Gold Settles Near 3-Week High, Silver Jumps 4% to Top $20

by CoinNews.net on September 6, 2016 · 0 comments

Partial Photo of Bullion Gold

Precious metals futures posted gains ranging from 2.1% for gold to 4% for silver

Precious metals rallied in their start to the new trading week on Tuesday following an extended U.S. holiday weekend for Labor Day.

Gold for December delivery surged $27.30, or 2.1%, to settle at $1,354 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the highest since Aug. 18.

"Gold and silver futures prices ended the U.S. day session sharply higher and hit three-week highs Tuesday," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily note. "Overnight gains in both metals were solidly extended after the morning release of a very downbeat U.S. ISM non-manufacturing report for August."

The Institute for Supply Management said its service index fell to 51.4% last month from 55.5% in July. The level is the lowest since February 2010.

"Much like its manufacturing cousin, the non-manufacturing ISM poured cold water on expectations for a Fed rate hike later this month, and also called into question the strength of the economy heading into the fall," MarketWatch quoted Jennifer Lee, a senior economist at BMO Capital Markets.

Gold futures ranged from a low of $1,325.50 to a high of $1,357.20. They edged up 80 cents last week.

Elsewhere, silver for December delivery rallied 77.2 cents, or 4%, to settle at $20.138 an ounce. The settlement is the highest since Aug. 10. Silver futures traded between $19.38 and $20.22. They jumped 3.8% last week, for their first weekly increase in five weeks.

In other precious metals futures trading:

  • October platinum turned up $40.50, or 3.8%, to $1,102.70 an ounce, ranging from $1,064.70 to $1,106.90.

  • Palladium for December delivery tacked on $27.10, or 4%, to $700.65 an ounce, trading between $675.20 and $701.85.

London Precious Metals Prices

In comparing earlier fixed London bullion prices from Monday PM to Tuesday PM:

  • Gold rose $10.90, or 0.8%, to $1,337.25 an ounce.
  • Silver gained 14 cents, or 0.7%, to $19.60 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

U.S. Mint bullion sales advances included 3,500 ounces in gold coins and 5,000 ounces in silver coins. 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 (*) are no longer available.

US Mint Bullion Sales (# of coins)
Tuesday Sales Last Week Aug Sales Sept Sales 2016 Sales
$100 American Eagle 1 Oz Platinum Coins* 0 0 1,000 0 20,000
$50 American Eagle 1 Oz Gold Coins 1,500 17,500 50,000 6,500 492,500
$25 American Eagle 1/2 Oz Gold Coins 0 1,000 3,000 1,000 52,000
$10 American Eagle 1/4 Oz Gold Coins 0 0 4,000 0 100,000
$5 American Eagle 1/10 Oz Gold Coins 5,000 25,000 60,000 20,000 635,000
$50 American Buffalo 1 Oz Gold Coins 1,500 1,500 9,000 2,500 134,000
$1 American Eagle 1 Oz Silver Coins 0 410,000 1,280,000 140,000 29,040,500
2016 Shawnee 5 Oz Silver Coins* 0 0 0 0 105,000
2016 Cumberland Gap 5 Oz Silver Coins* 0 0 0 0 75,000
2016 Harpers Ferry 5 Oz Silver Coins 0 1,000 1,900 0 36,100
2016 Theodore Roosevelt 5 Oz Silver Coins 1,000 27,500 27,500 1,000 28,500

 

{ 0 comments… add one now }

Leave a Comment