Gold And Silver Close Near Seven-Week Highs

by CoinNews.net on December 23, 2019 · 0 comments

Fine Gold Bar and Gold Nuggets

Gold futures ended at their best level since Nov. 6

Precious metals futures advanced in their start to the shortened holiday trading week on Monday. Gold and silver each finished at almost seven-week highs.

Gold for February delivery settled up $7.80, or 0.5%, to $1,488.70 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since Nov. 6.

"Despite the upbeat tenor of the overall marketplace and a global stock markets rally, the safe-haven metals bulls are showing keen resilience and even some bullishness," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily research note. "Gold and silver traders are also focused more on the prospects of better worldwide demand for raw commodities in the coming new year."

Gold futures ranged from a low of $1,481.20 to a high of $1,489.90. They edged down 0.02% last week.

Silver for March delivery rose 27.5 cents, or 1.6%, to close at $17.499 an ounce. The settlement was also the highest since Nov. 6. Silver futures traded between $17.23 and $17.52. They advanced 1.3% last week.

In other precious metals futures prices on Monday:

  • January platinum added $24.60, or 2.7%, to $938.40 an ounce, ranging from $912.20 to $941.40.

  • Palladium for March delivery surged $40.10, or 2.2%, to $1,849 an ounce, trading between $1,785.30 and $1,856. Last Monday, they settled at a record of $1,963.60 an ounce.

Last week, the pair logged losses — 1.6% for platinum and 4.4% for palladium.

London Precious Metals Prices

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

  • Gold added $3.10, or 0.2%, to $1,482.10 an ounce.
  • Silver gained 34 cents, or 2%, to $17.375 an ounce.

In LBMA results last week, prices for gold rose 0.9% and those for silver rose 0.6%.

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 1,500 8,000 2,000 108,000
$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 1,500 5,000 1,500 61,500
$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 0 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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