Gold, Silver Mark Nearly 3-Week Highs in 2017 Start

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Precious metals futures posted gains in their start to the new year

Gold futures advanced to an almost 3-week high in their start to the new trading year on Tuesday. Most markets closed Monday in observance of New Year’s Day.

Gold for February delivery settled up $10.30, or 0.9%, to $1,162 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the highest since Dec. 14.

"Bargain hunting in the cash markets and short covering in the futures markets were featured," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "A sharp rise in the U.S. dollar index overnight did limit buying interest in the gold and silver markets early on, but when the dollar index backed well off its daily high the gold and silver buyers stepped in."

Gold futures ranged from a low of $1,146.50 to a high of $1,166. They advanced 8.6% last year for their first annual increase in four years.

Rising for the fourth time in five sessions, silver for March delivery added 42 cents, or 2.6%, to $16.409 an ounce. Like for gold, the settlement is the highest since Dec. 14. Silver futures traded between $15.93 and $16.55. They slipped 1.4% on Friday but still ended 2016 with a 15.8% increase.

In other precious metals futures on Tuesday:

  • April platinum rallied $38.50, or 4.3%, to $944.20 an ounce, ranging from $903.60 to $948.80.

  • Palladium for March delivery surged $26.65, or 3.9%, to $709.90 an ounce, trading between $678.15 and $719.50

In 2016, platinum gained 1.4% while palladium soared 21.6%.

London Precious Metals Prices

UK markets had been closed since Friday morning. When comparing those AM precious metals prices to the PM prices on Tuesday:

  • Gold fell $8.10, or 0.7%, to $1,151 an ounce.
  • Silver declined 29 cents, or 1.8%, to $15.95 an ounce.

Last year, London precious metals prices surged with gains of 9.1% for gold, 17.5% for silver, 4% for platinum and 23.6% for palladium.

US Mint Bullion Coin Sales in 2017

U.S. Mint bullion sales will take off next Monday, Jan. 9, when new 2017-dated coins become available. Most of the agency’s 2016-dated issues sold out in early December.

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)
Tuesday / This Week Last Week Dec Sales 2016 Sales 2017 Sales
$50 American Eagle 1 Oz Gold Coins* 23,000 817,500 0
$25 American Eagle 1/2 Oz Gold Coins   0 3,000 74,000 0
$10 American Eagle 1/4 Oz Gold Coins* 2,000 152,000 0
$5 American Eagle 1/10 Oz Gold Coins* 40,000 925,000 0
$50 American Buffalo 1 Oz Gold Coins   0 12,500 219,500 0
$1 American Eagle 1 Oz Silver Coins* 240,000 37,701,500 0
2016 Shawnee 5 Oz Silver Coins* 105,000 0
2016 Cumberland Gap 5 Oz Silver Coins* 75,000 0
2016 Harpers Ferry 5 Oz Silver Coins   0 100 38,100 0
2016 Theodore Roosevelt 5 Oz Silver Coins* 800 40,000 0
2016 Fort Moultrie 5 Oz Silver Coins   0 0 27,800 0


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