Gold Slips From Almost 10-Week High, Silver About Flat

by CoinNews.net on January 24, 2017 · 6 comments

Three Silver Bullion Bars

Gold and silver futures declined as platinum and palladium rallied

Gold futures closed lower Tuesday after climbing in the previous two sessions and reaching an almost 10-week high.

Gold for February delivery shed $4.80, or 0.4% to settle at $1,210.80 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold prices ended the U.S. day session modestly lower Tuesday, on some profit taking from the shorter-term futures traders and on a technical correction after poking to another two-month high overnight," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report.

Gold futures ranged from a low of $1,207.90 to a high of $1,220.10. They gained 0.9% on Monday, and finished at their highest price since Nov. 17.

Ending almost flat, silver for March delivery lost one-tenth of a cent to settle at $17.185 an ounce. Silver futures traded between $17.10 and $17.31. Like gold, they advanced 0.9% in the previous session.

In rounding out precious metals action:

  • April platinum advanced $27.90, or 2.9%, to $1,007.80 an ounce, ranging from $982.40 to $1,008.70.

  • Palladium for March delivery surged $24.35, or 3.2%, to $795.85 an ounce, trading between $773.25 and $798.

London Precious Metals Prices

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

  • Gold added $3.95, or 0.3%, to $1,216.80 an ounce.
  • Silver dipped 3.5 cents, or 0.2%, to $17.105 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

United States Mint bullion sales were unchanged as of 3:59 p.m. ET. Below is a sales breakdown of U.S. 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
$100 American Eagle 1 Oz Platinum Coin 0 13,300 13,300
$50 American Eagle 1 Oz Gold Coin 0 14,500 4,000 23,000 74,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 3,000 18,000
$10 American Eagle 1/4 Oz Gold Coin 0 4,000 0 2,000 34,000
$5 American Eagle 1/10 Oz Gold Coin 0 10,000 15,000 40,000 110,000
$50 American Buffalo 1 Oz Gold Coin 0 2,000 1,500 12,500 28,000
$1 American Eagle 1 Oz Silver Coin 0 825,000 150,000 240,000 4,722,500
2016 Shawnee 5 Oz Silver Coins*
2016 Cumberland Gap 5 Oz Silver Coin*
2016 Harpers Ferry 5 Oz Silver Coin 0 0   100 0
2016 Theodore Roosevelt 5 Oz Silver Coin*   800
2016 Fort Moultrie 5 Oz Silver Coin 0 0   0 0

 

{ 6 comments… read them below or add one }

joera January 24, 2017 at 3:25 pm

A person can go crazy following gold and silver.

Mouse January 24, 2017 at 5:51 pm

That’s the fun of it. That is why I balance my gold and silver bullion stack with numismatic coins. Breaks up the grind of the fluctuating markets prices.

Seth Riesling January 24, 2017 at 6:18 pm

The 13,300 Platinum American Eagle one-ounce .9995 fine bullion version $100 coins released yesterday to the Mints 13 worldwide Authorized Purchasers increased in value today by a good amount. Platinum hit $1009 during day trading up almost $30 per ounce.

-NumisDudeTX

joera January 24, 2017 at 7:02 pm

Mouse
I’ve been collecting both bullions and numismatic coins but just as a hobby and for the fun of it. It hasn’t been that long that I really started to look at the going price of gold and silver or spot prices. In other words I started being smarter about how I enjoy my hobby. Thanks for your view on the subject and yes, it is more fun to know what I’m doing now and know when to buy what.

Mouse January 24, 2017 at 8:55 pm

Howdy Seth,

I started buying platinum bullion after you informed me you purchase when below a $1000 an ounce. I’ve made some good buys. I am impressed with the quality of the Perth mint and their platinum bullion. I missed the boat on palladium, kicken myself. Its below, but holding its own with platinum right now. I have a feeling it will spike fast and than drop just as fast. Its industrial application for its use in cell phones and diabetic products are exciting but I need to do more research into the mining of the element.

Mouse

Seth Riesling January 25, 2017 at 4:14 am

CoinNews readers: FYI –

I forgot to post this on Friday! On January 20, inauguration day, US Mint Principal Deputy Director Matthew Rhett Jeppson resigned his position with the US Mint! Great news! Hope he moves on to a non-Mint job. Praise G-D. Happy New Year 5777.

-NumisDudeTX

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