Precious Metals Gain Wednesday, Feb. 3

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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
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