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:
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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 |
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.
Also remember, the lord is my Shepherd and I shall not want. Especially the NBA coin.
And for the love of God dont tug at my heart. This is a kings hobby.