Gold, Silver Snap 3-Session Losing Streak; US Coin Sales Rise

Two silver bullion bars and gold nuggets
Most precious metals futures advanced with gains ranging from 0.2% for gold to 3% for silver

Precious metals futures advanced on Wednesday with gold and silver snapping a three-session losing streak. Platinum and palladium closed higher for the first time since Friday.

Gold for February delivery added $1.90, or 0.2%, to settle at $1,087.10 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold remains a destination for ‘safe money’ during the flare ups of volatility and further weakness in global equities could fuel a continuation of the recent rally into the mid $1,100s in the near term," analysts at The 7:00’s Report said on Wednesday according to MarketWatch. But longer term, "gold will take its cue from the dollar and [U.S. Federal Reserve] policy expectations."

Gold prices ranged from a low of $1,079.40 to a high of $1,093.70. They shed 1% on Tuesday, dropped 0.2% on Monday and lost 0.9% on Friday. On Thursday, yellow metal closed at $1,107.80 for its highest settlement since Nov. 3.

Silver for March delivery surged 40.5 cents, or 3%, to settle at $14.156 an ounce. Silver prices traded between $13.75 and $14.21. They slipped 0.8% on Tuesday.

In other precious metals futures:

  • April platinum rose $12.70, or 1.5%, to $851.30 an ounce, ranging from $833 to $855.80.

  • Palladium for March delivery jumped $16.85, or 3.6%, to $486.65 an ounce, trading between $467.25 and $499.95.

London Precious Metals Prices

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

  • Gold added $2.75, or 0.3%, to $1,088.15 an ounce.
  • Silver declined a nickel, or 0.4%, to $13.83 an ounce.

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

US Mint Bullion Sales in 2016

United States Mint bullion coins logged a third straight day of increases. On Monday, the bureau released its annual coins with a 2016 date. Advances on Wednesday included 4,500 ounces in gold coins and 354,000 ounces in silver coins.

The latter was all 2016 American Silver Eagles. Nearly 88% of the week’s supply has now been claimed. The U.S. Mint allocated 4 million Silver Eagles this week. With Wednesday’s gains, there are 500,000 left until more become available on Monday.

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)
Wednesday Last Week This Week Dec Sales 2015 Sales 2016 Sales
$50 American Eagle 1 Oz Gold Coins 3,000 N/A 50,500 N/A 626,500 50,500
$25 American Eagle 1/2 Oz Gold Coins 0 13,000 1,000 75,000 13,000
$10 American Eagle 1/4 Oz Gold Coins 2,000 N/A 26,000 N/A 158,000 26,000
$5 American Eagle 1/10 Oz Gold Coins 5,000 N/A 85,000 N/A 985,000 85,000
$50 American Buffalo 1 Oz Gold Coins 500 0 23,500 1,500 220,500 23,500
$1 American Eagle 1 Oz Silver Coins 354,000 N/A 3,500,000 2,333,500 47,000,000 3,500,000
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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