Gold and Silver fall in January while palladium rises; US Mint Bullion Sales Jump

In January, gold and silver prices fell and US Mint gold and silver bullion sales skyrocketed

Gold, silver and platinum rose on Monday, while palladium posted its first loss in 10 sessions after hitting a 21-week high on Friday.

Gains in gold and silver were her first in four sessions. However, the metal pair fell in January despite platinum and palladium posting strong gains over the month.

gold for April delivery on Monday added $9.80 or 0.6% to end $1,796.40 per ounce on the Comex division of the New York Mercantile Exchange.

“Gold and silver futures prices rose Monday midday in the US on short covering in the futures markets and perceived bargain hunting in the cash markets after recent solid losses. Both metals are still somewhat oversold on a short-term technical basis and are due for some additional corrective bullish action this week,” said Jim Wyckoff, a senior analyst at Kitco Inc, in a daily research note.

Gold futures traded between $1,785.80 and $1,799.20. They lost 2.5% last week to close Friday at their lowest level since December 15. Gold prices fell 1.8% in January.

silver for March delivery, 9.2 cents or 0.4% was pinned for settlement $22,393 an ounce. Silver futures ranged from $22.25 to $22.66. They are down 8.3% last week, closing Friday at their lowest price since Jan. 6. Silver prices fell 4.1% in January

In other precious metals futures prices on Monday:

  • April platinum Added $14.20 or 1.4% $1,020.80 per ounce, which is trading between $1,007.40 and $1,022.80.

  • palladium for March delivery it returned $19.50 or 0.8% $2,355.80 per ounce, between $2,350 and $2,449.50.

Last week platinum fell 2.8% while palladium gained 12.9%. On Friday, palladium marked its best comparison since September 3rd. In January, platinum was up 5.7% and palladium was up 23.2%.

US Mint Bullion Sales in 2022

Published bullion sales from the United States Mint rose 500,000 ounces of silver coins and a total of 24,000 ounces of gold coins on Monday.

In January, the mint’s precious metals products performed better than in December – helped by the release of new coins with a 2022 date. In the Monthly Comparisons heading:

  • American Eagle gold coins gained 181,500 ounces in January and are up 332.1% from December sales of 42,000 ounces, but fell 17.7% from January 2021 sales of 220,500 ounces.

  • American Eagle silver coins are up 5,001,000 ounces this month after remaining flat in December. Monthly sales are 4.7% higher than sales of 4,775,000 ounces in January last year.

  • American Buffalo gold coins gained 61,500 ounces in January, matching January 2020 sales and up 485.7% from December sales of 10,500 ounces.

Below is a breakdown of US Mint bullion product sales with columns detailing the number of coins sold over different time periods.

US Mint Bullion Sales (number of coins)
Monday Last week December Sale 2021 Sale 2022
$50 American Eagle 1 ounce gold coin 13,500 22,500 41,000 1,115,500 123,500
$25 American Eagle 1/2 Oz Gold Coin 0 1,000 1,000 95,000 45,000
$10 American Eagle 1/4 oz gold coin 2,000 10,000 2,000 162,000 64,000
$5 American Eagle 1/10 oz gold coin 15,000 30,000 0 490,000 195,000
American Buffalo $50 1 ounce gold coin 8,500 11,000 10,500 350,500 61,500
$1 American Eagle 1 ounce silver coin 500,000 1,000,000 0 28,275,000 5,001,000
$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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