Gold, silver and palladium futures gained in their kick off to the new trading week on Monday. Palladium scored a new record. Gold pushed its string of winning streaks to nine straight sessions and finished the day near a seven-year high.
Gold for February delivery tacked on $16.40, or 1.1%, to settle at $1,568.80 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since April 9, 2013 when gold ended at $1,586.70 an ounce.
"History shows that a big spike up in prices amid higher volatility tends to produce near-term market tops sooner rather than later, after that initial spike up. That means in the coming days the gold market could put in a ‘near-term’ top that will last for a moderate period of time," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily research note. "However, for the longer-term investors in gold, it’s important to note that the recent strong price gains are a bullish upside technical ‘breakout’ from recent trading levels, to suggest still more price gains are very likely in the coming weeks and months, or longer.:
Gold futures ranged from a low of $1,562.30 to a high of $1,590.90. They gained 2.3% last week.
Silver for March delivery rose 2.8 cents, or 0.15%, to settle at $18.179 an ounce. The close was the best since silver prices ended at $18.628 ounce on Sept. 24. Silver futures traded between $18.04 and $18.55. They gained 1.2% last week.
In other precious metals prices on Monday:
April platinum declined 24.10, or 2.4%, to $966.20 an ounce, ranging from $960.60 to $999.
- Palladium for March delivery advanced $33.90, or 1.7%, to a record settlement of $1,989.60 an ounce. Palladium traded between $1,955.80 and $1,998.70.
Last week, platinum gained 4.7% and palladium rose 4%.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Friday PM to Monday PM:
- Gold jumped $24.35, or 1.6%, to $1,573.10 an ounce.
- Silver advanced 23 cents, or 1.3%, to $18.44 an ounce.
Last week, gold rose 2.5% and silver added 2.2%.
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||0||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||0||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|