Gold and Silver Score 4-Week Highs

by CoinNews.net on December 26, 2017 · 0 comments

Layered Gold Bars

Advances in precious metals futures ranged from less than 0.1% for platinum to 1.3% for palladium

Precious metals futures climbed Tuesday in their start to the holiday-shortened trading week. Markets closed Monday for Christmas. Gold and silver logged four-week highs.

Gold for February delivery advanced $8.70, or 0.7%, to settle at $1,287.50 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since Nov. 28 when prices finished at $1,294.90 an ounce.

"Early advances were extended and the metals closed near their daily highs as the key ‘outside markets" turned bullish on the day," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "The U.S. dollar index turned weaker during the U.S. session and crude oil prices posted solid gains and hit a 2.5-year high."

Gold futures ranged from a low of $1,277.70 to a high of $1,288.40. They gained 1.7% last week.

Silver for March delivery rose 16 cents, or 1%, to close at $16.604 an ounce. The settlement is also the highest since Nov. 28. Silver futures traded between $16.36 and $16.64. They jumped 2.4% last week.

In other precious metals futures on Tuesday:

  • January platinum edged up 50 cents, or less than 0.1%, to $923.50 an ounce, ranging from $916.80 to $925.50.

  • Palladium for March delivery tacked on $12.90, or 1.3%, to $1,042.45 an ounce, trading between $1,027.60 and $1,046.50. The close is the strongest since February 2001.

Last week, platinum surged 3.8% and palladium climbed 1.4%.

London Precious Metals Prices

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

  • Gold at $ 1,268.05 an ounce.
  • Silver at $16.175 an ounce.
  • Platinum at $912 an ounce.
  • Palladium at $1,028 an ounce.

Last week in London bullion prices, palladium was unchanged while the other metal prices logged gains of 1.1% for gold, 1.2% for silver, and 3.4% for platinum.

US Mint Bullion Sales in 2017

United States Mint bullion sales were unchanged. 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 Last Week November December YTD
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 20,000
$25 American Eagle 1 Oz Palladium Coin* 0 0 0 0 15,000
$50 American Eagle 1 Oz Gold Coin 0 8,000 9,500 36,000 226,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 2,000 3,000 37,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 2,000 4,000 64,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 10,000 25,000 395,000
$50 American Buffalo 1 Oz Gold Coin 0 2,500 2,000 14,000 99,500
$1 American Eagle 1 Oz Silver Coin 0 0 385,000 742,000 18,065,500
2017 Effigy Mounds 5 Oz Silver Coin 0 0 0 0 35,000
2017 Frederick Douglass 5 Oz Silver Coin 0 0 0 0 20,000
2017 Ozark Riverways 5 Oz Silver Coin 0 0 0 0 20,000
2017 Ellis Island 5 Oz Silver Coin* 0 0 0 0 40,000
2017 George Rogers Clark 5 Oz Silver Coin 0 0 32,400 0 32,400

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