Precious Metals Gain Wed., Jan. 20

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Precious metals traded higher Wednesday, logging gains that ranged from 1.4% for gold to 2.2% for platinum. Gold ended the day near a two-week high.

Gold for February delivery rose $26.30 to settle at $1,866.50 an ounce on the Comex division of the New York Mercantile Exchange. The finish was gold’s highest since Jan. 7.

"Gold and silver futures prices are sharply higher and near their daily highs at midday Wednesday, on chart-based buying and bets being placed on ‘the inflation trade,’" Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily research note.

"Gold and silver prices have rebounded well off this week’s lows to suggest both metals have put in near-term bottoms."

Gold futures ranged from a low of $1,831.10 to a high of $1,870.40. They gained 0.6% in starting the trading week on Tuesday.

Silver for March delivery advanced 44.60 cents, or 1.8%, to close at $25.766 an ounce. Silver futures traded between $25.06 and $25.90. They also gained 1.8% on Tuesday.

In PGM futures on Wednesday:

  • April platinum finished up $24.40 to $1,116.40 an ounce, ranging from $1,085.40 and $1,124.20.

  • Palladium for March delivery added $38.20, or 1.6%, to $2,403.20 an ounce, trading between $2,342 and $2,404.

London Precious Metals Prices (LBMA)

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

  • Gold rose $21.90, or 1.2%, to $1,856.60 an ounce.
  • Silver was unchanged at $25.295 an ounce.

US Mint Bullion Sales in 2021

United States Mint bullion sales were unchanged Wednesday. 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)
Wednesday / This Week Last Week December 2020 Sales 2021 Sales
$50 American Eagle 1 Oz Gold Coin 0 72,500 48,500 747,500 116,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 2,000 70,000 17,000
$10 American Eagle 1/4 Oz Gold Coin 0 6,000 0 106,000 28,000
$5 American Eagle 1/10 Oz Gold Coin 0 35,000 0 350,000 95,000
$50 American Buffalo 1 Oz Gold Coin 0 6,000 10,500 242,000 26,500
$1 American Eagle 1 Oz Silver Coin 0 1,875,000 751,000 30,089,500 4,675,000
America Samoa 5 oz Silver Coin* 0 0 0 45,000 0
Weir Farm 5 oz Silver Coin* 0 0 0 45,000 0
Salt River Bay 5 oz Silver Coin* 0 0 0 45,000 0
Marsh Billings 5 oz Silver Coin* 0 0 0 45,000 0
Tallgrass Prairie 5 oz Silver Coin* 0 0 0 45,000 0
$1 American Eagle 1 Oz Platinum Coin* 0 0 0 56,500 0
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Jake

Is silver priced to the thousandth because it is as prevalent as gasoline yet divisible enough to make money at that price? Or is it because the one cent coin is truly more valuable than we perceive? Hmmm

Kaiser Wilhelm

The “.9999” description as regards silver is a degree of purity rating rather than being a reference to dollar value; the two are not interchangeable.

Jake

Then why bother denominating the difference? Thank you KW

Kaiser Wilhelm

Actually, Jake, I now think that the latter part of my explanation was not only unnecessary and extraneous to the issue but likely even confusing. I appreciate your pointing that out to me by your very on point question.

Jake

Way cool! Thank you!