Gold Jumps; Silver Scores 8-Month High

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Prices for precious metals soared Tuesday, led by a 4.6% increase in silver which also notched an eight-month settlement high.

Marking a one-week high, gold for February delivery advanced $27.70, or 1.5%, to end at $1,825.40 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold and silver prices are sharply higher in early U.S. trading Tuesday, supported by a solid drop in the U.S. dollar index. There is also some safe-haven demand for gold and silver following a surprise policy move by a major central bank [tightening by the Bank of Japan] that rattled the marketplace," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Gold futures traded between $1,793.70 and $1,832.40. They dipped 0.1% on Monday. Last Tuesday, gold at $1,825.50 an ounce — a dime more than today — marked its best settlement since June 24.

Silver for March delivery surged $1.07 to close at $24.271 an ounce. The settlement was the highest since April 21. Silver futures ranged from $23.05 to $24.38. They gave back 0.6% on Monday.

In other precious metals prices Tuesday:

  • January platinum added $25.30, or 2.6%, to $1,013 an ounce, trading between $979 and $1,019.80.

  • Palladium for March delivery jumped $68.60, or 4.1%, to $1,733.50 an ounce, ranging between $1,646.50 and $1,744.

US Mint Bullion Sales in 2022

Published United States Mint bullion sales last changed on Nov. 21. 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)
December July August September October November 2022 Sales
$50 American Eagle 1 Oz Gold Coin 0 59,500 47,500 47,500 59,500 6,000 846,000
$25 American Eagle 1/2 Oz Gold Coin 0 5,000 2,000 0 2,000 0 75,000
$10 American Eagle 1/4 Oz Gold Coin 0 2,000 4,000 4,000 2,000 0 140,000
$5 American Eagle 1/10 Oz Gold Coin 0 20,000 20,000 15,000 15,000 0 575,000
$50 American Buffalo 1 Oz Gold Coin 0 39,500 22,500 44,500 39,500 4,500 410,000
$1 American Eagle 1 Oz Silver Coin 0 850,000 850,000 833,000 1,258,000 1,407,000 15,904,500
$100 American Eagle 1 Oz Platinum Coin 0 15,500 1,000 0 0 0 80,000
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Antonio

Silver and gold had good gains today. We’ll see if silver gains the .58cents to finally reach $25.