Gold Rises in Feb. Start; Silver Marks Best Close Since 2013

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Precious metals rallied in their start to the new trading week and month on Monday, realizing gains ranging from 0.7% for gold to 9.3% for silver. The latter scored its best close since early 2013.

Gold for April delivery rose $13.60 to settle at $1,863.90 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since Jan. 21.

"Retail traders, emboldened by social media chatrooms, are working on a short squeeze in the market, meaning trying to force traders short the silver market to capitulate. Gold is following silver higher and is also seeing a bit of safe-haven demand amid a recently wobbly U.S. stock market," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily research note.

Gold future ranged from a low of $1,851.70 to a high of $1,876. They fell 1.4% last week, marking a 2.4% loss in January.

Silver for March delivery tacked on $2.50 to settle at $29.418 an ounce. The close was silver’s highest since ending at $29.422 an ounce on Feb. 19, 2013. Silver futures traded between $28.15 and $30.35. They jumped 5.3% last week for a 1.9% gain in January.

In other precious metals futures prices on Monday:

  • April platinum advanced $59.60, or 5.5%, to $1,138.80 an ounce, ranging from $1,091.60 to $1,142.10.

  • Palladium for March delivery rose $33.30, or 1.5%, to $2,241.70 an ounce, trading between $2,208 and $2,281.50.

Last week platinum fell 2.9% and palladium declined 6.6%.

London Precious Metals Prices (LBMA)

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

  • Gold dipped 85 cents, or 0.05%, to $1,862.95 an ounce.
  • Silver surged $2.17, or 7.9%, to $29.585 an ounce.

In LBMA results last week, prices for palladium dropped 1.2% while they climbed 0.6% for gold, 8.3% for silver, and 1.6% for platinum.

US Mint Bullion Sales in 2021

United States Mint bullion sales increased Monday by 1,571,000 ounces in silver coins and a combined 22,500 ounces in gold coins.

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 December January Sales 2021 Sales
$50 American Eagle 1 Oz Gold Coin 16,000 59,000 48,500 191,000 207,000
$25 American Eagle 1/2 Oz Gold Coin 0 5,000 2,000 22,000 22,000
$10 American Eagle 1/4 Oz Gold Coin 0 8,000 0 36,000 36,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 0 95,000 95,000
$50 American Buffalo 1 Oz Gold Coin 6,500 5,500 10,500 61,500 68,000
$1 American Eagle 1 Oz Silver Coin 1,571,000 0 751,000 4,775,000 6,346,000
America Samoa 5 oz Silver Coin* 0 0 0 0 0
Weir Farm 5 oz Silver Coin* 0 0 0 0 0
Salt River Bay 5 oz Silver Coin* 0 0 0 0 0
Marsh Billings 5 oz Silver Coin* 0 0 0 0 0
Tallgrass Prairie 5 oz Silver Coin* 0 0 0 0 0
$1 American Eagle 1 Oz Platinum Coin* 0 0 0 0 0
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Jake

The first thing to do is diversify! I’m a firm believer of, when the price goes down buy a lot more and when the price goes up you buy a little more. You budget, and you have fun.

Jake

Also remember, the lord is my Shepherd and I shall not want. Especially the NBA coin.

Jake

And for the love of God dont tug at my heart. This is a kings hobby.