Gold Declines; Silver Logs 3-Month High

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silver bars stacked side by side
Silver futures marked their best settlement since Sept. 18

Gold, platinum and palladium declined in their start Monday to the holiday-shortened trading week. Silver, meanwhile, advanced 1.3% to score its best finish in more than three months.

Gold for February delivery gave back $6.10, or 0.3%, to settle at $1,882.80 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold has appreciated almost 7% this month and could extend gains if bulls are able to maintain control above $1900. But this level could prove to be reliable resistance, which means a decline back towards $1850 would be on the cards," MarketWatch quoted Lukman Otunuga, senior research analyst at FXTM.

Gold futures ranged from a low of $1,859 to a high of $1,912. They advanced 2.5% last week, for their third straight weekly increase.

Silver for March delivery tacked on 34.6 cents to settle at $26.379 an ounce. The settlement was silver’s highest since Sept. 18.  Silver futures traded between $25.12 and $27.64. They rallied 8.1% last week.

In other precious metals futures prices on Monday:

  • January platinum declined $27, or 2.6%, to $1,016.10 an ounce, ranging from $926.40 to $1,060.70.

  • Palladium for March delivery dropped $55.60, or 2.3%, to $2,316.40 an ounce, trading between $2,297 and $2,404.50.

Last week platinum rose 2.1% and palladium gained 1.7%.

London Precious Metals Prices (LBMA)

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

  • Gold edged up 25 cents, or 0.01%, to $1,880 an ounce.
  • Silver added 34 cents, or 1.3%, to $26.155 an ounce.

In LBMA results last week, palladium dipped 0.04% while price rose 2.1% for gold, 8.4% for silver, and 2.9% for platinum.

US Mint Bullion Sales in 2020

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 October November December 2020 Sales
$50 American Eagle 1 Oz Gold Coin 0 12,000 64,500 77,000 42,500 741,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 6,000 4,000 0 68,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 8,000 10,000 0 106,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 25,000 35,000 0 350,000
$50 American Buffalo 1 Oz Gold Coin 0 1,500 19,500 23,500 8,500 240,000
$1 American Eagle 1 Oz Silver Coin 0 0 3,397,000 4,805,000 751,000 30,089,500
America Samoa 5 oz Silver Coin* 0 0 0 0 0 45,000
Weir Farm 5 oz Silver Coin* 0 0 0 0 0 45,000
Salt River Bay 5 oz Silver Coin* 0 0 0 0 0 45,000
Marsh Billings 5 oz Silver Coin* 0 0 0 0 0 45,000
Tallgrass Prairie 5 oz Silver Coin* 0 0 0 0 0 45,000
$1 American Eagle 1 Oz Platinum Coin* 0 0 0 0 0 56,500

 

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