Gold, Silver Continue Rally; Notch Biggest Gains Since 2009

by CoinNews.net on September 19, 2013 · 0 comments

1 oz .9999 fine gold and $100

Precious metals surged Thursday, extending sharp gains that began after the Fed’s surprising decision Wednesday to maintain its stimulus without any tapering.

Gold for December delivery rallied $61.70, or 4.7%, to finish at $1,369.30 an ounce on the Comex division of the New York Mercantile Exchange. Gold traded from a low of $1,358.50 to a high of $1,375.40.

The Federal Reserve’s decision not to taper QE3 "came as a complete surprise to many market participants and we are seeing prices move higher," David Meger, the director of metal trading at Vision Financial Markets in Chicago, said in a telephone interview according to Bloomberg News. "The trend is bullish."

Silver for December delivery soared $1.73, or 8%, to $23.29 an ounce, trading between $22.86 and $23.45.

The day’s gains in gold and silver were the biggest since March 19, 2009 when the Fed announced plans to pump more than $1 trillion into the economy as a part of QE1.

In PGM futures on Thursday:

  • October platinum advanced $47.80, or 3.4%, to $1,473 an ounce, ranging from $1,461.20 to $1,483.40.

  • Palladium for December jumped $35.10, or 5%, to $738.20 an ounce, trading between $717.55 and $738.95.

London Fix Precious Metals

London precious fixings were sharply higher as well. In contrasting their Wednesday PM to Thursday PM London fix prices:

  • Gold jumped $64.50, or 5%, to $1,365.50 an ounce,
  • Silver surged $1.53, or 7.1%, to $23 an ounce,
  • Platinum advanced $49, or 3.5%, to $1,469 an ounce, and
  • Palladium added $25, or 3.6%, to $726 an ounce

U.S. Mint Bullion Sales in September

Sales totals for U.S. Mint bullion products were unchanged for a second day Thursday. In coin totals (not ounces) are the latest daily, September and year-to-date U.S. Mint bullion sales figures:

American Eagle and Buffalo Bullion Sales
  Thursday Sales Last Week Weekly Sales September Sales YTD Sales
$50 American Gold Eagle Bullion Coins 0 2,500 3,000 6,500 603,000
$25 American Gold Eagle Bullion Coins 0 0 1,000 2,000 50,000
$10 American Gold Eagle Bullion Coins 0 2,000 0 2,000 102,000
$5 American Gold Eagle Bullion Coins 0 10,000 0 10,000 465,000
$50 American Buffalo Gold Bullion Coins 0 4,000 1,000 5,500 195,500
White Mountain 5 oz. Silver Bullion Coins 0 3,800 0 3,800 35,000
Perry’s Victory 5 oz. Silver Bullion Coins 0 1,400 0 1,400 25,000
Great Basin 5 oz. Silver Bullion Coins 0 3,000 0 3,000 25,000
Fort McHenry 5 oz. Silver Bullion Coins 0 14,200 0 14,700 25,000
American Silver Eagle Bullion Coins 0 500,000 675,000 1,850,000 34,925,000

{ 0 comments… add one now }

Leave a Comment