Gold Marks 2-Week High and Third Session Gain

by CoinNews.net on January 5, 2016 · 4 comments

Three bullion gold bars

Most precious metals futures advanced Tuesday

Gold futures on Tuesday scored a third straight session gain and closed at their highest price in more than two weeks.

Gold for February delivery added $3.20, or 0.3%, to end at $1,078.40 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since Dec. 21.

"Some more safe-haven buying and short covering in the futures market were featured, following decent gains posted Monday," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "Unrest in the Middle East and weak Chinese economic data released Monday have worked in favor of the yellow metal early this week."

Gold prices ranged from a low of $1,071.90 to a high of $1,081.50. In starting the week and new trading year on Monday, gold tacked on $15 or 1.4%.

Silver for March delivery advanced 13 cents, or 0.9%, to settle at $13.971 an ounce. Silver prices traded from $13.85 to $14.07. The close was the highest since Dec. 24. Silver climbed 0.3% on Monday.

In PGM futures on Tuesday:

  • April platinum rose $5.50, or 0.6%, to $890 an ounce, ranging from $880.70 to $899.10.

  • Palladium for March delivery fell $8.45, or 1.6%, to $535.75 an ounce, trading between $534.05 and $548.65.

London Precious Metals Prices

Earlier fixed London gold and silver prices were mixed. In comparing their levels from Monday PM to Tuesday PM:

  • Gold declined $5.25, or 0.5%, to $1,077 an ounce.
  • Silver added a penny, or less than 0.1%, to $14.01 an ounce.

LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.

US Mint Bullion Coin Sales in 2016

United States Mint bullion sales will take off next Monday, Jan. 11, when newly 2016-coins become available. Most of the 2015-dated issues sold out with product series scoring multi-year highs, like American Gold Buffalo and ATB five ounce silver coins, and an annual record, like American Silver Eagles.

Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of bullion coins sold during varying periods. Products with an asterisk (*) have sold out.

US Mint Bullion Sales (# of coins)
Tuesday / This Week Last Week Dec Sales 2015 Sales YTD Sales
$50 American Eagle 1 Oz Gold Coins* N/A N/A N/A 626,500 N/A
$25 American Eagle 1/2 Oz Gold Coins 0 0 1,000 75,000 0
$10 American Eagle 1/4 Oz Gold Coins* N/A N/A N/A 158,000 N/A
$5 American Eagle 1/10 Oz Gold Coins* N/A N/A N/A 980,000 N/A
$50 American Buffalo 1 Oz Gold Coins 0 0 1,500 220,500 0
$1 American Eagle 1 Oz Silver Coins* N/A N/A 2,333,500 47,000,000 N/A
2015 Homestead 5 Oz Silver Coins* N/A 35,000 N/A
2015 Kisatchie 5 Oz Silver Coins* 42,000
2015 Blue Ridge Parkway 5 Oz Silver Coins* 45,000
2015 Bombay Hook 5 Oz Silver Coins* 45,000
2015 Saratoga 5 Oz Silver Coins* N/A 9,200 45,000

{ 4 comments… read them below or add one }

Seth Riesling January 5, 2016 at 3:51 pm

It is interesting that the U.S. Mint’s bullion coin Authorized Purchasers have not bought a single gold bullion coin in the new year 2016 (or even the last 2 weeks almost). The Mint still offers them the 2015 American Gold Eagle $25 half-ounce gold bullion coin & the 2015 American Gold Buffalo $50 one-ounce gold bullion coins, but there is no demand for them this year obviously! The Mint’s AP’s will have to purchase these 2015 gold bullion coins at some point since the Mint doesn’t melt them down. The Mint requires the AP’s to purchase them at some point on an allotted ratio basis when the 2016 gold bullion coins are offered on January 11. I bet the AP’s hate having to buy “old” 2015-dated gold bullion coins, but that is the way the program works. Also the first major coin show of the new year (the FUN coin show in Tampa, Florida) runs January 7-10 so no dealers there at that major coin show will have any new 2016-dated gold or silver U.S. Mint bullion coins to offer the thousands of collectors & investors who attend that very popular major coin show. The U.S. Mint & it’s sister bureau the BEP are actually sharing a booth at this major international numismatic show/convention with nothing new to offer! Unless you are dying to purchase a 2016 Birth gift set or 2016 Happy Birthday gift set. What a mess & terrible planning on their part!

-NumisDudeTX

Joe January 6, 2016 at 4:22 pm

There should be some 2016 forgein world coins at the Fun coin show. Or is it U.S only?

Seth Riesling January 6, 2016 at 7:52 pm

Joe –

I attended the FUN (Florida United Numismatists) coin show/convention in Florida many times when it used to be held in Orlando, Florida. It is a large numismatic event and sets the tone for the new year numismatic marketplace. Since the biggest foreign coin show in the USA is being held on the very same days (Jan. 7-10) in New York City at the world-famous Waldorf-Astoria Hotel (at a special room rate for dealers & attendees of $289 per night! & now owned by a communist People’s Republic of China corporation) most foreign coin products will be there in N.Y. City. But, there are coin dealers at the FUN show that specialize in or stock some basic foreign coins, including new ones. Stack’s Bowers auction company is holding the official auction at the NYINC (New York International Numismatic Convention) including both a catalog auction & an internet-only coin auction of only foreign numismatic items. You may want to contact the auction company or check out their website if you are interested in only foreign coins, tokens, medallions & paper money. You can Google their company name for their contact information. Good luck in your search Joe!

-NumisDudeTX

Joe January 6, 2016 at 11:46 pm

Seth-

I really would like to go to a Fun coin show one of these years and see what it’s all about. All in good time. Thanks for the info.

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