Gold Dips for Second Day, Silver Ends at 16-Week high

by CoinNews.net on March 1, 2017 · 0 comments

Three Gold Bullion Bars, Dark Background

Precious metals futures were mixed Wednesday with silver and palladium higher and gold and platinum lower

Gold futures ended lower for a second straight session Wednesday, after notching a 3-1/2 month high on Monday, as U.S. stocks continued to rally and the dollar climbed. Silver, meanwhile, extended its streak of gains to five sessions and logged a 16-week high.

Gold for April delivery declined $3.90, or 0.3%, to settle at $1,250 an ounce on the Comex division of the New York Mercantile Exchange.

"More profit-taking pressure was seen from the shorter-term futures traders after prices Monday hit a 3.5-mongh high," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "A big ‘risk-on’ trading day in the world marketplace and some hawkish ‘Fed speak’ were negatives for the safe-haven metal today. A stronger U.S. dollar today was also bearish for the precious metals markets."

Gold futures ranged from a low of $1,237.20 to a high of $1,251.40. They lost 0.4% on Tuesday, but still ended the month of February with a 5.2% increase. On Monday, they rose less than 0.1% to end at their best level since Nov. 10.

Silver for May delivery added 2 cents, or 0.1%, to close at $18.489 an ounce. The settlement is the highest since Nov. 10 when prices ended at $18.737 an ounce. Silver futures traded between $18.27 and $18.51. They surged 5.3% in February.

In other precious metals trading:

  • April platinum declined $12.10, or 1.2%, to $1,018.90 an ounce, ranging from $1,014.60 to $1,030.20.

  • Palladium for June delivery rose $7.30, or 1%, to $779 an ounce, trading between $769.05 and $783.90.

London Precious Metals Prices

In comparing earlier fixed London bullion prices from Tuesday PM to Wednesday PM

  • Gold declined $15.20, or 1.2%, to $1,240.40 an ounce.
  • Silver added 5 cents, or 0.3%, to $18.33 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 were unchanged as of 3:48 p.m. ET. This article will be updated if new figures become available by the end of the day.

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)
Wednesday / Mar Sales Last Week This Week Feb Sales 2017 Sales
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 20,000
$50 American Eagle 1 Oz Gold Coin 0 3,000 1,500 21,000 107,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 5,000 24,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 2,000 4,000 40,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 15,000 30,000 155,000
$50 American Buffalo 1 Oz Gold Coin 0 2,500 500 15,000 47,000
$1 American Eagle 1 Oz Silver Coin 0 155,000 450,000 1,215,000 6,342,500
2017 Effigy Mounds 5 Oz Silver Coin 0 600 200 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   0 0
2016 Theodore Roosevelt 5 Oz Silver Coin*
2016 Fort Moultrie 5 Oz Silver Coin 0 0   0 0

 

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