Gold and silver rallied to kick off the new trading week Monday. Gains in gold marked a four straight session increase and silver soared atop $21 an ounce for the first time since June 19.
On the day, gold for December delivery tacked on $22, or 1.7%, to finish at $1,334.20 an ounce on the Comex division of the New York Mercantile Exchange. Gold prices traded through an intraday range of $1,313.50 to $1,343.70. The yellow metal inched 0.1% higher last week.
"Physical demand, especially out of China, continues to support prices," Michael Smith, the president of T&K Futures & Options in Port St. Lucie, Florida, said in a telephone interview according to Bloomberg. "The sentiment is bullish today."
Silver was the big winner on Monday. It soared 4.6% after jumping 2.5% last week. Silver for September delivery settled up 93.3 cents $21.34 an ounce, trading between $20.62 and $21.40.
In PGM futures on Monday:
Snapping a three-session winning streak, October platinum declined $1.90, or 0.1%, to close at $1,498.70 an ounce. Platinum traded between $1,496.50 and $1,511.00.
Palladium for September delivery fell $3.40, or 0.5%, to $737.60 an ounce, ranging from $736.50 to $747.00.
Platinum leapt 3.4% last week while palladium added 1.6%.
London Fix Precious Metals
London bullion Fix prices gained like precious metals futures in New York. In contrasting the Friday PM to Monday PM London fixings:
- Gold added $32, or 2.4%, to $1,341 an ounce,
- Silver rose 52.5 cents, or 2.6%, to $20.84 an ounce,
- Platinum added $11, or 0.7%, to $1,503 an ounce, and
- Palladium climbed $3, or 0.4%, to $742 an ounce
Most London precious metals fixings gained last week. Advancing was silver by 4.4%, platinum by 3.9% and palladium by 1.2%. Gold was the outlier, dipping 25 cents.
US Bullion Coin Sales
Sales totals for U.S. Mint bullion coins were unchanged Monday. The following are the available August and year-to-date bullion coin totals as published by the United States Mint.
|American Eagle and Buffalo Bullion Coin Sales|
|Monday / Week-To-Date Sales||Last Week||August Sales||YTD Sales|
|$50 American Eagle Gold Bullion Coins||0||500||500||588,000|
|$25 American Eagle Gold Bullion Coins||0||0||1,000||48,000|
|$10 American Eagle Gold Bullion Coins||0||0||0||94,000|
|$5 American Eagle Gold Bullion Coins||0||0||0||450,000|
|$50 American Buffalo Gold Bullion Coins||0||2,000||3,000||183,000|
|White Mountain 5 oz. Silver Bullion Coins||0||0||0||29,900|
|Perry’s Victory 5 oz. Silver Bullion Coins||0||0||0||20,800|
|Great Basin 5 oz. Silver Bullion Coins||0||0||0||17,400|
|American Silver Eagle Bullion Coins||0||850,000||850,000||30,300,000|
Figures above are in the number of coins sold, not in ounces.