Gold and Silver Prices Rise for Second Session

by CoinNews.net on February 24, 2016 · 3 comments

Gold bar, gold coins

Gold, silver and platinum futures climbed Wednesday while palladium declined

Gold and silver futures on Wednesday advanced for a second straight session, lifted by sustained safe-haven demand.

Gold for April delivery tacked on $16.50, or 1.4%, to settle at $1,239.10 an ounce on the Comex division of the New York Mercantile Exchange.

"Traders are looking at anything that gets them off risk, away from volatility, and protects against negative rates," MarketWatch quoted Adrian Ash, head of research at BullionVault.

"Gold doesn’t yield anything, but that’s 0.4% per year better than benchmark Swiss bonds, and 0.3% better than commercial deposit rates at the European Central Bank," he said. "It also cannot go broke — a truly unique appeal right now."

Gold prices traded from a low of $1,222.40 to a high of $1,246.70. In the previous session, they gained $12.50 or 1%.

Elsewhere, silver for March delivery added 5.7 cents, or 0.4%, to settle at $15.297 an ounce. Silver prices ranged from $15.18 to $15.54. On Tuesday, they rose 5.6 cents or 0.4%.

In rounding out the precious metals futures complex:

  • April platinum inched up 20 cents to $943.70 an ounce, trading between $936.50 and $955.60.

  • Palladium for March delivery declined $12.75, or 2.6%, to $487.30 an ounce, ranging from $496.05 to $501.65.

London Precious Metals Prices

Earlier fixed London gold and silver prices also moved higher. In comparing their levels from Tuesday PM to Wednesday PM:

  • Gold rose $29.40, or 2.4%, to $1,250.75 an ounce.
  • Silver rose 11 cents, or 0.7%, to $15.32 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 Wednesday as of 3:10 PM ET. Below is a sales breakdown of United States Mint bullion products with columns listing the number of bullion coins sold during varying periods of time.

US Mint Bullion Sales (# of coins)
Wednesday Sales Last Week This Week Jan Sales Feb Sales 2016 Sales
$50 American Eagle 1 Oz Gold Coins 0 17,500 5,000 89,000 57,500 146,500
$25 American Eagle 1/2 Oz Gold Coins 0 2,000 1,000 23,000 6,000 29,000
$10 American Eagle 1/4 Oz Gold Coins 0 6,000 2,000 36,000 10,000 46,000
$5 American Eagle 1/10 Oz Gold Coins 0 20,000 25,000 145,000 75,000 220,000
$50 American Buffalo 1 Oz Gold Coins 0 6,500 2,500 34,000 15,000 49,000
$1 American Eagle 1 Oz Silver Coins 0 926,500 985,000 5,954,500 3,957,000 9,911,500
2016 Shawnee 5 Oz Silver Coins 0 0 27,500 N/A 102,500 102,500

 

{ 3 comments… read them below or add one }

Seth Riesling February 24, 2016 at 7:03 pm

CoinNews Readers – FYI

If you have ever wondered which coin companies are the only 13 official registered worldwide coin dealers who can purchase the above silver, gold & platinum (offered last in 2014) bullion version coins directly from the U.S. Mint as “Authorized Purchasers” (which the public cannot buy directly from the Mint) I posted the list on the February 22 daily precious metals report on this coin blog website. On the complete updated list, there are 9 companies in the USA, one in Japan, one in Luxembourg (Europe’s famous tax haven) & two in Germany. If you are not buying directly from one of these 13 official U.S. Mint authorized purchasers companies then you are paying a “middleman” dealer a higher price for your U.S. Mint bullion version coins.
If anyone is interested, I will post the list here again.

Happy bullion coin purchasing CoinNews readers!

-NumisDudeTX

Nels February 26, 2016 at 11:12 pm

Seth, please do… Thank you

Seth Riesling February 27, 2016 at 1:44 pm

Nels –

Thanks for asking for the official U.S. Mint AP bullion coin dealer list (only 13 companies in 4 countries) I was mentioning. I will post it again on the daily precious metals article published on this CoinNews coin blog website today Saturday February 27.

Happy bullion coin collecting/investing Nels!

-NumisDudeTX

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