Gold, Silver Inch Higher to Mark Fresh 3-1/2 Month Highs

by CoinNews.net on February 27, 2017 · 0 comments

Five gold bullion bars

Precious metals futures claimed gains ranging from less than 01.% for gold and silver to 1.6% for palladium

Gold and silver futures logged their third straight session gains, each closing at new 3-1/2 month highs.

Gold for April delivery edged up 50 cents, or less than 0.1%, to settle at $1,258.80 an ounce on the Comex division of the New York Mercantile Exchange. The close is the highest since Nov. 10 when prices ended at $1,266.40 an ounce.

"After some mild overnight weakness, traders stepped in to buy the dip in the gold market," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "The near-term technical postures for all the precious metals markets continue to get more bullish, and that’s inviting more chart-based buying interest in the precious metals."

Gold futures ranged from a low of $1,254.10 to a high of $1,264.90. They climbed 1.6% last week for their fourth straight weekly increase.

Meanwhile, silver for May delivery added 1.1 cents, or less than 0.1%, to settle at $18.417 an ounce. The settlement is the strongest since Nov. 10 when the precious metal closed at $18.737 an ounce. Silver futures traded between $18.35 and $18.84. They moved up 1.7% last week, scoring their eighth straight weekly win.

In other precious metals action:

  • April platinum rose $10.20, or 1%, to $1,038.90 an ounce, ranging from $1,027.70 to $1,047.80.

  • Palladium for June delivery advanced $12.05, or 1.6%, to $785 an ounce, trading between $769.05 and $789.70.

Last week, platinum jumped 2.3% and palladium slipped 0.8%.

London Precious Metals Prices

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

  • Gold added $3.55, or 0.3%, to $1,257.20 an ounce.
  • Silver added 7 cents, or 0.4%, to $18.34 an ounce.

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

Last week in London metal prices, palladium declined 0.9% while the others logged gains of 0.9% for gold, 1.5% for silver, and 1.7% for platinum.

US Mint Bullion Coin Sales in 2017

U.S. Mint bullion sales posted increases of 2,000 ounces in gold coins and 326,000 ounces in silver coins.

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)
Monday Sales Last Week Jan Sales Feb Sales 2017 Sales
$100 American Eagle 1 Oz Platinum Coin 0 0 20,000 0 20,000
$50 American Eagle 1 Oz Gold Coin 500 3,000 86,500 20,000 106,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 19,000 5,000 24,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 36,000 2,000 38,000
$5 American Eagle 1/10 Oz Gold Coin 10,000 0 125,000 25,000 150,000
$50 American Buffalo 1 Oz Gold Coin 500 2,500 32,000 15,000 47,000
$1 American Eagle 1 Oz Silver Coin 325,000 155,000 5,127,500 1,090,000 6,217,500
2017 Effigy Mounds 5 Oz Silver Coin 200 600 0 19,500 19,500
2016 Shawnee 5 Oz Silver Coins*
2016 Cumberland Gap 5 Oz Silver Coin*
2016 Harpers Ferry 5 Oz Silver Coin 0 0 100 0 0
2016 Theodore Roosevelt 5 Oz Silver Coin* 800
2016 Fort Moultrie 5 Oz Silver Coin 0 0 0 0 0

 

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