Gold Ends 6-Session Losing Streak; Rebounds from 4-Month Low

Staggered gold bars
Precious metals logged gains that ranged from 0.2% for palladium to 1.6% for silver

Precious metals future climbed Monday, led by silver and then gold. Gold bounced from its lowest close in four months, rising for the first time in seven sessions.

Gold for December delivery turned up $8.50, or 0.7%, to settle at $1,260.40 an ounce on the Comex division of the New York Mercantile Exchange. Bargain hunting was among the factors cited for gains.

"When you see prices get that low you’re going to have people come in and start buying gold ETFs and physical gold," Bloomberg News quoted Phil Streible, a senior market strategist at RJO Futures in Chicago. "Investors are buying here at a discount thinking prices can come back."

Gold futures ranged from a low of $1,258.50 to a high of $1,266.80. They dropped 5% last week for their biggest weekly decline since September 2013. On Friday, gold prices closed at their lowest level since June 7.

Higher for a second session in a row after falling for four straight, silver for December delivery tacked on 27.9 cents, or 1.6%, to settle at $17.659 an ounce. Silver futures traded between $17.57 and $17.84. They plunged last week by 9.6%.

In other precious metals dealings:

  • January platinum rose $2.80, or 0.3%, to $965.40 an ounce, ranging from $963.70 and $978.50.

  • Palladium for December delivery gained $1.15, or 0.2%, to $668.55 an ounce, trading between $662.50 and $677.50.

Last week, the two metals fell by 7% and 7.5%.

London Precious Metals Prices

In comparing earlier fixed London bullion prices from Friday PM to Monday PM:

  • Gold edged up 75 cents to $1,259.50 an ounce.
  • Silver gained 45 cents, or 2.6%, to $17.78 an ounce.

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

Last week, London bullion registered losses that reached to 4.8% for gold, 10.4% for silver, 5.7% for platinum and 6.6% for palladium.

US Mint Bullion Coin Sales in 2016

U.S. Mint bullion totals were unchanged Monday following their best week of sales since January. 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 (*) are no longer available.

US Mint Bullion Sales (# of coins)
Monday Sales Last Week Sept Sales Oct Sales 2016 Sales
$100 American Eagle 1 Oz Platinum Coins* 20,000
$50 American Eagle 1 Oz Gold Coins 0 42,000 79,000 42,000 607,000
$25 American Eagle 1/2 Oz Gold Coins 0 1,000 5,000 1,000 57,000
$10 American Eagle 1/4 Oz Gold Coins 0 6,000 16,000 6,000 122,000
$5 American Eagle 1/10 Oz Gold Coins 0 15,000 85,000 15,000 715,000
$50 American Buffalo 1 Oz Gold Coins 0 8,000 17,500 8,000 157,000
$1 American Eagle 1 Oz Silver Coins 0 1,405,000 1,675,000 1,405,000 31,980,500
2016 Shawnee 5 Oz Silver Coins* 105,000
2016 Cumberland Gap 5 Oz Silver Coins* 75,000
2016 Harpers Ferry 5 Oz Silver Coins 0 0 200 0 36,300
2016 Theodore Roosevelt 5 Oz Silver Coins 0 1,000 2,000 1,000 30,500


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I noticed this from the website.
Above it says the platinum eagle has sold 20K. But this is from the mint..

Item Number: 16EJ

Mintage Limit: 10,000

Product Limit: 10,000

Household Order Limit: 1

What gives?