Gold Tops $1,100; Silver Hurdles $14

by on January 7, 2016 · 0 comments

9999 Gold Bar and American Gold Eagle Bullion Coins

On Thursday, gold and silver rallied, platinum inched higher and palladium fell Jan 7, 2016

Gold futures advanced on Thursday for a fifth session in a row and closed at a more than two-month high as the flight to safe-havens continued.

Gold for February delivery gained $15.90, or 1.5%, to end at $1,107.80 an ounce on the Comex division of the New York Mercantile Exchange. The close was the highest since Nov. 3 when gold settled at $1,114.10 an ounce.

"Safe-haven demand amid plunging world stock markets and geopolitical uncertainty has been featured all this week," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily report. "Importantly, the near-term technical posture for gold has also improved markedly this week, which is prompting heavy short covering in the futures market and fresh chart-based buying interest."

Gold prices ranged from a low of $1,091.10 to a high of $1,109.40. The yellow metal advanced 1.3% on Wednesday, 0.3% on Tuesday, 1.4% on Monday and less than 0.1% a week ago Thursday. Gold for the week so far is up 4.5%.

Extending its winning streak to four sessions, silver for March delivery surged 36.8 cents, or 2.6%, to close at $14.344 an ounce. Silver prices traded between $13.92 and $14.39. The settlement was the highest since Dec. 24 when silver ended at $14.379 an ounce. Silver rose less than 0.1% on Wednesday, 0.9% on Tuesday and 0.3% on Monday. Prices are 3.9% higher than on Friday.

In rounding out the precious metals complex:

  • April platinum rose $2.50, or 0.3%, to $877.50 an ounce, ranging from $862.60 to $885.20.

  • Palladium for March delivery fell $12.05, or 2.4%, to $493 an ounce, trading between $484.10 and $511.30.

London Precious Metals Prices

Earlier fixed London gold and silver prices advanced as well. In comparing their levels from Wednesday PM to Thursday PM:

  • Gold added $14.95, or 1.4%, to $1,106.35 an ounce.
  • Silver added 2.5 cents, or 0.2%, to $14.03 an ounce.

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

US Mint Bullion Coin Sales in 2016

United States Mint bullion sales will take off on Monday, Jan. 11, when newly 2016-coins become available. Most of the 2015-dated issues sold out with product series scoring multi-year highs, like American Gold Buffalo and ATB five ounce coins, and an annual record, like American Silver Eagles.

Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of bullion coins sold during varying periods. Products with an asterisk (*) have sold out.

US Mint Bullion Sales (# of coins)
Thursday / This Week Last Week Dec Sales 2015 Sales YTD Sales
$50 American Eagle 1 Oz Gold Coins* N/A N/A N/A 626,500 N/A
$25 American Eagle 1/2 Oz Gold Coins 0 0 1,000 75,000 0
$10 American Eagle 1/4 Oz Gold Coins* N/A N/A N/A 158,000 N/A
$5 American Eagle 1/10 Oz Gold Coins* N/A N/A N/A 980,000 N/A
$50 American Buffalo 1 Oz Gold Coins 0 0 1,500 220,500 0
$1 American Eagle 1 Oz Silver Coins* N/A N/A 2,333,500 47,000,000 N/A
2015 Homestead 5 Oz Silver Coins* N/A 35,000 N/A
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 9,200 45,000
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