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|