Gold Marks Fresh 6-Week High; US Mint Gold Bullion Coins Gains

by CoinNews.net on January 10, 2017 · 5 comments

Six Gold Bars

Precious metals futures ended higher Tuesday with gains ranging from less than 0.1% for gold and platinum to 1.1% for palladium

Gold futures on Tuesday scored their second straight session increase, for their fifth win in six sessions, and ended at a new 6-week high.

Gold for February delivery inched up 60 cents, or less than 0.1%, to end at $1,185.50 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the highest since Nov. 29.

"Anxiety is creeping back, investors want to play safe and the yellow metal provides them this safety," MarketWatch quoted Naeem Aslam, chief market analyst at ThinkMarkets.

Gold futures ranged from a low of $1,180.20 to a high of $1,190.60. They climbed 1% in the previous session.

Also higher for a second day in a row, silver for March delivery advanced 16.5 cents, or 1%, to close at $16.848 an ounce. The settlement is the highest since Dec. 14. Silver futures traded between $16.57 and $16.96. In their start to the week on Monday, they moved up 1%.

In rounding out precious metals action:

  • April platinum edged up 20 cents to $982.80 an ounce, ranging from $970.80 to $985.40.

  • Palladium for March delivery settled up $8.10, or 1.1%, to $765.25 an ounce, trading between $756.60 and $765.80.

London Precious Metals Prices

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

  • Gold rose $11, or 0.9%, to $1,189.50 an ounce.
  • Silver added 14.5 cents, or 0.9%, to $16.665 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 2017

U.S. Mint bullion sales advanced by 7,500 ounces in gold coins, with splits of 5,500 ounces in American Gold Eagles and 2,000 ounces in American Gold Buffalos. These follow sharp increases on Monday when the Mint released its 2017-dated American Eagle and Buffalo bullion coins.

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 This Week Dec Sales Jan Sales
$50 American Eagle 1 Oz Gold Coins 4,000 50,000 23,000 50,000
$25 American Eagle 1/2 Oz Gold Coins 1,000 0 17,000 3,000 17,000
$10 American Eagle 1/4 Oz Gold Coins 2,000 28,000 2,000 28,000
$5 American Eagle 1/10 Oz Gold Coins 5,000 80,000 40,000 80,000
$50 American Buffalo 1 Oz Gold Coins 2,000 0 22,500 12,500 22,500
$1 American Eagle 1 Oz Silver Coins 0 3,747,500 240,000 3,747,500
2016 Shawnee 5 Oz Silver Coins*
2016 Cumberland Gap 5 Oz Silver Coins*
2016 Harpers Ferry 5 Oz Silver Coins 0 0 0 100 0
2016 Theodore Roosevelt 5 Oz Silver Coins* 800
2016 Fort Moultrie 5 Oz Silver Coins 0 0 0 0 0

 

{ 5 comments… read them below or add one }

Seth Riesling January 10, 2017 at 4:17 pm

Over three weeks now without a single 5-oz silver ATB bullion coin sold to the Mint’s 13 worldwide bullion coin Authorized Purchasers. The Mint still has two different 2016 5-oz silver coins available in stock that the APs will have to purchase at some time either before the first new one of the new year or when the first 2017 5-oz coin is offered. The Mint forces, under their bullion version coin program contract, the APs to buy any coins left over from the past year.
Why no interest in the bullion version 5-oz coins in 3 weeks?

-NumisDudeTX

Mouse January 10, 2017 at 7:07 pm

Howdy Seth,
5 ounce bullion is a tough sell in any market, especially silver. There is so much competition out there, with 1/2, 1 – 2 – 10 – kilo coins and bars available. Sadly the premium on 5 ounce coins can be steep compared to a 1 ounce coin of the same quality. From my experience, I will only be willing to pay a higher premium on a 5 ounce coin if the design is something I enjoy and value, but at the end of the day, bullion is an investment that requires a healthy return.

Mouse

Seth Riesling January 10, 2017 at 7:44 pm

Mouse –

Thanks. I collect the special vapor-blast versions of some of the 5-oz US Mint ATB silver coins that the Mint sells directly to the public with box & COA & low mintages. I will not pay a premium for the commom bullion versions of these 5-oz ATB coins the Mint only sells to its 13 worldwide bullion coin Authorized Purchasers. Those APs pay the Mint only $9.75 per coin plus the spot price of the silver on any given day, but want to charge up to $125 per coin to their customers! I don’t buy those overpriced pucks.

Happy collecting!

-NumisDudeTX

Ken T January 11, 2017 at 5:12 pm

I think some of it might be political. It is a proven fact that people spend less in time of crisis or uncertainty. I think there is SOME worry about the new administration.

Mammoth January 12, 2017 at 11:43 am

How have overall silver sales been these past few weeks? Could it be folks feel financially tapped-out after the holiday season?

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