Gold Ends at 7-Week High, Silver Slips 2 cents

Silver bullion bars, gold bullion bars, scales
Gold futures climbed Wednesday while silver ended lower for the first time this week

Gold futures extended their gains to three sessions in a row Wednesday, for their sixth win in seven sessions, and ended at a more than 7-week high.

Gold for February delivery added $11.10, or 1%, to close at $1,196.60 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the highest since Nov. 22.

"The gold market bulls are out of the gates in fairly good fashion to start 2017. Bargain buying in the cash market and short sellers in the futures market liquidating their positions are lifting the yellow metal," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "There has also been better demand recently for physical gold coming out of China and India."

Gold futures ranged from a low of $1,177 to a high of $1,198.50. They are 2% higher so far this week.

Lower for the first time in three sessions, silver for March delivery slipped 2 cents, or 1%, to end at $16.828 an ounce. Silver futures traded between $16.56 and $16.91. On Tuesday, they closed at their highest level since Dec. 14.

In PGM futures Wednesday:

  • April platinum fell $6.40, or 0.7%, to $976.40 an ounce, ranging from $964.30 to $986.60.

  • Palladium for March delivery fell $11.35, or 1.5%, to $753.90 an ounce, trading between $744.25 and $767.35.

London Precious Metals Prices

In comparing earlier fixed London bullion prices from Tuesday PM to Wednesday PM:

  • Gold declined $10.95, or 0.9%, to $1,178.55 an ounce.
  • Silver added 12.5 cents, or 0.8%, to $16.79 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 2017

U.S. Mint bullion sales were unchanged Wednesday following modest gains on Tuesday and sharp increases on Monday when 2017-dated editions launched.

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)
Wednesday Sales Last Week This Week Dec Sales Jan Sales
$50 American Eagle 1 Oz Gold Coins 0 50,000 23,000 50,000
$25 American Eagle 1/2 Oz Gold Coins 0 0 17,000 3,000 17,000
$10 American Eagle 1/4 Oz Gold Coins 0 28,000 2,000 28,000
$5 American Eagle 1/10 Oz Gold Coins 0 80,000 40,000 80,000
$50 American Buffalo 1 Oz Gold Coins 0 0 22,500 12,500 22,500
$1 American Eagle 1 Oz Silver Coins 0 3,747,500 240,000 3,747,500
2016 Shawnee 5 Oz Silver Coins*
2016 Cumberland Gap 5 Oz Silver Coins*
2016 Harpers Ferry 5 Oz Silver Coins 0 0 0 100 0
2016 Theodore Roosevelt 5 Oz Silver Coins* 800
2016 Fort Moultrie 5 Oz Silver Coins 0 0 0 0 0


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Mark S.

America the beautiful collection
P&D 2010-2016 when they come out
2017 Danco Album.