Gold and Silver Post Seven-Week Highs in Pre-Christmas Trading

by CoinNews.net on December 24, 2019 · 0 comments

Large silver bullion bar, smaller gold bar and nugget

Gold and silver marked their best settlements since Nov. 4

Precious metals futures gained together for a second straight day Tuesday, ahead of the Christmas holiday break on Wednesday. Gold and silver each finished at seven-week highs.

Gold for February delivery tacked on $16.10, or 1.1%, to settle at $1,504.80 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since Nov. 4.

"Gold prices pushed back above the psychologically important $1,500.00 level. Heading into the holidays and the end of the year, the safe-haven metals bulls are much more confident as the technical postures for gold and silver have turned positive," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily research note. "Importantly, other raw commodity markets are perking up, including the grains, softs markets and crude oil."

Gold futures ranged from a low of $1,488.10 to a high of $1,505. They gained 0.5% on Monday.

Silver for March delivery jumped 35.4 cents, or 2%, to close at $17.853 an ounce. The settlement was also the highest since Nov. 4. Silver futures traded between $17.42 and $17.87. The rose 1.6% on Monday.

In other precious metals futures prices Tuesday:

  • January platinum added $4.40, or 0.5%, to $942.80 an ounce, ranging from $928.90 to $948.20.

  • Palladium for March delivery edged up $2.80, or 0.2%, to $1,851.80 an ounce, trading between $1,830 and $1,863.30.

London Precious Metals Prices

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

  • Gold was unchanged at $1,482.10 an ounce.
  • Silver gained 21 cents, or 1.2%, to $17.585 an ounce.

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)
Tuesday / This Week 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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