Gold Scores Almost 1-1/2-Year High, Silver Ends Near 4-1/2- Month High

Three Gold Bullion Bars, Dark Background
Gains in precious metals futures ranged from a low of $0.8% for platinum to 3.4% for silver

Precious metals futures rallied in the mid-week trading session Wednesday as the U.S. dollar sank to a more than 3-year low. Silver logged a near 4-1/2-month high and gold posted an almost 1-1/2-year high.

Gold for February delivery advanced $19.60, or 1.5%, to settle at $1,356.30 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since Aug. 18, 2016, when prices closed at $1,357.20 an ounce.

"Of all the combinations of market fundamentals which can prove supportive of gold prices, none are more potent than a slumping U.S. dollar amid concern for a deteriorating U.S. fiscal position. This is total nirvana for gold," MarketWatch quoted Trey Reik, senior portfolio manager with Sprott Asset Management, in a commentary.

Gold futures traded from a low of $1,339.10 to a high of $1,361.60. They rose 0.4% on Tuesday and dipped 0.1% on Monday.

Meanwhile, silver for March delivery surged 57.6 cents, or 3.4%, to settle at $17.489 an ounce. The settlement is the strongest since Sept. 15, 2017, when the precious metal finished at $17.701 an ounce. Silver futures ranged from $16.98 to $17.61. They fell 0.5% in the previous session and lost 0.3% on Monday.

In PGM futures on Wednesday:

  • April platinum added $8, or 0.8%, to $1,015.80 an ounce, trading between $1,009.10 and $1,027.30.

  • Palladium for March delivery tacked on $22.10, or 2%, to $1,106.35 an ounce, ranging from $1,087.55 to $1,108.15. The close was $3.35 shy from the all-time record set on Jan. 17, 2018.

London Precious Metals Prices

In comparing earlier fixed London gold and silver prices from Tuesday PM to Wednesday PM:

  • Gold rose $20.30, or 1.5%, to $1,353.70 an ounce.
  • Silver gained 21 cents, or 1.2%, to $17.19 an ounce.

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

US Mint Bullion Sales in 2018

United States Mint bullion sales climbed by 75,000 ounces in American Silver Eagles. Below is a sales breakdown of U.S. bullion products with columns listing the number of coins sold during varying periods.

US Mint Bullion Sales (# of coins)
Wednesday Last Week This Week December 2017 Sales 2018 Sales
$50 American Eagle 1 Oz Gold Coin 0 3,500 4,500 38,000 228,500 35,000
$25 American Eagle 1/2 Oz Gold Coin 0 2,000 2,000 3,000 37,000 16,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 2,000 4,000 64,000 26,000
$5 American Eagle 1/10 Oz Gold Coin 0 10,000 5,000 25,000 395,000 75,000
$50 American Buffalo 1 Oz Gold Coin 0 2,500 2,500 14,000 99,500 23,500
$1 American Eagle 1 Oz Silver Coin 75,000 250,000 325,000 742,000 18,065,500 3,095,000

This article was edited to include updated U.S. Mint bullion figures.

Notify of

1 Comment
Inline Feedbacks
View all comments
Joe Brown

? anyone here about the hole in the ground. WELL! WELL! WELL!