Gold Logs 8-Month High; US Mint Coin Sales Rise

1000 g gold bars
Precious metals futures jumped with gains ranging from 2.8% for platinum to 4.4% for silver

Precious metals rallied in their start to the new trading week on Monday as stock markets sank. Gold futures advanced for a fourth session in a row and closed near an 8-month high. Silver futures settled at their highest level in almost 3.5-months.

Gold for April delivery tacked on $40.20, or 3.5%, to finish at $1,197.90 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since June 19 when the yellow metal ended at $1,201.90 an ounce.

"The drive for gold today is purely tied to the risk type of trade," Reuters quoted Eli Tesfaye, senior market strategist for brokerage RJO Futures in Chicago, pegging the next target level at $1,210. "People have to move their equities out of there, have to put (money) into safer assets."

Gold prices traded from a low of $1,164.50 to a high of $1,201.40. They rallied 3.7% last week, a third straight weekly gain.

Silver for March delivery surged 64.8 cents, or 4.4%, to settle at $15.426 an ounce. The close was the highest since Oct. 30 when silver finished at $15.57 an ounce. Silver prices traded between $14.90 and $15.48. They moved up 3.8% last week.

In PGM futures on Monday:

  • April platinum advanced $25, or 2.8%, to $928.70 an ounce, ranging from $901 to $934.30.

  • Palladium for March delivery jumped $19.40, or 3.9%, to $518.10 an ounce, trading between $494.10 and $519.20.

In dealings last week, platinum gained 3.4% while palladium inched up 20 cents.

London Precious Metals Prices

Earlier fixed London gold and silver prices also climbed higher. In comparing their levels from Friday PM to Monday PM:

  • Gold added $42.90, or 3.7%, to $1,193.25 an ounce.
  • Silver added 3 cents, or 0.2%, to $14.94 an ounce.

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

Last week, London metal prices logged gains of 3.5% for gold, 5.9% for silver, 3.8% for platinum and 3.2% for palladium.

US Mint Bullion Sales in 2016

United States Mint bullion sales registered gains of 5,500 ounces in gold coins and 722,500 in American Silver Eagles.

The U.S. Mint is rationing sales of Silver Eagles because of silver planchet shortages. Earlier Monday, the Mint announced its weekly Silver Eagle limit at 1 million coins. Mint distributors ordered 72.3% of those, leaving 277,500 until more become available next week. 

Below is a sales breakdown of United States Mint bullion products with columns listing the number of bullion coins sold during varying periods of time.

US Mint Bullion Sales (# of coins)
Monday Last Week Jan Sales Feb Sales 2016 Sales
$50 American Eagle 1 Oz Gold Coins 5,500 9,500 89,000 15,000 104,000
$25 American Eagle 1/2 Oz Gold Coins 0 3,000 23,000 3,000 26,000
$10 American Eagle 1/4 Oz Gold Coins 0 0 36,000 0 36,000
$5 American Eagle 1/10 Oz Gold Coins 0 15,000 145,000 15,000 160,000
$50 American Buffalo 1 Oz Gold Coins 0 2,000 34,000 2,000 36,000
$1 American Eagle 1 Oz Silver Coins 722,500 1,045,500 5,954,500 1,768,000 7,722,500
2016 Shawnee 5 Oz Silver Coins 0 55,000 N/A 55,000 55,000
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