Gold and Silver Rise Modestly on Monday, Jan. 10

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Precious metals split in their start to the new trading day on Monday with gold and silver rising and platinum and palladium falling.

Gold for February delivery climbed $1.40, or 0.08%, to settle at $1,798.80 an ounce on the Comex division of the New York Mercantile Exchange.

“Technically, February gold futures bulls and bears are on a level overall near-term technical playing field amid recent choppy trading. Bulls’ next upside price objective is to produce a close above solid resistance at the January high of $1,833.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at the December low of $1,753.00,” Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Gold futures ranged from a low of $1,789.30 to a high of $1,802. They declined 1.7% last week.

Silver for March delivery rose 5.3 cents, or 0.2%, to settle at $22.462 an ounce. Silver futures traded between $22.20 and $22.54. They dropped 4% last week.

In other precious metals prices on Monday:

  • April platinum gave back $22.90, or 2.4%, to $933.60 an ounce, ranging from $919.50 to $961.40.

  • Palladium for March delivery declined $12.40, or 0.7%, to $1,909.20 an ounce, trading between $1,886.50 and $1,964.

Last week platinum lost 1% while palladium rose 0.5%.

US Mint Bullion Sales in 2022

Published United States Mint bullion sales increased Monday by 500,000 ounces in silver coins and a combined 37,000 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.

US Mint Bullion Sales (# of coins)
Monday Last Week December 2021 Sales 2022 Sales
$50 American Eagle 1 Oz Gold Coin 14,000 73,500 41,000 1,115,500 87,500
$25 American Eagle 1/2 Oz Gold Coin 18,000 26,000 1,000 95,000 44,000
$10 American Eagle 1/4 Oz Gold Coin 14,000 38,000 2,000 162,000 52,000
$5 American Eagle 1/10 Oz Gold Coin 35,000 115,000 0 490,000 150,000
$50 American Buffalo 1 Oz Gold Coin 7,000 35,000 10,500 350,500 42,000
$1 American Eagle 1 Oz Silver Coin 500,000 3,001,000 0 28,275,000 3,501,000
$100 American Eagle 1 Oz Platinum Coin 0 0 0 75,000 0
$25 American Eagle 1 Oz Palladium Coin 0 0 0 8,700 0
Tuskegee Airmen 5 oz Silver Coin 0 0 0 52,900 0

 

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