Gold Gains, Palladium Marks Best Close Since 2001

by CoinNews.net on November 8, 2017 · 0 comments

Palladium

Palladium prices ended at their highest point since early 2001

Precious metals futures rebounded Wednesday, with palladium ending at its best level in 16 years and gold closing at an about three-week high.

Gold for December delivery climbed $7.90, or 0.6%, to settle at $1,283.70 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the highest since Oct. 19.

"The gold market saw a bullish upside ‘breakout’ from a sideways trading range on the daily bar chart, which prompted technically oriented traders to step in on the buy side," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "Buy stop orders were also triggered in the gold futures market on today’s advance."

Gold futures traded from a low of $1,276.10 to a high of $1,288.10. They declined 0.5% in the previous session and advanced 1% in their start to the week on Monday.

Meanwhile, silver for December delivery moved up 19.8 cents, or 1.2%, to finish at $17.138 an ounce. The close was the highest since Nov. 2. Silver futures ranged from $16.95 to $17.27. They dropped 1.7% on Tuesday and jumped 2.4% on Monday.

In PGM futures on Wednesday:

  • January platinum gained $12.60, or 1.4%, to $937.90 an ounce, trading between $925.20 and $939.30.

  • Palladium for December delivery surged $21.70, or 2.2%, to $1,015.80 an ounce — the highest close since early February 2001, ranging from $992.10 to $1,017.35.

London Precious Metals Prices

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

  • Gold gained $8.40, or 0.7%, to 1,284 an ounce.
  • Silver slipped a penny to $16.995 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 were unchanged. 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 October November 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 0 0 15,000
$50 American Eagle 1 Oz Gold Coin 0 2,000 1,500 11,000 2,500 183,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 2,000 0 32,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 2,000 0 58,000
$5 American Eagle 1/10 Oz Gold Coin 0 5,000 0 30,000 0 360,000
$50 American Buffalo 1 Oz Gold Coin 0 1,500 500 7,000 500 84,000
$1 American Eagle 1 Oz Silver Coin 0 40,000 90,000 1,040,000 90,000 17,028,500
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

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