Gold and Silver Mark Fourth Straight Session Losses

by CoinNews.net on February 6, 2019 · 1 comment

Small Gold Bullion Bars

Gold futures shed 0.4% Wednesday, Feb. 6

For a third straight session Wednesday, palladium advanced while gold, silver and platinum declined. Gold and silver drove their losses to four sessions in a row after they posted multi-month highs last Thursday.

Gold for April delivery declined $4.80, or 0.4%, to settle at $1,314.40 an ounce on the Comex division of the New York Mercantile Exchange.

"Both markets [gold and silver] are this week seeing normal and healthy corrective pullbacks from recent gains that pushed prices to multi-month highs," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "A rebound in the U.S. dollar index this week is also a negative for the precious metals markets."

Gold futures ranged from a low of $1,309.90 to a high of $1,319.90. They inched down less than 0.1% on Tuesday and shed 0.2% on Monday. Last Thursday, they settled at their best price since April 24.

Silver for March delivery declined 13.5 cents, or 0.9%, to settle at $15.701 an ounce. Silver futures traded between $15.67 and $15.87. They fell 0.3% on Tuesday and Monday. Last Thursday, they marked their best close since July 10.

In other precious metals futures dealings Wednesday:

  • April platinum lost $6.10, or 0.7%, to $813.80 an ounce, ranging from $807.20 to $824.80.

  • Palladium for March added $10.40, or 0.8%, to $1,351.60 an ounce, trading between $1,332 and $1,356.

London Precious Metals Prices

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

  • Gold declined $1.80, or 0.1%, to $1,312.40 an ounce.
  • Silver fell 13.5 cents, or 0.9%, to $15.73 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 were unchanged. 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)
Wednesday Last Week This Week January February 2019 Sales
$100 American Eagle 1 Oz Platinum Coin 0 2,000 500 27,100 1,000 28,100
$50 American Eagle 1 Oz Gold Coin 0 2,500 3,000 44,500 4,000 48,500
$25 American Eagle 1/2 Oz Gold Coin 0 1,000 0 15,000 0 15,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 20,000 0 20,000
$5 American Eagle 1/10 Oz Gold Coin 0 40,000 5,000 85,000 5,000 90,000
$50 American Buffalo 1 Oz Gold Coin 0 1,000 2,000 23,500 2,000 25,500
$1 American Eagle 1 Oz Silver Coin 0 116,500 255,000 4,017,500 285,000 4,302,500

 

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Where do they sell platinum for $803 bills for 1 .oz. Remember when it sold above the rest. I’m sure it will back up on top someday.