Gold Extends Rally, Ends at 5-Week High

by CoinNews.net on October 15, 2014 · 0 comments

Large silver bullion bar, smaller gold bar and nugget

Gold and silver advanced on Wednesday while platinum and palladium declined

Gold prices finished higher for a third straight session on Wednesday, closing at a 5-week high, as stocks tumbled and safe-haven demand climbed yet again.

Gold for December delivery advanced $10.50, or 0.9%, to settle at $1,244.80 an ounce on the Comex division of the New York Mercantile Exchange.

"We are seeing some renewed interest in gold," George Gero, a New-York based precious-metals strategist at RBC Capital Markets LLC, said in a telephone interview according to Bloomberg News. Investors are "responding to weak economic numbers and the slump in the U.S. equities."

The settlement price was the highest since Sept. 10. Gold traded from $1,222 to $1,250.30.

Silver for December delivery gained 6 cents, or 0.4%, to close at $17.46 an ounce. Prices ranged from $17.02 to $17.82.

PGM futures declined. In their closings on Wednesday:

  • January platinum fell $11.40, or 0.9%, to $1,260.90 an ounce, trading between $1,247.40 and $1,281.60.

  • Palladium for December delivery tumbled $30.85, or 3.9%, to $764.25 an ounce, ranging from $762 to $792.50.

London Fix Precious Metals

Aside from gold, earlier fixed London precious metals declined. In contrasting London bullion Fix prices and the LBMA Silver Price from Tuesday PM to Wednesday PM:

  • Gold gained $2.75, or 0.2%, to $1,237.350 an ounce,
  • Silver plunged 49 cents, or 2.8%, to $17.01,
  • Platinum shed $11, or 0.9%, to $1,257 an ounce, and
  • Palladium lost $6, or 0.8%, to $787 an ounce

US Mint Bullion Coin Sales in October

United States Mint bullion coin sales were unchanged Wednesday as of 4:20 p.m. ET. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of bullion coins sold last week, this week so far, last month, in October, and the year to date.

American Eagle and Buffalo Bullion Sales (# of coins)
Wednesday Sales Last Week Current Week September Sales October Sales YTD Sales
$100 American Platinum Eagle Bullion Coins N/A* 2,700 400 16,700
$50 American Eagle Bullion Gold Coins 0 24,500 2,000 50,500 30,500 326,500
$25 American Eagle Bullion Gold Coins 0 3,000 0 6,000 4,000 36,000
$10 American Eagle Bullion Gold Coins 0 6,000 0 8,000 6,000 98,000
$5 American Eagle Bullion Gold Coins 0 5,000 15,000 30,000 25,000 465,000
$50 American Buffalo Bullion Gold Coins 0 8,500 4,000 14,500 15,000 154,500
$1 American Eagle Silver Bullion Coins 0 870,000 430,000 4,140,000 2,950,000 35,201,000
Great Smoky Mountains National Park 5 Oz Silver Bullion Coins 0 0 0 3,500 0 33,000
Shenandoah National Park 5 Oz Silver Bullion Coins 0 0 0 1,000 0 21,500
Arches National Park 5 Oz Silver Bullion Coins 0 0 0 800 0 22,000
Great Sand Dunes 5 Oz Silver Bullion Coins 0 800 1,500 4,500 2,800 14,800

 

*The U.S. Mint stopped selling bullion Platinum Eagles on Oct. 1. The agency will begin selling 2015-dated issues in early January.

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