Gold and Silver Prices End at 1-Week Highs

by CoinNews.net on March 21, 2019 · 0 comments

Gold bars and Chart

Gold futures rose 0.4% on Thursday, March 21

Gold and silver futures maintained gains that began in later trade Wednesday following a dovish-taken Fed policy statement. Both metals ended at more than one-week highs.

Gold for April delivery added $5.60, or 0.4%, to settle at $1,307.30 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the strongest since a week ago Wednesday, March 13.

"The accommodative stance by the Fed and dovish shift in rate hike expectations is bullish for gold as interest rates declined across the board" Wednesday, MarketWatch quoted Tyler Richey, co-editor of the Sevens Report. "This adds to the recent trend of declining real rates and that is decidedly positive for gold."

"It’s becoming increasingly likely that gold will test multi-year highs in the mid-$1,300s again in the coming weeks," he added.

Gold futures ranged from a low of $1,302.80 to a high of $1,320.20. They slipped 0.4% on Wednesday, climbed 0.4% on Tuesday, and dipped 0.1% on Monday.

Silver for May delivery tacked on 11.9 cents, or 0.8%, to close at $15.437 an ounce. The finish was also silver’s highest since March 13.  Silver futures traded between $15.38 and $15.65. They lost 0.4% on Wednesday, gained 0.3% on Tuesday, and shed less than a half cent on Monday.

In other precious metals futures Thursday:

  • April platinum edged up $1.50, or 0.2%, to $861.10 an ounce, ranging from $858 to $876.70.

  • Palladium for June delivery declined $2.50, or 0.2%, to $1,557.90 an ounce, trading between $1,550 and $1,576.90. On Wednesday, the metal scored its third straight record settlement.

London Precious Metals Prices

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

  • Gold rose $5.90, or 0.5%, to $1,309.60 an ounce.
  • Silver added 22 cents, or 1.4%, 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 advanced with increases of 500 ounces in American Platinum Eagles and a combined 1,000 ounces in American Gold 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)
Thursday Last Week This Week January February March 2019 Sales
$100 American Eagle 1 Oz Platinum Coin 500 2,000 1,000 27,100 2,400 3,000 32,500
$50 American Eagle 1 Oz Gold Coin 0 5,500 500 44,500 11,000 7,500 63,000
$25 American Eagle 1/2 Oz Gold Coin 1,000 0 1,000 15,000 1,000 1,000 17,000
$10 American Eagle 1/4 Oz Gold Coin 0 4,000 0 20,000 0 4,000 24,000
$5 American Eagle 1/10 Oz Gold Coin 5,000 5,000 5,000 90,000 10,000 10,000 110,000
$50 American Buffalo 1 Oz Gold Coin 0 3,500 1,000 23,500 6,000 5,000 34,500
$1 American Eagle 1 Oz Silver Coin 0 850,000 0 4,017,500 2,157,500 850,000 7,025,000
Lowell 5 Oz Silver Coin 0 80,000 0 N/A 80,000 80,000

 

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