Gold Advances for Fourth Session, Silver Scores 5.5-Month High

Pure silver bullion bars
Silver futures closed at their best level since late October

Gold and silver futures extended their winning streaks on Tuesday to four straight sessions. Gold closed at a more than 3-week high while silver settled at a 5-1/2-month high.

Gold for June delivery advanced $2.90, or 0.2%, to end at $1,260.90 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since March 17 when gold closed at $1,265 an ounce.

"A depreciating U.S. dollar on the world foreign exchange market remains an overall positive element for the precious metals markets," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "A rallying crude oil market is also bullish for the precious metals and for the entire raw commodity sector."

Gold prices ranged from a low of $1,253 to a high of $1,264.70. In the previous session, they gained $14.20 or 1.1%.

Silver for May delivery tacked on 24.6 cents, or 1.5%, to settle at $16.222 an ounce. The close was the highest since Oct. 28 when the precious metal finished at $16.29 an ounce.

"The market may be thinking that inflation’s going up so metals are going up," Reuters quoted Dan Pavilonis, senior market strategist for RJO Futures in Chicago. "Then you see markets like silver and copper technically looking like they’re going to break out. That entices traders to come in and start buying it."

Silver prices traded between $15.80 and $16.23. On Monday, they surged by 59.2 cents or 3.9%.

In PGM futures on Tuesday:

  • July platinum added $8.90, or 0.9%, to $999.70 an ounce, ranging from $987.30 to $1,003.90.

  • Palladium for June delivery declined $1.35, or 0.3%, to $544.15 an ounce, trading between $541.25 and $555.60.

London Precious Metals Prices

In comparing earlier fixed London gold and silver prices from Monday PM to Tuesday PM:

  • Gold dipped 15 cents to $1,254.60 an ounce.
  • Silver added 40 cents, or 2.6%, to $15.96 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

U.S. Mint bullion sales jumped on Tuesday — the first gains of the week, advancing by:

  • 984,500 ounces in American Silver Eagles;
  • 12,000 ounces in American Gold Eagles; and
  • 2,000 ounces in American Gold Buffalo coins.

This week, the U.S. Mint is limiting sales of American Silver Eagles to 1,036,000 coins, which includes the 36,000 coins left over from last week’s allocation of 1,042,500 coins. Bullion distributors ordered 95% through Tuesday. The Silver Eagle’s cumulative sales total for this year is at 15,964,000 coins, or 31.2% more than through the same time in record year 2015.

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)
Tuesday / This Week Sales Last Week Mar Sales Apr Sales 2016 Sales
$50 American Eagle 1 Oz Gold Coins 10,000 17,500 29,000 28,500 214,000
$25 American Eagle 1/2 Oz Gold Coins 1,000 1,000 1,000 2,000 32,000
$10 American Eagle 1/4 Oz Gold Coins 4,000 2,000 4,000 6,000 58,000
$5 American Eagle 1/10 Oz Gold Coins 5,000 20,000 75,000 25,000 345,000
$50 American Buffalo 1 Oz Gold Coins 2,000 6,000 7,000 8,000 68,000
$1 American Eagle 1 Oz Silver Coins 984,500 1,006,500 4,106,000 2,106,000 16,948,500
2016 Shawnee 5 Oz Silver Coins 0 0 0 0 105,000


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