Gold and Silver Settle Down; Climb After Fed Minutes Released

by CoinNews.net on October 11, 2017 · 2 comments

Gold Bullion

Most precious metals settled lower Wednesday, then advanced in after-hours trade

Gold and silver closed lower Wednesday to snap multi-session winning streaks, but then climbed in after-hours dealings when minutes from the Fed’s last meeting were released.

Gold for December delivery lost $4.90, or 0.4%, to settle at $1,288.90 an ounce on the Comex division of the New York Mercantile Exchange. The yellow metal was near $1,293 an ounce in electronic trading after the FOMC minutes were released.

"The Fed minutes confirmed what several Fed officials had been hinting at since the meeting — that the consensus support for a December rate hike isn’t strong or completely committed," MarketWatch quoted Brien Lundin, editor of Gold Newsletter, told MarketWatch. "This added bit of doubt as to whether there’ll be a December hike and helped gold reverse."

Gold futures advanced 0.7% on Tuesday — finishing at their best level since Sept. 26, and gained 0.8% on Monday.

Closing lower for the first time in five sessions, silver for December delivery fell 7.4 cents, or 0.4%, to $17.133 an ounce. Silver futures gained 1.4% on Tuesday, ending at their highest price since Sept. 20, and rose 1.1% in starting the week on Monday. The precious metal was last at $17.21 an ounce in after-hours trade.

In PGM futures on Wednesday:

  • January platinum shed $3.30, or 0.4%, to $933.20 an ounce, ranging from $930.50 to $938.10.

  • Palladium for December delivery jumped $25.30, or 2.7%, to $958.95 an ounce, trading between $933.25 and $959.80.

London Precious Metals Prices

In comparing earlier fixed London gold and silver prices from Tuesday PM to Wednesday PM:

  • Gold declined $2.15, or 0.2%, to 1,289.25 an ounce.
  • Silver added 3 cents, or 0.2%, to $17.15 an ounce.

LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.

US Mint Bullion Sales in 2017

United States Mint bullion sales rose by 1,000 ounces in American Gold Eagles. Below is a sales breakdown of U.S. bullion products with columns listing the number of coins sold during varying periods. Products with an asterisk (*) are no longer available.

US Mint Bullion Sales (# of coins)
Wednesday Last Week This Week September October YTD
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 0 20,000
$25 American Eagle 1 Oz Palladium Coin* 0 0 0 15,000 0 15,000
$50 American Eagle 1 Oz Gold Coin 1,000 2,500 3,000 8,000 5,500 175,500
$25 American Eagle 1/2 Oz Gold Coin 0 1,000 1,000 1,000 2,000 32,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 2,000 0 56,000
$5 American Eagle 1/10 Oz Gold Coin 0 5,000 0 25,000 5,000 335,000
$50 American Buffalo 1 Oz Gold Coin 0 1,000 1,000 1,500 2,000 78,500
$1 American Eagle 1 Oz Silver Coin 0 150,000 150,000 320,000 300,000 16,198,500
2017 Effigy Mounds 5 Oz Silver Coin 0 0 0 0 0 35,000
2017 Frederick Douglass 5 Oz Silver Coin 0 0 0 0 0 20,000
2017 Ozark Riverways 5 Oz Silver Coin 0 0 0 0 0 20,000
2017 Ellis Island 5 Oz Silver Coin* 0 0 0 0 0 40,000

 

{ 2 comments… read them below or add one }

Seth Riesling October 12, 2017 at 8:59 am

Right now, on Thursday October 12, palladium is trading at $35 above platinum!
The new U.S. Mint bullion version $25 1-ounce Palladium American Eagle coins are holding their value well, especially those graded MS-70 with the special Prooflike designation!

-NumisdudeTX

Mike Unser (CoinNews.net) October 12, 2017 at 9:36 am

BTW, we published a quick video of a Palladium Eagle at https://youtu.be/syiXncpiPIg.

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