Gold Edges Lower; Palladium Logs Fourth Straight Record

by CoinNews.net on December 9, 2019 · 0 comments

Gold Bullion

Gold prices shed 0.01% Monday, Dec. 9

Precious metals futures registered modest changes Monday. Palladium gained again, posting its fourth straight record settlement.

Gold for February delivery inched lower by 20 cents, or 0.01% to finish at $1,464.90 an ounce on the Comex division of the New York Mercantile Exchange. The close was gold’s the lowest since Nov. 27.

"Gold and silver traders are awaiting a fresh fundamental spark to help drive prices," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily research note.

"Gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at last week’s high of $1,489.90. Bears’ next near-term downside price breakout objective is pushing prices below solid technical support at the November low of $1,453.10," Wyckoff, said.

Gold futures ranged from a low of $1,463 to a high of $1,469.80. They lost 0.5% last week.

Silver for March delivery rose 4.6 cents, or 0.3%, to settle at $16.642 an ounce. Silver futures traded between $16.56 and $16.73. They dropped 3% last week, ending Friday at their lowest point since Aug. 6.

In other precious metals futures prices on Monday:

  • January platinum shed 40 cents, or 0.04%, to $898.50 an ounce, ranging from $889.90 to $902.80.

  • Palladium for March delivery advanced $10.50, or 0.6%, to a record settlement of $1,856.60 an ounce. Palladium traded between $1,844.40 and $1,868.60.

Last week, platinum dipped 0.2% and palladium gained 2%.

London Precious Metals Prices

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

  • Gold rose $2.05, or 0.1%, to $1,461.70 an ounce.
  • Silver fell 32 cents, or 1.9%, to $16.62 an ounce.

In LBMA results last week, prices declined 0.03% for gold and 0.1% for silver.

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. Products with an asterisk (*) are no longer available.

US Mint Bullion Sales (# of coins)
Monday Last Week November December 2019 Sales
$50 American Eagle 1 Oz Gold Coin 0 500 8,000 500 106,500
$25 American Eagle 1/2 Oz Gold Coin* 0 0 5,000 0 30,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 2,000 0 38,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 0 0 195,000
$50 American Buffalo 1 Oz Gold Coin 0 0 5,000 0 60,000
$1 American Eagle 1 Oz Silver Coin 0 0 463,000 0 14,863,500
Frank Church River of No Return Wilderness 5 Oz Silver Coin 0 5,000 20,000 5,000 25,000
San Antonio Missions 5 Oz Silver Coin 0 0 0 0 55,200
War in the Pacific 5 Oz Silver Coin 0 0 0 0 72,500
American Memorial Park 5 Oz Silver Coin* 0 0 0 0 80,000
Lowell 5 Oz Silver Coin* N/A 80,000
$100 American Eagle 1 Oz Platinum Coin* N/A 40,000

 

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