Gold Posts New 7-Week High, Touches $1200; US Gold Coins Rise

Gold bullion and gold coins
Most precious metals futures advanced Thursday, from 0.3% for gold to 1.5% for palladium. Silver did slip, but by less than 0.1%.

Gold futures drove their winning streak to four days in a row Thursday, their seventh gain in eight sessions, and posted a new, more than 7-week high.

Gold for February delivery advanced $3.20, or 0.3%, to finish at $1,199.80 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the highest since Nov. 22.

"Trump’s election has introduced a proliferation of unknowns, which the market will have to work through as they surface," Reuters quoted RBC Capital Markets said in a note. "Overall, while we are cautiously optimistic on gold for the year, we still think the real reason to buy gold is as a risk overlay — a hedge against moves like these."

Gold futures ranged from a low of $1,190.70 to a high of $1,207.20. They are 2.3% higher so far this week.

Lower for a second day in a row, silver for March delivery dipped less than a half cent to $16.825 an ounce. Silver futures traded between $16.75 and $17.02. On Tuesday, they closed at their highest level since Dec. 14. Prices for the week are still 1.9% higher.

In other precious metals futures:

  • April platinum tacked on $8.30, or 0.9%, to $984.70 an ounce, ranging from $974.70 to $994.40.

  • Palladium for March delivery settled up $11.35, or 1.5%, to $765.25 an ounce, trading between $753.30 and $766.

London Precious Metals Prices

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

  • Gold jumped $26.50, or 2.3%, to $1,205.05 an ounce.
  • Silver added 12 cents, or 0.7%, to $16.91 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 advanced by 7,500 ounces in gold coins, with splits of 6,000 ounces in American Gold Eagles and 1,500 ounces in American Gold Buffalos. The Mint’s 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)
Thursday Sales Last Week This Week Dec Sales Jan Sales
$50 American Eagle 1 Oz Gold Coins 4,500 54,500 23,000 54,500
$25 American Eagle 1/2 Oz Gold Coins 1,000 0 18,000 3,000 18,000
$10 American Eagle 1/4 Oz Gold Coins 2,000 30,000 2,000 30,000
$5 American Eagle 1/10 Oz Gold Coins 5,000 85,000 40,000 85,000
$50 American Buffalo 1 Oz Gold Coins 1,500 0 24,000 12,500 24,000
$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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Seth Riesling

Third day in a row without the sale of a single silver bullion version coin to the Mint’s 13 worldwide bullion coin Authorized Purchasers of the three different silver coins currently available & in stock at the West Point Mint.