Precious metals futures gained Wednesday for a third straight session. Palladium posted a fresh record, silver ended near an eight-month high, and gold marked another ten-month high.
Gold for April delivery added $3.10, or 0.2%, to settle at $1,347.90 an ounce on the Comex division of the New York Mercantile Exchange. The close was the highest since April 19 when gold ended at $1,348.80 an ounce.
"Technically, April gold futures bulls have the solid overall near-term technical advantage and have gained more power this week to suggest still more upside in the near term," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report.
"Gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,400.00. Bears’ next near-term downside price breakout objective is pushing prices below solid technical support at the February low of $1,304.70."
Gold futures ranged from a low of $1,342.40 to a high of $1,349.80. They advanced 1.7% on Tuesday.
Meanwhile, silver for March delivery rose 21 cents, or 1.3%, to close at $16.177 an ounce. The settlement was the strongest since June 29 when silver ended at $16.198 an ounce. Prices traded between $15.93 and $16.20. Silver gained 1.4% on Tuesday.
In PGM futures Wednesday:
April platinum tacked on $13.20, or 1.6%, to $834.20 an ounce, ranging from $819.90 to $836.20.
- Palladium for March delivery moved up $8.20, or 0.6%, to $1,462.10 an ounce — another record settlement. Palladium prices traded between $1,451.20 and $1,479.40.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Tuesday PM to Wednesday PM
- Gold added $9.60, or 0.7%, to $1,343.75 an ounce.
- Silver added 2.55 cents, or 1.6%, to $16.035 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 were unchanged. 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||January||February||2019 Sales|
|$100 American Eagle 1 Oz Platinum Coin||0||400||0||27,100||1,800||28,900|
|$50 American Eagle 1 Oz Gold Coin||0||2,000||1,500||44,500||8,000||52,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||0||15,000||1,000||16,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||0||20,000||0||20,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||5,000||5,000||85,000||10,000||100,000|
|$50 American Buffalo 1 Oz Gold Coin||0||2,500||0||23,500||5,500||29,000|
|$1 American Eagle 1 Oz Silver Coin||0||775,000||222,500||4,017,500||1,282,500||5,300,000|