Gold Rebounds to 5-Week High; Bullion Silver Eagles Top 42M

Silver Eagle Bullion Coin and Bar
U.S. Mint Silver Eagle bullion coins moved above 42 million for the year

Gold prices rallied in their start to the new trading week and month on Monday, rebounding sharply from Friday’s decline and ending above $1,200 an ounce for the first time in more than a month.

Gold for February delivery soared $42.60, or 3.6%, to close at $1,218.10 an ounce on the Comex division of the New York Mercantile Exchange. The gain was the biggest since September 2013 and the settlement price the highest since gold finished at $1,224.90 an ounce on Oct. 29.

"Several factors worked to support gold Monday, including heavy short covering and buy stop orders triggered in the futures, and bargain hunting in the cash market," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "A weaker U.S. dollar index and a bounce in crude oil prices Monday — and even some safe-haven demand — were also featured."

Gold prices ranged from a low of $1,141.70 to a high of $1,221. They sank 1.8% on Friday though still ended 0.3% higher in November.

Silver for March delivery surged $1.14, or 7.3%, to end at $16.69 an ounce. Prices ranged from $14.16 to $16.81. Silver tumbled 6.3% on Friday and gave back 3.4% last month.

Elsewhere in precious metals trading:

  • January platinum gained $30.30, or 2.5%, to $1,241.60 an ounce, trading between $1,182.80 and $1,247.70.

  • Palladium for March delivery shed $5.20, or 0.6%, to $808.10 an ounce, ranging from $791.40 to $812.50.

London Fix Precious Metals

Earlier fixed London precious metals were mixed. In contrasting London bullion Fix prices from Friday PM to Monday PM:

  • Gold added $11.25, or 1%, to $1,194 an ounce,
  • Silver fell 24 cents, or 1.5%, to $15.73 an ounce,
  • Platinum rose $3, or 0.2%, to $1,208 an ounce, and
  • Palladium lost $5, or 0.6%, to $804 an ounce

US Mint Bullion Coin Sales in December

Extending solid November gains, U.S. Mint bullion sales moved swiftly out of the gate to start December with gold coins jumping 15,000 ounces and silver coins advancing 550,500 ounces.

American Silver Eagle sales advanced 523,000 on the day to 42,070,000 for the year and are 605,001 away from topping last year’s annual record.

Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of bullion coins sold on Monday, last week, last month, and the year to date. Coins with an asterisk (*) have sold out.

American Eagle and Buffalo Bullion Sales (# of coins)
Monday Sales Last Week November Sales YTD Sales
$100 American Platinum Eagle Bullion Coins* 0 0 0 16,700
$50 American Eagle Bullion Gold Coins 12,000 7,500 49,000 414,500
$25 American Eagle Bullion Gold Coins 0 3,000 8,000 46,000
$10 American Eagle Bullion Gold Coins 4,000 2,000 12,000 116,000
$5 American Eagle Bullion Gold Coins 15,000 10,000 40,000 545,000
$50 American Buffalo Bullion Gold Coins 500 1,500 12,500 173,500
$1 American Eagle Silver Bullion Coins 523,000 736,500 3,426,000 42,070,000
Great Smoky Mountains National Park 5 Oz Silver Bullion Coins* 0 0 0 33,000
Shenandoah National Park 5 Oz Silver Bullion Coins 0 0 900 23,300
Arches National Park 5 Oz Silver Bullion Coins* 0 0 0 22,000
Great Sand Dunes 5 Oz Silver Bullion Coins 0 0 1,700 17,900
Everglades 5 Oz Silver Bullion Coins 5,500 0 27,000 32,500


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