Precious Metals Soar Thursday, Dec. 16

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Precious metals rallied Thursday, scoring gains ranging from 1.9% for gold to 11% for palladium. Increases in platinum and palladium were their first in six sessions.

Gold for February delivery tacked on $33.70 to settle at $1,798.20 an ounce on the Comex division of the New York Mercantile Exchange.

“The metals market traders on this day reckoned rising inflation prospects are bullish, as is shown by market history. A lower U.S. dollar index today, higher crude oil prices and stable U.S. Treasury yields are also friendly for the precious metals bulls. The safe-haven metals rallied today despite upbeat trader and investor risk appetite late this week. Trading in the metals markets this week is a prime example of the old trading adage, ‘markets can remain illogical longer than traders can remain solvent’," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Gold futures ranged from a low of $1,775.70 to a high of $1,800.60. They shed 0.4% on Wednesday — registering their lowest price since Dec. 2, they fell 0.9% on Tuesday, and they climbed 0.2% on Monday.

Silver for March delivery surged 94 cents, or 4.4%, to settle at $22.485 an ounce. Silver futures traded between $21.93 and $22.56. They lost 1.7% on Wednesday — marking their lowest close since Sept. 29, they dropped 1.8% on Tuesday, and they rose 0.6% on Monday.

In other precious metals futures prices on Thursday:

  • January platinum gained $34.70, or 3.9%, to $928.90 an ounce, ranging from $895.60 to $931.70.

  • Palladium for March delivery soared $171.20 to $1,722.80 an ounce, trading between $1,593 and $1,730.

US Mint Bullion Sales in 2021

Published United States Mint bullion sales were unchanged Thursday. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold during varying periods.

US Mint Bullion Sales (# of coins)
Thursday Last Week This Week October November December 2021 Sales
$50 American Eagle 1 Oz Gold Coin 0 24,500 14,500 135,500 125,500 41,000 1,115,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 1,000 7,000 6,000 1,000 95,000
$10 American Eagle 1/4 Oz Gold Coin 0 2,000 0 22,000 10,000 2,000 162,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 0 85,000 40,000 0 490,000
$50 American Buffalo 1 Oz Gold Coin 0 7,000 2,500 41,000 39,500 10,500 350,500
$1 American Eagle 1 Oz Silver Coin 0 0 0 1,076,000 1,523,500 0 28,275,000
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 0 0 75,000
$25 American Eagle 1 Oz Palladium Coin 0 0 0 0 8,700 0 8,700
Tuskegee Airmen 5 oz Silver Coin 0 0 0 0 0 0 52,900

 

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Rich

Nice bounce!

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Kaiser Wilhelm

Nice call! 🙂

Kaiser Wilhelm

Mrs. Santa Kat promptly cashed in for the profit on this enhanced value gold and silver…

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Last edited 1 month ago by Kaiser Wilhelm