Precious metals rebounded somewhat from their losses on Tuesday. Their gains ranged from less than 0.1% for gold to 2.2% for palladium.
Gold for April delivery rose $1.70, or 0.09%, to settle at $1,835.10 an ounce on the Comex division of the New York Mercantile Exchange.
"Gold is range trading and at the moment testing out support at $1,830," Ross Norman, chief executive officer of Metals Daily, told MarketWatch. "Its price action, while silver rallied, was muted — suggesting sentiment in the broader complex was skeptical of silver. By that I mean the premise that there was a large silver short out there — there isn’t — and the proof of that is that there was no short covering rally."
Gold future ranged from a low of $1,830.10 to a high of $1,845.90. They fell 1.6% on Tuesday and they rose 0.7% on Monday to post their best close since Jan. 21.
Silver for March delivery tacked on 48.7 cents, or 1.8%, to settle at $26.889 an ounce. Silver futures traded between $26.54 and $27.26. They sank 10.3% on Tuesday and they soared 9.3% on Monday, ending at their highest price since Feb. 19, 2013.
In PGM futures on Wednesday:
April platinum gained $18.50, or 1.7%, to $1,114.50 an ounce, ranging from $1,099.30 to $1,117.70.
- Palladium for March delivery jumped $48.90 to $2,276.60 an ounce, trading between $2,225.50 and $2,283.
London Precious Metals Prices (LBMA)
In comparing earlier fixed London gold and silver prices from Tuesday PM to Wednesday PM:
- Gold rose $2.35, or 0.1%, to $1,835.45 an ounce.
- Silver declined 52.5 cents, or 1.9%, to $26.80 an ounce.
US Mint Bullion Sales in 2021
United States Mint bullion sales were increased Wednesday by 50,000 ounces in American Silver Eagles.
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||Last Week||This Week||December||January Sales||2021 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||59,000||16,000||48,500||191,000||207,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||5,000||0||2,000||22,000||22,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||8,000||0||0||36,000||36,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||0||0||95,000||95,000|
|$50 American Buffalo 1 Oz Gold Coin||0||5,500||6,500||10,500||61,500||68,000|
|$1 American Eagle 1 Oz Silver Coin||50,000||0||1,621,000||751,000||4,775,000||6,396,000|
|America Samoa 5 oz Silver Coin*||0||0||0||0||0||0|
|Weir Farm 5 oz Silver Coin*||0||0||0||0||0||0|
|Salt River Bay 5 oz Silver Coin*||0||0||0||0||0||0|
|Marsh Billings 5 oz Silver Coin*||0||0||0||0||0||0|
|Tallgrass Prairie 5 oz Silver Coin*||0||0||0||0||0||0|
|$1 American Eagle 1 Oz Platinum Coin*||0||0||0||0||0||0|