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The United States Mint was unable to meet surging demand for its gold and silver bullion coins in 2020 and through January, due partly to pandemic-driven demand and plant capacity issues, it said. Sales of US gold bullion coins rose 258% last year while silver coin demand was up 28%, the Mint said on Tuesday.
Heavy buying has continued in 2021, it said, squeezing supplies, which had already been tight as the coronavirus affected production. A social media-driven buying spree lifted silver futures to an eight-year high on Monday, but dealers in the market for coins were already grappling with a supply shortage and shipping delays before that rally.
The gold market has gapped higher to kick off the trading session on Monday, as traders came back in a much better mood in this market. Gold markets have gapped higher to kick off the week on Monday to not only show signs of strength but jump above the 200 day EMA. Because of this, the market is likely to continue trying to find its way to the upside but the 50 day EMA above could offer a little bit of resistance.
Furthermore, the $1875 level is significant resistance, so I think that getting above that area is probably going to be a bit of a challenge. If we can do that, then we are likely to go looking towards the $1900 level, possibly even the $1960 level. Once we clear that area, then gold will go looking towards the highs again. Underneath, I see the $1750 area as massive support, and quite frankly if we were to give that area up, it is very likely that we would see a significant break down in the gold market. At this point, it certainly looks as if it is trying to retain the bullish pressure, so I do not necessarily think that…
(Kitco News) – Gold and silver futures prices are trading lower in early U.S. dealings Thursday, due in part to a strengthening U.S. dollar index that hit a two-month high overnight. Gold prices hit a two-week low. Also, the U.S. stock market bulls have made a strong recovery this week as the indexes are trading near their recent record highs—a negative for the safe-haven metals.
April gold futures were last down $15.30 at $1,819.60 and March Comex silver was last down $0.244 at $26.635 an ounce. Global stock markets were mixed overnight, with Asian shares mostly down and European shares slightly up. U.S. stock indexes are pointed toward modestly higher openings when the New York day session begins and have made strong recoveries after the recent declines. U.S. stock index prices are near their recent record highs as trader/investor risk sentiment is upbeat this week. The Biden administration is working to get fresh stimulus funds to Americans and such will likely occur in the coming weeks. In overnight news, the United Nations’ Food and Agriculture Organization said its food price index rose to the highest level in nearly seven years. That’s another early clue that consumer and producer price inflation could heat up in the…
