Precious Metals Rise Wed., Jan. 16; Palladium Ends Above Gold

by CoinNews.net on January 16, 2019 · 0 comments

Silver and Gold Bullion

Gains in precious metals futures ranged from 0.1% for silver to 3.2% for palladium

Precious metals futures on Wednesday rebounded from their prior-day losses. Palladium not only posted its eighth record close in nine sessions but it finished ahead of gold for the first time in about sixteen years.

Gold for February delivery rose $5.40, or 0.4%, to end at $1,293.80 an ounce on the Comex division of the New York Mercantile Exchange.

"The macro environment still looks very positive for gold, given we expect the dollar to weaken and the Fed unlikely to start hiking rates until the second half of the year," Reuters quoted Suki Cooper, precious metals analyst at Standard Chartered Bank.

Gold futures ranged from a low of $1,287.60 to a high of $1,295.40. They shed 0.2% on Tuesday and rose 0.1% on Monday.

Meanwhile, silver for March delivery added 1.8 cents, or 0.1%, to close at $15.638 an ounce. Silver futures traded between $15.52 and $15.69. They lost 0.4% on Tuesday and climbed 0.2% on Monday.

In PGM futures on Wednesday:

  • April platinum gained $7.80, or 1%, to $807.90 an ounce, ranging from $800.20 to $810.10.

  • Palladium for March delivery soared $41.40, or 3.2%, to settle at $1,318.50 an ounce — another new record. Palladium traded between $1,280.50 and $1,321.90.

London Precious Metals Prices

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

  • Gold declined $1.60, or 0.1%, to $1,292.80 an ounce.
  • Silver declined 6 cents, or 0.4%, to $15.54 an ounce.

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

US Mint 2019 Bullion Sales

United States Mint bullion sales increased by a combined 4,000 ounces in American Eagle and Buffalo gold coins and by 420,000 ounces in American Silver Eagles.

Below is a sales breakdown of U.S. Mint 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 2018 Sales 2019 Sales
$100 American Eagle 1 Oz Platinum Coin 0 22,800 0 0 30,000 22,800
$50 American Eagle 1 Oz Gold Coin 2,000 32,000 3,000 3,000 191,000 35,000
$25 American Eagle 1/2 Oz Gold Coin 0 13,000 0 0 32,000 13,000
$10 American Eagle 1/4 Oz Gold Coin 0 16,000 0 0 62,000 16,000
$5 American Eagle 1/10 Oz Gold Coin 10,000 60,000 15,000 0 230,000 75,000
$50 American Buffalo 1 Oz Gold Coin 1,000 18,500 1,500 1,500 121,500 20,000
$1 American Eagle 1 Oz Silver Coin 420,000 2,846,000 520,000 490,000 15,700,000 3,366,000

 

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