Precious Metals Advance in Pre-Holiday Trading

by CoinNews.net on November 22, 2017 · 3 comments

Gold Bullion and US Money

Gains in precious metals ranged from 0.3% for platinum to 0.8% for gold

Precious metals advanced for a second straight session in pre-holiday trading Wednesday. Markets in the U.S. are closed Thursday for the Thanksgiving holiday but they re-open on Friday.

Gold for December delivery added $10.50, or 0.8%, to settle at $1,292.20 an ounce on the Comex division of the New York Mercantile Exchange.

"The precious metals markets got buying support come from outside markets that were in a bullish daily posture — a solidly lower U.S. dollar index and higher crude oil prices," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily report.

"This afternoon’s release of the minutes from the last Federal Open Market Committee (FOMC) meeting showed members somewhat concerned about continuing low inflationary price pressures. The markets moved very little on the FOMC minutes release, which contained no surprises," he added.

Gold futures ranged from a low of $1,278.60 to a high of $1,293.30. They rose 0.5% on Tuesday and dropped 1.6% in their start to the week on Monday.

Silver for December delivery gained 15.2 cents, or 0.9%, to settle at $17.112 an ounce. Silver futures traded between $16.92 and $17.13. They rose 0.7% in the previous session and sank 3.1% on Monday.

In PGM futures on Wednesday:

  • January platinum added $2.70, or 0.3%, to $940.70 an ounce, ranging from $932.50 to $942.70.

  • Palladium for December delivery rose $5.45, or 0.6%, to $1,001.95 an ounce, trading between $994 and $1,003.30.

London Precious Metals Prices

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

  • Gold gained $3.65, or 0.3%, to 1,286.95 an ounce.
  • Silver slipped 3.5 cents, or 0.2%, to $16.965 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 as of 2:38 p.m. ET. 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 2,500 2,000 11,000 7,000 188,000
$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 10,000 0 30,000 10,000 370,000
$50 American Buffalo 1 Oz Gold Coin 0 500 0 7,000 1,000 84,500
$1 American Eagle 1 Oz Silver Coin 0 175,000 30,000 1,040,000 295,000 17,233,500
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
2017 George Rogers Clark 5 Oz Silver Coin* 0 30,900 1,500 N/A 32,400 32,400

{ 3 comments… read them below or add one }

Seth Riesling November 23, 2017 at 3:14 pm

Mike Unser & CoinNews readers:

HAPPY THANKSGIVING! I am thankful for my family, friends, & the great hobby of numismatics & for those who share their knowledge in our special areas of collecting.

Palladium is at $1003 today in London – $70 more than platinum per ounce. Amazing once again this year!

Happy collecting everyone!

-NumisdudeTX

Joe Brown November 23, 2017 at 11:24 pm

The writing has been on the wall for sometime now, all the talk of the ” first palladium USA* coin. Then the day finally came, the US* minted their first palladium coin, but not long before the coin was minted the price$ of palladium started to climb to where it is today. Crazy stuff huh! look at the graffiti on the wall, next time. smile*, black Friday & i’m broke. as always a day late & a buck$ shot. My gift to my family & what pals i* have left is me* & i hope* they are all grateful, or they can kiss my butt. peace to all*+*

yomo November 29, 2017 at 9:58 pm

Mr Joe Brown ….2 thumbs up to you šŸ™‚

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