Gold Climbs for Second Session After Hitting 10.5-Month Low

by on December 19, 2016 · 2 comments

Slim gold bars

Precious metals were mixed on Monday, with gold higher and silver, platinum and palladium lower

Gold futures climbed for a second straight session Monday, advancing from a recent 10.5-month low.

Gold for February delivery added $5.30, or 0.5%, to settle at $1,142.70 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold prices were ending the U.S. day session a bit firmer on some more short-covering in the futures market and perceived bargain-hunting in the cash market after hitting a 10-month low late last week," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "The precious metals bulls are still spooked by the recent powerful rally in the U.S. dollar index that last week hit a 13-year high."

Gold futures ranged from a low of $1,135.50 to high of $1,144.40. They dropped 2.1% last week, for their sixth straight weekly loss. On Thursday, prices settled at their lowest level since Feb. 2.

Meanwhile, silver for March delivery slipped 12.6 cents, or 0.8%, to settle at $16.089 an ounce. Silver futures traded between $15.95 and $16.27. They tumbled last week by 4.4%.

In other precious metals trading action on Monday:

  • January platinum declined $16.80, or 1.8%, to $917.30 an ounce, ranging from $915 to $931.90.

  • Palladium for March delivery lost $18.55, or 2.7%, to $678.70 an ounce, trading between $675.80 and $698.10.

Last week, the two metals split with platinum up by 2.1% and palladium down by 5.1%.

London Precious Metals Prices

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

  • Gold added $4.65, or 0.4%, to $1,136.25 an ounce.
  • Silver shed 5 cents, or 0.3%, to $16 an ounce.

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

Last week, London bullion prices registered declines of 2.8% for gold, 5.3% for silver, 2.3% for platinum and 7.5% for palladium.

US Mint Bullion Coin Sales in 2016

United States Mint bullion sales moved up by 2,500 ounces in American Buffalo gold coins. The Mint’s most popular 2016-dated bullion coins have sold out. New 2017-dated issues will go on sale Jan. 9.

Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold during varying periods. Products with an asterisk (*) are no longer available.

US Mint Bullion Sales (# of coins)
Monday Sales Last Week Nov Sales Dec Sales 2016 Sales
$100 American Eagle 1 Oz Platinum Coins* 20,000
$50 American Eagle 1 Oz Gold Coins* 129,000 23,000 817,500
$25 American Eagle 1/2 Oz Gold Coins 0 1,000 7,000 3,000 74,000
$10 American Eagle 1/4 Oz Gold Coins* 18,000 2,000 152,000
$5 American Eagle 1/10 Oz Gold Coins* 105,000 40,000 925,000
$50 American Buffalo 1 Oz Gold Coins 2,500 4,500 29,500 12,500 219,500
$1 American Eagle 1 Oz Silver Coins* 3,061,000 240,000 37,701,500
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 1,500 100 38,100
2016 Theodore Roosevelt 5 Oz Silver Coins* 6,600 800 40,000
2016 Fort Moultrie 5 Oz Silver Coins 0 0 27,800 0 27,800


{ 2 comments… read them below or add one }

Jim c December 19, 2016 at 7:49 pm

Wow!! The us mint just took away my 2016 gold mercury dime !! On the second ordering day, 12-15 I was lucky enough to get my order in on time. Then while tracking the order I discovered that when in transit it was being sent back to the mint. So I called the first thing this morning and talked to costumer service.. After being put on hold several times I was told that it would be resent out to me. (The problem that got it sent back was that I transposed a number in the zip code) So now 12 hours later I get a call from the mint saying I was given the wrong information and there is no way they can send the coin back to me now..Only get a refund .This was a Christmas present to me son who is in the hospital getting treated for cancer. Earlier today he was the happyest kid in the world knowing he would have his last coin for his set as we were able to get the other two coins in the set. Now I have to break his heart with the bad news. There goes our Christmas.

Doobiewahsasha December 20, 2016 at 1:03 pm

Hello Jim .
Doobiewahsasha here. Email me at I believe I can help you!

Leave a Comment