Gold Ends at 1-Week High, Silver Rebounds from 8.5-Month Low

by CoinNews.net on December 27, 2016 · 0 comments

Two silver bullion bars and gold nuggets

Precious metals futures advanced with gains ranging from 0.5% for gold to 2.9% for palladium

Precious metals futures advanced Tuesday in their start to the holiday-shortened trading week. Most markets closed Monday in observance of Christmas.

Gold for February delivery rose $5.20, or 0.5%, to settle at $1,138.80 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the highest since Dec. 19.

"Short covering in the futures market and bargain hunting in the cash market were featured after prices last week hit a 10-month low," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report.

Gold futures ranged from a low of $1,132.80 to a high of $1,151.70. They slipped 0.3% last week for their seventh straight weekly loss.

Closing higher for the first time in four sessions, silver for March delivery added 23 cents, or 1.5%, to $15.989 an ounce. Silver futures traded between $15.75 and $16.11. They dropped 2.8% last week, and ended at their lowest price since April 8.

In other precious metals dealings on Tuesday:

  • January platinum gained $10.90, or 1.2%, to $904.10 an ounce, ranging from $894.20 to $911.90.

  • Palladium for March delivery jumped $18.95, or 2.9%, to $673.80 an ounce, trading between $657.55 and $678.50.

Last week, platinum fell 4.4% and palladium sank 6.1%.

London Precious Metals Prices

London markets have been closed since Friday. Metal prices then were:

  • Gold at $1,131 an ounce.
  • Silver at $15.74 an ounce.
  • Platinum at $905 an ounce.
  • Palladium at $654 an ounce.

Last week, platinum inched up 0.1% while the other metal prices declined by less than 0.1% for gold, 1.9% for silver, and 4.9% for palladium.

US Mint Bullion Coin Sales in 2016

United States Mint bullion sales were unchanged Tuesday. The Mint’s most popular 2016-dated bullion coins sold out in early December. New 2017-dated coins launch on Jan. 9.

Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold during varying periods. Products with an asterisk (*) are no longer available.

US Mint Bullion Sales (# of coins)
Tuesday Sales Last Week Nov Sales Dec Sales 2016 Sales
$100 American Eagle 1 Oz Platinum Coins* 20,000
$50 American Eagle 1 Oz Gold Coins* 129,000 23,000 817,500
$25 American Eagle 1/2 Oz Gold Coins 0 0 7,000 3,000 74,000
$10 American Eagle 1/4 Oz Gold Coins* 18,000 2,000 152,000
$5 American Eagle 1/10 Oz Gold Coins* 105,000 40,000 925,000
$50 American Buffalo 1 Oz Gold Coins 0 2,500 29,500 12,500 219,500
$1 American Eagle 1 Oz Silver Coins* 3,061,000 240,000 37,701,500
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 1,500 100 38,100
2016 Theodore Roosevelt 5 Oz Silver Coins* 6,600 800 40,000
2016 Fort Moultrie 5 Oz Silver Coins 0 0 27,800 0 27,800

 

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