Gold and Silver Rebound in Start to Second Week of Feb.

by CoinNews.net on February 9, 2015 · 0 comments

Bullion, 3 Gold Bars

Gold and silver advanced Monday but platinum and palladium declined

Gold and silver futures rebounded Monday after sharp prior-session losses. Gold’s gain was the first since Wednesday, Feb. 4.

Gold for April delivery tacked on $6.90, or 0.6%, to close at $1,241.50 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold prices ended the U.S. day session modestly higher Monday, on some safe-haven demand and by an upside technical correction following Friday’s strong losses that pushed prices to a three-week low," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "The key ‘outside markets’ were also in a bullish posture for the precious metals Monday, as the U.S. dollar index was lower and crude oil prices were solidly higher."

Gold prices ranged from a low of $1,234.40 to a high of $1,243.60. Last week gold tumbled by 3.5%, led by a loss of more than $28 on Friday.

In rounding out the precious metals complex:

  • Silver for March delivery jumped 38 cents, or 2.3%, to $17.07 an ounce, trading between $16.69 and $17.15.

  • April platinum declined $1.20, or 0.1%, to $1,220.40 an ounce, ranging from $1,210 to $1,231.30.

  • Palladium for March delivery dipped $1.65, or 0.2%, to $779.65 an ounce, trading between $776 and $787.50.

Last week, silver and palladium tagged losses of 3% and 1.3% while palladium gained 1.2%.

London Fix Precious Metals

Earlier fixed London precious metals retreated. In comparing London bullion Fix prices from Friday PM to Monday PM:

  • Gold dipped $2.50, or 0.2%, to $1,238.50 an ounce,
  • Silver declined a quarter, or 1.5%, to $16.97 an ounce,
  • Platinum fell $24, or 1.9%, to $1,215 an ounce, and
  • Palladium shed $8, or 1%, to $778 an ounce.

Last week, gold fell 1.5% while the other fixings advanced by 1.8% for silver, 1.5% for platinum and 1.4% for palladium.

US Mint Bullion Coin Sales in February

United States Mint bullion sales were unchanged as of 3:40 PM ET. Below are sales of U.S. Mint bullion products with columns listing the number of bullion coins sold last week, in January, the month so far, and the year-to-date.

American Eagle and Buffalo Bullion Sales (# of coins)
Monday Sales Last Week January Sales February Week YTD Sales
$100 American Platinum Eagle Bullion Coins* 0 0 0 0 0
$50 American Eagle Bullion Gold Coins 0 2,000 51,500 2,000 53,500
$25 American Eagle Bullion Gold Coins 0 0 18,000 0 18,000
$10 American Eagle Bullion Gold Coins 0 0 36,000 0 36,000
$5 American Eagle Bullion Gold Coins 0 5,000 115,000 5,000 120,000
$50 American Buffalo Bullion Gold Coins 0 2,000 34,500 2,000 36,500
$1 American Eagle Silver Bullion Coins 0 752,000 5,530,000 752,000 6,282,000
Great Smoky Mountains National Park 5 Oz Silver Bullion Coins* 0 0 0 0 0
Shenandoah National Park 5 Oz Silver Bullion Coins 0 0 600 0 600
Arches National Park 5 Oz Silver Bullion Coins* 0 0 0 0 0
Great Sand Dunes 5 Oz Silver Bullion Coins* 0 0 0 0 0
Everglades 5 Oz Silver Bullion Coins* 0 0 0 0 0

 

Coins with an asterisk (*) have sold out for 2014 with 2015-dated versions yet to be released.

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