Gold Slips For Second Session, Palladium Hits New Record

by CoinNews.net on February 25, 2019 · 0 comments

Two silver bullion bars and gold nuggets

Gold slips 0.3% on Monday, Feb. 25

Palladium scored yet another record settlement Monday. Platinum also gained on the day. Silver and gold, however, moved lower.

Gold for April delivery declined $3.30, or 0.3%, to settle at $1,329.50 an ounce on the Comex division of the New York Mercantile Exchange.

Gold has seen "a little profit-taking from the past few weeks along with a continued appetite for additional equity risk in the broader U.S. market," MarketWatch quoted Jeff Wright, executive vice president of GoldMining Inc. "The current feeling and signal of an imminent U.S.-China trade agreement is contributing, but not a decisive factor given Chinese interest in physical gold," which can be supportive of prices for the metal.

Gold futures ranged from a low of $1,327.30 to a high of $1,334.90. They gained 0.8% last week. On Wednesday, they closed at $1,347.90 an ounce for their highest settlement since April 19.

Silver for March delivery fell 8.4 cents, or 0.5%, to settle at $15.83 an ounce. Silver futures traded between $15.80 and $15.96. They gained 1.1% last week. On Wednesday, they ended at $16.177 an ounce for their best settlement since June 29.

In other precious metals futures on Monday:

  • April platinum added $7.70, or 0.9%, to $853.60 an ounce, ranging from $845.40 to $858.80.

  • Palladium for March delivery surged $34.30, or 2.4%, to $1,496.50 an ounce — a fresh all-time record. Palladium prices traded between $1,456.70 and $1,508.20.

Last week, platinum jumped 4.8% and palladium gained 3.9%.

London Precious Metals Prices

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

  • Gold added $2.00, or 0.2%, to $1,331.05 an ounce.
  • Silver rose 8.5 cents, or 0.5%, to $15.955 an ounce.

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

In LBMA results last week, gains totaled 1% for gold, 1.2% for silver, 5.3% for platinum, and 3.1% for palladium.

US Mint 2019 Bullion Sales

United States Mint bullion sales improved by a combined 1,000 ounces in American Eagle and Buffalo gold coins and by 100,000 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)
Monday Last Week January February 2019 Sales
$100 American Eagle 1 Oz Platinum Coin 0 0 27,100 1,800 28,900
$50 American Eagle 1 Oz Gold Coin 500 3,000 44,500 10,000 54,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 15,000 1,000 16,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 20,000 0 20,000
$5 American Eagle 1/10 Oz Gold Coin 0 5,000 85,000 10,000 100,000
$50 American Buffalo 1 Oz Gold Coin 500 0 23,500 6,000 29,500
$1 American Eagle 1 Oz Silver Coin 100,000 997,500 4,017,500 2,157,500 6,175,000

 

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