Precious Metals Fall Again on Tuesday, Feb. 6

by CoinNews.net on February 6, 2018 · 7 comments

Slim gold bars

Losses in precious metals ranged from 0.1% for platinum to 3% for palladium

Precious metals futures ended lower Tuesday for a second day this week. Gold settled at a near three-week low while silver closed at an almost seven-week low.

Gold for April delivery declined $7, or 0.5%, to settle at $1,329.50 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the weakest since Jan. 18.

"When the dollar and Treasury yields went up, gold had no place to go and it wasn’t the safe haven that everybody was looking forward to. When the stock market sold off, the dollar seemed to be getting all the activity instead of gold," Reuters quoted Walter Pehowich, executive vice president of investment services at Dillon Gage Metals.

Gold futures traded from a low of $1,328.40 to a high of $1,349.30. They dipped less than 0.1% on Monday.

Silver for March delivery fell 9.1 cents, or nearly 0.6%, to settle at $16.58 an ounce. The close was the lowest since Dec. 22. Silver futures ranged from $16.54 to $16.96. They lost 0.2% on Monday.

In rounding out precious metals futures:

  • April platinum shed $1.20, or 0.1%, to $994.30 an ounce, trading between $987 and $1,002.90.

  • Palladium for March delivery sank $30.45, or 3%, to $1,002.50 an ounce, ranging from $997.20 to $1,028.15.

London Precious Metals Prices

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

  • Gold declined $2.20, or 0.2%, to $1,331.40 an ounce.
  • Silver fell 7 cents, or 0.4%, to $16.805 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 were unchanged. 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)
Tuesday Last Week This Week December January February 2018 Sales
$50 American Eagle 1 Oz Gold Coin 0 2,000 500 38,000 36,000 1,500 37,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 3,000 16,000 0 16,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 4,000 26,000 0 26,000
$5 American Eagle 1/10 Oz Gold Coin 0 5,000 0 25,000 80,000 0 80,000
$50 American Buffalo 1 Oz Gold Coin 0 1,500 500 14,000 24,000 1,500 25,500
$1 American Eagle 1 Oz Silver Coin 0 140,000 225,000 742,000 3,235,000 225,000 3,460,000

 

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Charlie 1952
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This has nothing to do with this article but maybe someone will read it.I was going thru some Jefferson nickels and found a 2007D that had no E in the E Pluribus Unum above thedome on the reverse. It appears the die had been polished because if you magnify it under light you can see the faint outline of the E. Has anybody else run across this. I collect nickels but this one is newto me. Thank all you people for the info all of you supply.

Joe Brown
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Hi – Charlie 1952, so it reads ”of many one” , i must say i have not come across one, interesting tho, with the *Latin ”E”, it would say, ”out” of many one, which means, one in *union for the 13 first *U.S. colony*s, now it’s for all the *50 states & *5 *U.S.A territories + the *Distract of Columbia, there’s ten ways to look at it, when i* was a kid, i asked my *Dad what the *legend* meant, his words were *One in Solidarity with God* Family* & Union*, which was put on his stone. Your blog caught my eye Charlie, because i just came across a very nice looking, but i’m not positive about the date, from the best angle it’s look like a 2016 P dime, but their is no John R. Sinnock, initials JS, at the truncation of his neck, i can tell you that… Read more »

Dan
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Dan

Is this platinum 1 oz gonna drop in price from $1420 because platinum is under $1000/oz now? When will that price drop happen?

Chas Barber
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Plat did drop…..unreal they are selling ’17 Buffs….? How about some others like the Boys Town in the melting piles… or those pesky Prez$ maybe release them, or let the 2% buy $1,000,000 face with 15% off, just like a tax cut!

Mouse
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Mouse

Thank you ever dropping precious metals spot. I planned to purchase some more investment bullion for the beginning of next month but took advantage of the hugh drop today. What a great deal. I feel for anyone that did not cash in in the palladium spike, I have a feeling it is going to drop well below platinum again, and stay there for a long time. Palladium does not have the security of platinum / gold and silver.

I do agree with you CHAS, precious metals investment is designed for the 2 per cent to make the big bucks. I will always take a quick two hundred dollar profit, but man would I like to be able to experience a quick two million dollar profit.

Mouse

Chas Barber
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Mouse Palladium is a strange beast, Rose cause plat was too high$ now almost = but with the APdEagle there is demand for the metal. I sold some @ 930 & missed another $100, still got a bunch I got 10y ago <$2oo an oz…. Also did sell ONE golde Eagle for $1,535 when gold was UP UP to say I did, should have sold more & bought Pd!…… or Nexflix stock….

Mouse
Guest
Mouse

Chase – Holy smokes, Palladium back in the day at 2 bucks an ounce, that’s awesome, I hope you are able to drop it for loads of cash. I missed the boat on Palladium, against my better judgement. I thought it would be another rhodium.

As Palladium is a bi-product of Platinum mining, I feel that when the large car manufactures run low on Palladium that they will purchase Platinum as it is a lower price and does the same job – further decreasing Palladium value. Just my own personnel speculation.

Happy stacking and collecting my friends

Mouse