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 |
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
Then why bother denominating the difference? Thank you KW
Way cool! Thank you!