Gold Logs Fresh 3-Week High, Silver Slips 1%

by CoinNews.net on November 9, 2017 · 1 comment

Several 999.9 gold bullion bars

Gold logged a new three-week high on Thursday, Nov. 9

Precious metals futures ended mixed Thursday with gold and platinum higher and silver and palladium lower.

Gold for December delivery added $3.80, or 0.3%, to settle at $1,287.50 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the highest since Oct. 19.

"The buying pressure in gold … seems to represent a minor shift in allocations from equities to the metal," MarketWatch quoted Brien Lundin, editor of Gold Newsletter. "The fact that silver is underperforming gold today also indicates some level of safe-haven demand, as opposed to monetary drivers being behind the move."

Gold futures traded from a low of $1,280.50 to a high of $1,289.50. They rose 0.5% in the previous session, declined 0.5% on Tuesday, and advanced 1% in their start to the week on Monday.

Meanwhile, silver for December delivery declined 16.3 cents, or 1%, to close at $16.975 an ounce. Silver futures ranged from $16.91 to $17.15. They advanced 1.2% on Wednesday — ending at their highest price since Nov. 2, dropped 1.7% on Tuesday and jumped 2.4% on Monday.

In other precious metals futures prices:

  • January platinum gained $2.70, or 0.3%, to $940.60 an ounce, trading between $932.30 and $942.30.

  • Palladium for December delivery fell $11.40, or 1.1%, to $1,004.40 an ounce, ranging from $1,001.85 to $1,023.25. On Wednesday, the metal closed at its best level since February 2001.

London Precious Metals Prices

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

  • Gold edged up 80 cents, or less than 0.1%, to 1,284.80 an ounce.
  • Silver added 10.5 cents, or 0.6%, to $17.10 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)
Thursday 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

{ 1 comment… read it below or add one }

C November 10, 2017 at 9:45 am

I think au/ag have found their average prices which should hold for years to come. Gold is still being bought hand over foot in Asian countries as they know the sting of inflation, it makes buying gold and other hard assets pretty easy. As far as the commodity aspect goes, hedgers are dominating that arena. I could suggest all the physical au/ag helps keep price steady, but so does steady interest rates. I think copper/lithium/nickel/zinc/lead are better plays going forward, au/ag are more known for safety and preserving wealth, but with interest rates so low and easy money going crazy again, preserving wealth isn’t going to do it, we need to beat inflation and most of the money is flooding into equities, but while the little boats keep pumping money into it, at the moment, the big boats are cashing in quietly. Still, it’s good to have some physical gold in your portfolio, 10/20 oz. is a pretty decent allocation in my book, but be warned it’s dead money. Silver, I just don’t know, maybe in next recession if the price crashes it may have some value.

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