Gold, Silver End at 12-Week Highs

by CoinNews.net on January 26, 2016 · 0 comments

Gold Bullion and Coins

Precious metals advanced in tandem on Tuesday

Gold and silver futures notched a second straight day of gains Tuesday after falling for two in a row. Both metals closed at about 12-week highs.

Gold for February delivery rose $14.90, or 1.4%, to settle at $1,120.20 an ounce on the Comex division of the New York Mercantile Exchange. The close was the highest since Nov. 2 when prices ended at $1,135.90 an ounce.

"Fundamentals continue to turn more favorable with lower bond yields, a slowing pace of U.S. rate hikes and under invested funds all supporting the move higher," Reuters quoted Saxo Bank’s head of commodity research Ole Hansen.

Gold prices ranged from a low of $1,107.20 to a high of $1,121.50. On Monday, they tacked on $9 or 0.8%.

Silver for March delivery jumped 31 cents, or 2.2%, to end at $14.564 an ounce. The settlement was the highest since Nov. 6 when prices ended at $14.69 an ounce. Silver prices traded from $14.22 to $14.58. They gained 19.7 cents, or 1.4%, in the previous session.

In PGM futures on Tuesday:

  • April platinum added $15.40, or 1.8%, to $876.90 an ounce, ranging from $855.30 to $880.50.

  • Palladium for March delivery gained $1.60, or 0.3%, to $492.75 an ounce, trading between $487.95 and $501.85.

London Precious Metals Prices

Earlier fixed London gold and silver prices advanced as well. In comparing their levels from Monday PM to Tuesday PM:

  • Gold added $7, or 0.6%, to $1,113.60 an ounce.
  • Silver added 11 cents, or 0.8%, to $14.33 an ounce.

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

US Mint Bullion Sales in 2016

United States Mint bullion sales were unchanged as of 3:41 p.m. ET. They posted solid gains on Monday. 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 Last Week This Week Dec Sales January / 2016 Sales
$50 American Eagle 1 Oz Gold Coins 0 24,500 3,000 N/A 80,000
$25 American Eagle 1/2 Oz Gold Coins 0 6,000 0 1,000 20,000
$10 American Eagle 1/4 Oz Gold Coins 0 6,000 0 N/A 32,000
$5 American Eagle 1/10 Oz Gold Coins 0 45,000 5,000 N/A 140,000
$50 American Buffalo 1 Oz Gold Coins 0 5,000 1,500 1,500 30,000
$1 American Eagle 1 Oz Silver Coins 0 1,000,000 727,000 2,333,500 5,727,000
2015 Homestead 5 Oz Silver Coins* N/A N/A
2015 Kisatchie 5 Oz Silver Coins*
2015 Blue Ridge Parkway 5 Oz Silver Coins*
2015 Bombay Hook 5 Oz Silver Coins*
2015 Saratoga 5 Oz Silver Coins* N/A 9,200

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