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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Kaiser Wilhelm

This development is of course a two-edged sword. As the price of silver rises, so does the value of all the silver one has in one’s collection. On the other hand, if the price stays high, adding to one’s holdings becomes a more expensive proposition. What to do, what to do?

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.