Gold and Silver Log 2-Month Highs on Wednesday, Jan. 19

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Precious metals rallied Wednesday, posting increases ranging from 1.7% for gold to 5.5% for palladium. Gold and silver finished the day at about two-month highs.

Gold for February delivery tacked on $30.80 to settle at $1,843.20 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since Nov. 19 when gold ended at $1,851.60 an ounce.

"The precious metals are seeing good buying interest amid growing worries about rising global price inflation, as well as some geopolitics presently at play. Bullish outside markets — a weaker U.S. dollar index and higher crude oil prices — are also working in favor of the metals market bulls at mid-week" Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Gold futures traded between $1,809 and $1,843.90. They lost 0.2% in the start to the trading week on Tuesday.

Silver for March delivery soared 73.9 cents, or 3.2%, to end at $24.231 an ounce. The settlement was the highest since Nov. 22 when silver ended at $24.297 an ounce. Silver futures ranged from a low of $23.43 to a high of $24.27. They gained 2.5% on Tuesday.

In PGM futures on Wednesday:

  • April platinum advanced $48.90, or 5%, to $1,028.40 an ounce, trading between $970.10 and $1,035.50.

  • Palladium for March delivery surged $103.80 to $2,008.40 an ounce, ranging from $1,878 to $2,042.50.

US Mint Bullion Sales in 2022

Published United States Mint bullion sales were unchanged Wednesday. 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)
Wednesday / This Week Last Week December 2021 Sales 2022 Sales
$50 American Eagle 1 Oz Gold Coin 0 14,000 41,000 1,115,500 87,500
$25 American Eagle 1/2 Oz Gold Coin 0 18,000 1,000 95,000 44,000
$10 American Eagle 1/4 Oz Gold Coin 0 14,000 2,000 162,000 52,000
$5 American Eagle 1/10 Oz Gold Coin 0 35,000 0 490,000 150,000
$50 American Buffalo 1 Oz Gold Coin 0 7,000 10,500 350,500 42,000
$1 American Eagle 1 Oz Silver Coin 0 500,000 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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