Gold Ends At 8.5-Month High, Silver Hits 6.5-Month High

by CoinNews.net on January 29, 2019 · 0 comments

Five gold bullion bars

Increases in precious metals ranged from 0.2% for platinum to 1.1% for palladium. Gold advanced 0.5%.

Precious metals futures registered mostly modest gains Tuesday. Still, gold marked an eight-and-a-half-month high and silver scored a six-and-a-half-month high.

Gold for February delivery tacked on $5.80, or 0.5%, to settle at $1,308.90 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since May 14 when gold ended at $1,318.20 an ounce.

"There’s plenty of reason to still look at gold as a means to have some protection" given expectations that other markets will continue to struggle, especially stocks, Saxo Bank analyst Ole Hansen said, according to Reuters.

"The momentum in gold has been established now. We just need to work out how strongly the momentum has been backed by speculative interest."

Gold futures ranged from a low of $1,301.70 to a high of $1,310.80. They added 0.4% on Monday.

Silver for March delivery increased 7.4 cents, or 0.5%, to settle at $15.839 an ounce. The close was the strongest since July 12 when silver settled at $15.977 an ounce. Silver futures traded between $15.72 and $15.93. They climbed 0.4% on Monday.

In other precious metals futures prices Tuesday:

  • April platinum added $1.30, or 0.2%, to $815.80 an ounce, ranging from $813.20 to $821.60.

  • Palladium for March rose $14.30, or 1.1%, to $1,303.60 an ounce, trading between $1,284 and $1,317.10.

London Precious Metals Prices

In comparing earlier fixed London gold and silver prices from Monday PM to Tuesday PM

  • Gold added $5.40, or 0.4%, to $1,307.55 an ounce.
  • Silver rose 17 cents, or 1.1%, to $15.855 an ounce.

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

US Mint 2019 Bullion Sales

United States Mint bullion sales climbed by a combined 1,500 ounces in American Eagle and Buffalo gold coins and by 26,500 ounces in American Silver Eagles.

Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold during varying periods.

US Mint Bullion Sales (# of coins)
Tuesday Last Week This Week December 2018 Sales 2019 Sales
$100 American Eagle 1 Oz Platinum Coin 0 0 1,000 0 30,000 26,600
$50 American Eagle 1 Oz Gold Coin 500 2,500 1,000 3,000 191,000 44,000
$25 American Eagle 1/2 Oz Gold Coin 1,000 0 1,000 0 32,000 15,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 0 62,000 20,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 5,000 0 230,000 80,000
$50 American Buffalo 1 Oz Gold Coin 500 1,500 500 1,500 121,500 23,000
$1 American Eagle 1 Oz Silver Coin 26,500 375,000 86,500 490,000 15,700,000 4,017,500

 

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