Gold Ends at 6.75-Year High; Palladium Marks New Record

by CoinNews.net on January 6, 2020 · 0 comments

9999 Gold Bullion

Gold finished at its best price since April 9, 2013

Gold, silver and palladium futures gained in their kick off to the new trading week on Monday. Palladium scored a new record. Gold pushed its string of winning streaks to nine straight sessions and finished the day near a seven-year high.

Gold for February delivery tacked on $16.40, or 1.1%, to settle at $1,568.80 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since April 9, 2013 when gold ended at $1,586.70 an ounce.

"History shows that a big spike up in prices amid higher volatility tends to produce near-term market tops sooner rather than later, after that initial spike up. That means in the coming days the gold market could put in a ‘near-term’ top that will last for a moderate period of time," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily research note. "However, for the longer-term investors in gold, it’s important to note that the recent strong price gains are a bullish upside technical ‘breakout’ from recent trading levels, to suggest still more price gains are very likely in the coming weeks and months, or longer.:

Gold futures ranged from a low of $1,562.30 to a high of $1,590.90. They gained 2.3% last week.

Silver for March delivery rose 2.8 cents, or 0.15%, to settle at $18.179 an ounce. The close was the best since silver prices ended at $18.628 ounce on Sept. 24. Silver futures traded between $18.04 and $18.55. They gained 1.2% last week.

In other precious metals prices on Monday:

  • April platinum declined 24.10, or 2.4%, to $966.20 an ounce, ranging from $960.60 to $999.

  • Palladium for March delivery advanced $33.90, or 1.7%, to a record settlement of $1,989.60 an ounce. Palladium traded between $1,955.80 and $1,998.70.

Last week, platinum gained 4.7% and palladium rose 4%.

London Precious Metals Prices

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

  • Gold jumped $24.35, or 1.6%, to $1,573.10 an ounce.
  • Silver advanced 23 cents, or 1.3%, to $18.44 an ounce.

Last week, gold rose 2.5% and silver added 2.2%.

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. Products with an asterisk (*) are no longer available.

US Mint Bullion Sales (# of coins)
Monday Last Week November December 2019 Sales
$50 American Eagle 1 Oz Gold Coin 0 0 8,000 2,000 108,000
$25 American Eagle 1/2 Oz Gold Coin* 0 0 5,000 0 30,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 2,000 0 38,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 0 0 195,000
$50 American Buffalo 1 Oz Gold Coin 0 0 5,000 1,500 61,500
$1 American Eagle 1 Oz Silver Coin 0 0 463,000 0 14,863,500
Frank Church River of No Return Wilderness 5 Oz Silver Coin 0 0 20,000 5,000 25,000
San Antonio Missions 5 Oz Silver Coin 0 0 0 0 55,200
War in the Pacific 5 Oz Silver Coin 0 0 0 0 72,500
American Memorial Park 5 Oz Silver Coin* 0 0 0 0 80,000
Lowell 5 Oz Silver Coin* N/A 80,000
$100 American Eagle 1 Oz Platinum Coin* N/A 40,000

 

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