Gold, Silver Log 3-Week Highs; Palladium Scores Best Close Since February

by CoinNews.net on September 20, 2018 · 0 comments

Small Gold Bullion Bars

Gains in precious metals futures Thursday, Sept. 20, ranged from 0.2% for silver to 1.5% for platinum

Precious metals futures advanced as a group for a second straight session Thursday. Gold and silver closed at about three-week highs while palladium posted its best finish since late February.

Gold for December delivery rose $3, or 0.3, to settle at $1,211.30 an ounce on the Comex division of the New York Mercantile Exchange. The close was the highest since Aug. 28.

"Gold and silver are supported on some buying back of previously sold positions (short covering) by the shorter-term futures traders," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "A lower U.S. dollar index on this day also supported some buying interest in the precious metals markets."

Gold futures ranged from a low of $1,205.10 to a high of $1,213.20. They gained 0.5% on Wednesday, shed 0.2% on Tuesday, and rose 0.4% on Monday.

Silver for December delivery added 2.5 cents, or 0.2%, to close at $14.305 an ounce. The finish is the strongest since Aug. 31. Silver futures traded between $14.21 and $14.39. They rose 0.7% on Wednesday, dipped 0.3% on Tuesday, and climbed 0.6% on Monday. On Friday, they finished at their lowest price since Jan. 22, 2016.

In other precious metals futures:

  • October platinum advanced $12.30, or 1.5%, to $834.20 an ounce, ranging from $818.70 to $836.20.

  • Palladium for December delivery gained $13.40, or 1.3% to $1,044.20 an ounce — its best settlement since Feb. 26, trading between $1,025.70 and $1,047.50.

London Precious Metals Prices

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

  • Gold rose $5.05, or 0.4%, to 1,208.35 an ounce.
  • Silver added 4.5 cents, 0.3%, to $14.23 an ounce.

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

US Mint Bullion Sales in 2018

United States Mint bullion sales were unchanged for a third day in a row. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold during varying periods.

US Mint Bullion Sales (# of coins)
Thursday Last Week This Week August September 2018 Sales
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 0 30,000
$50 American Eagle 1 Oz Gold Coin 0 2,000 1,500 17,500 11,000 147,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 4,000 1,000 23,000
$10 American Eagle 1/4 Oz Gold Coin 0 2,000 0 4,000 4,000 58,000
$5 American Eagle 1/10 Oz Gold Coin 0 20,000 0 10,000 40,000 200,000
$50 American Buffalo 1 Oz Gold Coin 0 0 0 20,000 6,500 104,500
$1 American Eagle 1 Oz Silver Coin 0 0 925,000 1,530,000 1,962,500 11,200,000
Pictured Rocks 5 Oz Silver Coin 0 0 0 0 0 30,000
Apostle Islands 5 Oz Silver Coin 0 0 0 0 0 30,000
Voyageurs 5 Oz Silver Coin 0 0 0 0 0 30,000
Cumberland Island 5 Oz Silver Coin 0 51,000 1,500 N/A 52,500 52,500

 

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