Gold, Silver End at 2-Week High on Safe-Haven Demand

Gold and Silver Bullion - Bars and Coins
Gold and silver advanced while palladium and platinum declined

Gold and silver futures marked a near two-week high Wednesday, boosted by safe-haven demand as global stock markets tumbled.

Gold for February delivery tacked on $17.10, or 1.6%, to end at $1,106.20 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since Jan. 7. Gold prices ranged from a low of $1,087.10 to a high of $1,109.90. On Tuesday, they dipped $1.60 or 0.1%.

"We have a lot of fear today that’s gathering steam," Bloomberg News quoted James Cordier, the founder of in Tampa, Florida. "We definitely have some diversifying going on out of stocks and into fear trades, which is gold today. With the combination of a lack of inflation in the U.S. and the turmoil in the stock markets, there’s no other way to look at the Fed right now other than they’re on hold."

U.S. consumer prices declined 0.1% in December with the rate of inflation rising 0.7% in 2015, the second slowest pace for a calendar year in over 50 years, according to a U.S. Labor Department report released Wednesday.

Up for a third straight session, silver for March delivery added 3.9 cents, or 0.3%, to close at $14.16 an ounce. Like gold, silver’s settlement was the highest since Jan. 7. Silver prices traded between $14 and $14.22. They are 1.9% higher on the week.

In PGM futures on Wednesday:

  • April platinum declined $11.10, or 1.3%, to $819.20 an ounce, ranging from $814.60 to $829.80.

  • Palladium for March delivery shed $7.90, or 1.6%, to $489 an ounce, trading between $483.35 and $496.25.

London Precious Metals Prices

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

  • Gold added $15.50, or 1.4%, to $1,101.75 an ounce.
  • Silver added 2 cents, or 0.1%, to $14.05 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 sales were unchanged Wednesday following sharp gains on Tuesday. 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 2016 Sales
$50 American Eagle 1 Oz Gold Coins 0 52,500 16,500 N/A 69,000
$25 American Eagle 1/2 Oz Gold Coins 0 14,000 4,000 1,000 18,000
$10 American Eagle 1/4 Oz Gold Coins 0 26,000 2,000 N/A 28,000
$5 American Eagle 1/10 Oz Gold Coins 0 90,000 15,000 N/A 105,000
$50 American Buffalo 1 Oz Gold Coins 0 23,500 4,000 1,500 27,500
$1 American Eagle 1 Oz Silver Coins 0 4,000,000 950,000 2,333,500 4,950,000
2015 Homestead 5 Oz Silver Coins* N/A N/A
2015 Kisatchie 5 Oz Silver Coins*
2015 Blue Ridge Parkway 5 Oz Silver Coins*
2015 Bombay Hook 5 Oz Silver Coins*
2015 Saratoga 5 Oz Silver Coins* N/A 9,200
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What is the story with platinum? It use to sell higher than gold.