Gold and Silver End Near 2-Week Highs on Monday, Feb. 7

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Precious metals finished mixed in their start to the new trading week on Monday with gold and silver rising and platinum and palladium falling. Gold and silver each ended near two-week highs.

Gold for April delivery rose $14, or 0.8%, to settle at $1,821.80 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since Jan. 26.

"My sense is the inflation narrative is starting to take over from the [U.S. dollar] and Treasury yields as the key driver — and hence the strong showing" for gold, Ross Norman, chief executive officer at Metals Daily, told MarketWatch.

Gold futures traded between $1,807.50 and $1,823.20. Last week, gold prices traded 1.2% higher.

Silver for March jumped 60.1 cents, or 2.7%, to settle at $23.076 an ounce. Silver futures ranged from $22.50 to $23.09. Like for gold, the settlement was silver’s highest since Jan. 26. They climbed 0.8% last week.

In other precious metals futures on Monday:

  • April platinum declined $4.20, or 0.4%, to $1,020 an ounce, trading between $1,009.80 and $1,031.10.

  • Palladium for March delivery lost $30.60, or 1.3%, to $2,260.10 an ounce, ranging from $2,165.50 to $2,306.

Last week platinum gained 1.8% but palladium dropped 3.6%.

US Mint Bullion Sales in 2022

Published United States Mint bullion sales increased Monday by 480,500 ounces in American Silver Eagles and a combined 25,000 ounces in American Eagle and Buffalo 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 / February Last Week December January 2022 Sales
$50 American Eagle 1 Oz Gold Coin 19,500 13,500 41,000 123,500 143,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 1,000 45,000 45,000
$10 American Eagle 1/4 Oz Gold Coin 0 2,000 2,000 64,000 64,000
$5 American Eagle 1/10 Oz Gold Coin 5,000 15,000 0 195,000 200,000
$50 American Buffalo 1 Oz Gold Coin 5,000 8,500 10,500 61,500 66,500
$1 American Eagle 1 Oz Silver Coin 480,500 500,000 0 5,001,000 5,481,500
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 0
$25 American Eagle 1 Oz Palladium Coin 0 0 0 0 0
Tuskegee Airmen 5 oz Silver Coin 0 0 0 0 0

 

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Antonio

My precious.