Gold Tops $1,300, Ending Near Two-Week High

by CoinNews.net on March 13, 2019 · 1 comment

One gold bullion bar

Gold futures rose 0.9% on Wednesday, March 13

Precious metals climbed for a second day in a row Wednesday. Gold closed near a two-week high and above the key level of $1,300 an ounce.

Gold for April delivery tacked on $11.20, or 0.9%, to settle at $1,309.30 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since Feb. 28.

"Chart-based buying and bargain hunting are featured this week. A weaker U.S. dollar index on this day is also working in favor of the metals market bulls," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily report. "The other key outside market today is also in a bullish posture for the metals and sees Nymex crude oil prices higher, hitting a four-month high and trading just above $58.00 a barrel."

Gold futures ranged from a low of $1,300.60 to a high of $1,311.60. They rose 0.5% on Tuesday and slipped 0.6% on Monday.

Silver for May delivery added 4.3 cents, or 0.3%, to close at $15.456 an ounce. Silver futures traded between $15.43 and $15.55. They moved up 0.9% on Tuesday and declined 0.5% on Monday.

In PGM futures on Wednesday:

  • April platinum gained $9.80, or 1.2%, to $841.70 an ounce, ranging from $832.60 to $849.40.

  • Palladium for June delivery advanced $16.70, or 1.1%, to $1,506.70 an ounce, trading between $1,490 and $1,515.

London Precious Metals Prices

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

  • Gold added $9.90, or 0.8%, to $1,306.95 an ounce.
  • Silver added 7.5 cents, or 0.5%, to $15.52 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 rose by a combined 276,000 ounces in silver coins. 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 March 2019 Sales
$100 American Eagle 1 Oz Platinum Coin 0 0 1,500 27,100 2,400 1,500 31,000
$50 American Eagle 1 Oz Gold Coin 0 1,500 5,500 44,500 11,000 7,000 62,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 15,000 1,000 0 16,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 4,000 20,000 0 4,000 24,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 5,000 90,000 10,000 5,000 105,000
$50 American Buffalo 1 Oz Gold Coin 0 500 3,500 23,500 6,000 4,000 33,500
$1 American Eagle 1 Oz Silver Coin 71,000 0 850,000 4,017,500 2,157,500 850,000 7,025,000
Lowell 5 Oz Silver Coin 41,000 N/A 80,000 N/A 80,000 80,000

 

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chuck

Amazing! The mint sold 80,000 5 oz bullion “Lowell” coins this week but gave the lack of such “blanks” as an excuse for their screw up on the 5 oz Apollo Coins. Disgusting!