Gold, Silver Edge Higher; US Bullion Coins Log Wide Gains

by on October 17, 2016 · 4 comments

Gold bars in layers

Gold and silver futures started the week slightly higher

Gold and silver futures moved within a narrow range in their start to the new trading week on Monday, both logging modest gains.

Gold for December delivery rose $1.10, or less than 0.1%, to settle at $1,256.60 an ounce on the Comex division of the New York Mercantile Exchange.

"It’s mainly dollar weakness that’s putting a little bit of a bid under the market," Reuters quoted Phillips Streible, senior commodities broker for RJO Futures in Chicago.

Gold futures ranged from a low of $1,251.10 to a high of $1,258.20. They climbed 0.3% last week, their first weekly gain in three weeks.

Snapping a four-session losing streak, silver for December turned up 3.3 cents, or 0.2%, to settle at $17.474 an ounce. Silver futures traded between $17.36 and $17.52. They advanced last week by 0.4%.

In other precious metals futures on Monday:

  • January platinum shed $3.30, or 0.4%, to $936.20 an ounce, ranging from $929.40 and $944.80.

  • Palladium for December delivery fell $10.50, or 1.6%, to $637.80 an ounce, trading between $634.55 and $655.25.

The two metals last week posted declined of 2.4% and 2.9%.

London Precious Metals Prices

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

  • Gold rose $3.05, or 0.2%, to $1,254.80 an ounce.
  • Silver dipped 7 cents, or 0.4%, to $17.40 an ounce.

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

Last week, London silver prices gained 0.8% while the other metal prices registered losses of 0.6% for gold, 4.3% for platinum and 4.7% for palladium.

US Mint Bullion Coin Sales in 2016

In a rarity for any given day, nearly every U.S. Mint bullion product scored gains on Monday. Combined advances included 12,500 ounces in gold coins and 679,000 ounces in silver coins.

Below is a sales breakdown of U.S. Mint bullion coins 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)
Monday Sales Last Week Sept Sales Oct Sales 2016 Sales
$100 American Eagle 1 Oz Platinum Coins* 20,000
$50 American Eagle 1 Oz Gold Coins 8,500 15,500 79,000 66,000 631,000
$25 American Eagle 1/2 Oz Gold Coins 1,000 3,000 5,000 5,000 61,000
$10 American Eagle 1/4 Oz Gold Coins 2,000 2,000 16,000 10,000 126,000
$5 American Eagle 1/10 Oz Gold Coins 10,000 25,000 85,000 50,000 750,000
$50 American Buffalo 1 Oz Gold Coins 2,000 4,000 17,500 14,000 163,000
$1 American Eagle 1 Oz Silver Coins 675,000 695,000 1,675,000 2,775,000 33,350,500
2016 Shawnee 5 Oz Silver Coins* 105,000
2016 Cumberland Gap 5 Oz Silver Coins* 75,000
2016 Harpers Ferry 5 Oz Silver Coins 0 0 200 0 36,300
2016 Theodore Roosevelt 5 Oz Silver Coins 800 800 2,000 2,600 32,100


{ 4 comments… read them below or add one }

Mouse October 17, 2016 at 9:01 pm

I have a feeling that platinum is being horded by major mints. I know it is scarce compared to silver and gold but the amount of bullion minted annual is scary at best.

Seth Riesling October 17, 2016 at 9:53 pm

Mouse –

The U.S. Mint is definitely buying up platinum big time since next year is the 20th anniversary of the Platinum American Eagle coin program (the coins are produced in bullion version & Proof versions of 1-ounce .9995 fine platinum). Plus, the US Mint recently announced it will start a 3-year program the next year in 2018 for Proof Platinum Eagles coins with a theme of “Life, Liberty & the Pursuit of Happiness”. This will all create more demand for platinum here in the US for the next 4 years. Platinum is really cheap compared to gold now & a platinum shortage towards the end of this year is expected by most platinum analysts I have read. Anytime platinum is under $1000 an ounce, I buy a 1-ounce bullion version each month.


Joe October 18, 2016 at 7:18 pm

For years platinum was higher than gold.

Mouse October 18, 2016 at 9:31 pm

Howdy Seth,

I think I will to start stacking platinum. Buying a one ounce bullion coin monthly sounds like a good idea to me. It will be a nice change to stacking silver and gold.


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