Gold and Silver Prices Soar in 2021 Start

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Partial Photo of Bullion Gold
Gold prices rallied 2.7% on Monday, Jan. 4, for their best settlement since Nov. 6

Gold and silver prices rallied Monday in their start to the new trading year, scoring multi-months highs, while platinum and palladium declined.

Gold for February delivery tacked on $51.50, or 2.7%, to settle at $1,946.60 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since Nov. 6 when gold closed at $1,951.70 an ounce.

"In the short term, expect gold prices to rise because of the economic consequences of the recent aggressive rise of COVID infections, hospitalizations, and deaths as well as the new and apparently highly contagious strain of COVID," MarketWatchq quoted Ed Moy, former director of the U.S. Mint and chief strategist at gold seller Valaurum.

Gold futures ranged from a low of $1,906.10 to a high of $1,948.70. They climbed 0.6% last week, marking a more than 24% increase in 2020.

Silver for March delivery soared 95.2 cents, or 3.6%, to close at $27.364 an ounce. The finish was silver’s strongest since it closed Sept. 16 at $27.476 an ounce. Silver futures traded between $26.73 and $27.76. They advanced 2% last week for an over 47% increase in 2020.

In other precious metals futures prices on Monday:

  • April platinum declined $7.70, or 0.7%, to $1,071.50 an ounce, ranging from $1,055 to $1,142.

  • Palladium for March delivery fell $62.60, or 2.6%, to $2,391.20 an ounce, trading between $2,370 and $2,485.50.

London Precious Metals Prices (LBMA)

UK markets had been closed since Thursday morning. When comparing those AM precious metals prices to the PM prices on Monday:

  • Gold gained $52.10, or 2.8%, to $1,943.20 an ounce.
  • Silver jumped 78.5 cents, or 3%, to $27.27 an ounce.

US Mint Bullion Sales in 2021

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 2,000 64,500 77,000 48,500 747,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 6,000 4,000 2,000 70,000
$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 0 19,500 23,500 10,500 242,000
$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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