||0||0||20,000|
|2012 Acadia National Park 5 oz. Silver Bullion Coins||0||0||0||25,400|
|2012 Hawai’i Volcanoes 5 oz. Silver Bullion Coins||0||0||0||20,000|
|2012 Denali National Park 5 oz. Silver Bullion Coins||0||0||0||20,000|
|2011 Olympic National Park 5 oz. Silver Bullion Coins||0||4,000||0||95,600|
|2011 Vicksburg National Military Park 5 oz. Silver Bullion Coins||0||0||0||41,200|
|2011 Chickasaw Park 5 oz. Silver Bullion Coins||0||0||0||31,400|
Coin sales figures shown above are in the number of coins sold. Calculate total ounces by using the bullion coin’s weight.