Gold and Silver Bounce from Multi-Year Lows

1000 g gold bars
Precious metals futures settled higher Thursday Dec. 3, 2015

Gold and silver futures rebounded Thursday from 5.8- and 6.3-year lows as the U.S. dollar trimmed gains after scoring a 13-year high.

Gold for February delivery added $7.40, or 0.7%, to close at $1,061.20 an ounce on the Comex division of the New York Mercantile Exchange.

"I would attribute most of the rally to the weakness in the U.S. dollar," Reuters quoted Bill O’Neill, co-founder of commodities investment firm Logic Advisors in New Jersey.

Gold prices traded from a low of $1,045.40 to a high of $1,063.60. They slid 0.9% on Wednesday to close at their lowest level since Feb. 5, 2010.

Silver for March delivery gained 7 cents, or 0.5%, to close at $14.08 an ounce. Silver prices traded from $13.81 to $14.15. They declined 0.5% on Wednesday and settled at their lowest point since Aug. 20, 2009.

In other precious metals futures on Thursday:

  • January platinum tacked on $15.10, or 1.8%, to $847.50 an ounce, ranging from $825 to $849.90.

  • Palladium for March delivery rose $11, or 2.1%, to $536.80 an ounce, trading between $524.25 and $539.

London Precious Metals Prices

Earlier fixed London gold and silver prices were divided. In comparing their levels from Wednesday PM to Thursday PM:

  • Gold inched up a nickel to $1,055.45 an ounce.
  • Silver fell 21 cents, or 1.5%, to $13.93 an ounce.

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

US Mint Bullion Coin Sales

United States Mint bullion sales were unchanged for a second straight day. Again, there is little room for advances with most American Gold Eagles sold out, all five-ounce America the Beautiful silver coins sold out, and the supply of American Silver Eagles gone until Dec. 7. The U.S. Mint set its weekly Silver Eagle allocation at 920,500 coins. The last of those sold on Tuesday.

Below is a listing of U.S. Mint bullion products with the number of coins sold during varying periods. Products with an asterisk (*) are no longer available.

US Mint Bullion Sales (# of coins)
Thursday Sales Last Week This Week Nov Sales Dec Sales YTD Sales
$50 American Eagle 1 Oz Gold Coins* N/A 16,000 N/A 80,500 N/A 626,500
$25 American Eagle 1/2 Oz Gold Coins 0 0 0 7,000 0 74,000
$10 American Eagle 1/4 Oz Gold Coins* N/A N/A N/A 12,000 N/A 158,000
$5 American Eagle 1/10 Oz Gold Coins* N/A N/A N/A 100,000 N/A 980,000
$50 American Buffalo 1 Oz Gold Coins* 0 18,000 3,000 38,000 0 219,000
$1 American Eagle 1 Oz Silver Coins 0 1,000,000 920,500 4,824,000 183,500 44,850,000
2015 Homestead 5 Oz Silver Coins* N/A 35,000
2015 Kisatchie 5 Oz Silver Coins* 42,000
2015 Blue Ridge Parkway 5 Oz Silver Coins* 45,000
2015 Bombay Hook 5 Oz Silver Coins* 45,000
2015 Saratoga 5 Oz Silver Coins* N/A N/A 45,000 35,800 9,200 45,000
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