Gold and Silver Decline in February Start

One Gold Bar
Gold prices slipped 0.4% on Monday, Feb. 3

Precious metals futures divided in their start to the new trading week and month with gold and silver falling and platinum and palladium gaining.

Gold for April delivery declined $5.50, or 0.4%, to settle at $1,582.40 an ounce on the Comex division of the New York Mercantile Exchange.

"While all eyes are on headlines about the virus, many central banks may be dovish — which lowers other currencies" even as the U.S. seems to be the "most liquid and safest for capital," MarketWatch quoted George Gero, managing director at RBC Wealth Management. "All this is temporarily leaving gold buyers to seek other trading opportunities for now."

Gold futures ranged from a low of $1,573.20 to a high of $1,598.50. Last month, they gained 4.3%. On Thursday, they closed at their highest price since April 1, 2013.

Silver for March delivery dropped 34.2 cents, or 1.9%, to settle at $17.67 an ounce. Silver futures traded between $17.58 and $18.13. They edged 0.5% higher last month.

In other precious metals prices on Monday:

  • April platinum added $8.80, or 0.9%, to $970.70 an ounce, ranging from $954.30 to $976.20.

  • Palladium for March delivery gained $8.80, or 0.4%, to $2,233.50 an ounce, trading between $2,190.30 and $2,244.70.

Last month, platinum lost 1.6% and palladium surged 16.5%.

London Precious Metals Prices

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

  • Gold fell $9.45, or 0.6%, to $1,574.75 an ounce.
  • Silver declined 11.5 cents, or 0.6%, to $17.77 an ounce.

In LBMA results last month, prices rose 4% for gold and 19.5% for palladium while they declined 0.9% for silver and 1.2% for platinum.

US Mint Bullion Sales in 2020

United States Mint bullion sales remained unchanged according to available figures from the Mint’s website. 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)
This Week November December 2020 Sales
$50 American Eagle 1 Oz Gold Coin 0 8,000 2,000 19,500
$25 American Eagle 1/2 Oz Gold Coin 0 5,000 0 13,000
$10 American Eagle 1/4 Oz Gold Coin 0 2,000 0 14,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 0 45,000
$50 American Buffalo 1 Oz Gold Coin 0 5,000 1,500 10,500
$1 American Eagle 1 Oz Silver Coin 0 463,000 0 2,298,000


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