Gold Tops $1800; Silver Scores 3-Week High

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JM silver bars Feb 22,2021
Silver settled Monday, Feb. 22, at its best price since Feb. 1

Platinum stood by itself among precious metals with its loss on Monday, after registered a 6.3-year high on Friday. Gold’s gain was its second in a row following four straight declines.

Gold for April delivery settled up $31, or 1.7%, to finish at $1,808.40 an ounce on the Comex division of the New York Mercantile Exchange. The finish was gold’s strongest since Feb. 12.

"Short covering from the futures traders and bargain hunting in the cash market are featured to start the trading week. Outside market elements are also working in favor of the gold market bulls today–a weaker U.S. dollar index and firmer crude oil prices," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Gold futures ranged from a low of $1,778.60 to a high of $1,812.40. They dropped 2.5% last week.

Silver for March delivery rallied 83.1 cents, or 3.1%, to settle at $28.085 an ounce. The settlement was silver’s highest since Feb. 1. Silver futures traded between $27.33 and $28.15. They gave back 0.3% last week following five straight weekly gains.

In other precious metals futures prices Monday:

  • April platinum declined $10.80, or 0.8%, to $1,282.30 an ounce, ranging from $1,270 to $1,312. On Friday, they notched their best close since Sept. 30, 2014.

  • Palladium for March delivery rose $22.90, or 1%, to $2,392.10 an ounce, trading between $2,368.50 and $2,424.50.

Last week platinum advanced 2.7% and palladium declined 0.6%.

London Precious Metals Prices (LBMA)

In comparing earlier fixed London gold and silver prices from Friday PM to Monday PM:

  • Gold gained $21.25, or 1.2%, to $1,807.45 an ounce.
  • Silver surged 49.5 cents, or 1.8%, to $27.445 an ounce.

In LBMA results last week, prices fell 1.7% for gold, they declined 0.4%, they jumped 6% for platinum and they rose 0.3% for palladium.

US Mint Bullion Sales in 2021

United States Mint bullion sales were unchanged Monday. 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 February 2021 Sales
$50 American Eagle 1 Oz Gold Coin 0 17,000 48,500 191,000 118,500 309,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 2,000 22,000 0 22,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 36,000 0 36,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 0 95,000 0 95,000
$50 American Buffalo 1 Oz Gold Coin 0 4,500 10,500 61,500 16,000 77,500
$1 American Eagle 1 Oz Silver Coin 0 680,000 751,000 4,775,000 2,801,000 7,576,000
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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Kaiser Wilhelm

I read an article today that put forth the idea that silver should as a practical matter, which is to say as the universal standard, be valued at its actual physical sale price rather than any free-floating spot price. In other words, it is what the big dealers are charging as the retail price for an ounce of silver (in the form of a bullion version American Silver Eagle, for example) that is in fact the real value of silver at any given time.

Last edited 2 days ago by Kaiser Wilhelm
bob vollmer

I’m into 1 oz copper rounds. Decent price and variety. I think copper is a sleeper at the moment

Jake

I hope your buying it buy the tonnage. How long are you holding for, and how much copper do you plan on accumulating?

Kaiser Wilhelm

On the upside, copper is relatively inexpensive to acquire at $0.26 an ounce. Incidentally, copper Lincoln cents prior to 1983 have a melt value of $0.0275 each, while zinc Lincoln cents 1983 and after are only worth $0.0075.

Copper Cent.jpg