Gold, Silver and Platinum Log Second Straight Declines Tuesday, Feb. 5

Gold bullion bars
Gold futures dipped 10 cents Tuesday, Feb. 5

Most precious metals on Tuesday closed lower for a second day in a row. Again, palladium was the exception. Gold and silver extended their declines to a third straight session after they scored multi-month highs last Thursday.

Gold for April delivery inched down 10 cents to settle at $1,319.20 an ounce on the Comex division of the New York Mercantile Exchange.

"Residual strength in the dollar gives off the impression of a near term dollar uptrend and that could keep the bias in both gold and silver pointing downward," analysts at Zaner Precious Metals wrote in a note Tuesday according to MarketWatch. "Clearly, the gold and silver markets damaged their charts Monday by extending a recent pattern of lower lows and lower highs."

Gold futures ranged from a low of $1,314.80 to a high of $1,321. They fell 0.2% on Monday. Last Thursday, they settled at their best price since April 24.

Silver for March delivery shed 5 cents, or 0.3%, to close at $15.836 an ounce. Silver futures traded between $15.81 and $15.93. They dipped 0.3% on Monday. Last Thursday, they marked their best close since July 10.

In other precious metals futures dealings Tuesday:

  • April platinum settled down $2.90, or 0.4%, to $819.90 an ounce, ranging from $819 to $827.40.

  • Palladium for March gained $10.80, or 0.8%, to $1,341.20 an ounce, trading between $1,327.70 and $1,347.50.

London Precious Metals Prices

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

  • Gold rose $2.05, or 0.2%, to $1,314.20 an ounce.
  • Silver added 12 cents, or 0.8%, to $15.865 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 climbed by a combined 5,500 ounces in American Eagle and Buffalo gold coins, by 255,000 ounces in American Silver Eagles, and by 500 ounces in American Platinum 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)
Tuesday / This Week Last Week January February 2019 Sales
$100 American Eagle 1 Oz Platinum Coin 500 2,000 27,100 1,000 28,100
$50 American Eagle 1 Oz Gold Coin 3,000 2,500 44,500 4,000 48,500
$25 American Eagle 1/2 Oz Gold Coin 0 1,000 15,000 0 15,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 20,000 0 20,000
$5 American Eagle 1/10 Oz Gold Coin 5,000 40,000 85,000 5,000 90,000
$50 American Buffalo 1 Oz Gold Coin 2,000 1,000 23,500 2,000 25,500
$1 American Eagle 1 Oz Silver Coin 255,000 116,500 4,017,500 285,000 4,302,500


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