Gold, Silver Snap Losing Streaks

by CoinNews.net on November 14, 2013 · 0 comments

Three gold bars and chart

Gold advanced Thursday, snapping a five-session losing streak and rebounding from a nearly five-week low.

Gold for December delivery settled up $17.90, or 1.4%, to $1,286.30 an ounce on the Comex division of the New York Mercantile Exchange. The yellow metal traded from an intraday low of $1,277.30 to a high of $1,293.80.

Gold advanced, opined analysts, on comments from Fed chairman nominee Janet Yellen who signaled there was no rush to end the central bank’s stimulus. Additionally, the U.S. Labor Department said initial claims for unemployment benefits fell by 2,000 to 339,000 when a larger decline was expected.

"The initial claims are worse than expected, giving gold a boost," Phil Streible, a senior commodity broker at R.J. O’Brien & Associates, said in a telephone interview from Chicago, according to Bloomberg. "The dovish statements from Yellen are also very supportive."

Silver for December delivery added 28 cents, or 1.4%, to finish at $20.72 an ounce. Prices ranged from $20.57 to $20.89. On Wednesday, silver fell for the ninth time in ten sessions.

In PGM futures prices on Thursday:

  • January platinum added $12.10, or 0.8%, to $1,444.10 an ounce, ranging from $1,434.10 to $1,457.90.

  • Palladium for December delivery added $4.35, or 0.6%, to $739.80 an ounce, trading between $732.95 and $741.80. Like gold, palladium gained for the first time in six sessions.

London Fix Precious Metals

London bullion fixings split with most higher. In contrasting Wednesday PM to Thursday PM London fix prices:

  • Gold gained $13.50, or 1.1%, to $1,286 an ounce,
  • Silver edged up 8 cents, or 0.4%, to $20.78 an ounce,
  • Platinum added $13, or 0.9%, to $1,451 an ounce, and
  • Palladium shed $2, or 0.3%, to $738 an ounce

US Mint Bullion Sales in November

Sales totals for U.S. Mint bullion coins were unchanged Thursday. Bullion sales for the week so far and the year-to-date are listed below.

American Eagle and Buffalo Bullion Sales (# of coins)
Thursday Sales Last Week Week-To-Date Sales November Sales YTD Sales
$50 American Gold Eagle Bullion Coins 0 7,500 10,000 20,500 666,500
$25 American Gold Eagle Bullion Coins 0 0 1,000 1,000 57,000
$10 American Gold Eagle Bullion Coins 0 4,000 0 2,000 116,000
$5 American Gold Eagle Bullion Coins 0 5,000 10,000 15,000 515,000
$50 American Buffalo Gold Bullion Coins 0 1,000 5,000 6,000 224,000
White Mountain 5 oz. Silver Bullion Coins Sold Out 35,000
Perry’s Victory 5 oz. Silver Bullion Coins 0 0 600 600 26,800
Great Basin 5 oz. Silver Bullion Coins 0 0 600 600 27,800
Fort McHenry 5 oz. Silver Bullion Coins 0 1,000 400 1,400 29,600
Mount Rushmore 5 oz. Silver Bullion Coins 0 6,000 19,100 25,100 25,100
American Silver Eagle Bullion Coins 0 500,000 500,000 1,000,000 40,175,000

 

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