Gold Gains; Block Island 5 oz Bullion Coin Debuts

by CoinNews.net on November 28, 2018 · 0 comments

Bullion Gold Bars, Three

Gold futures rose 0.8% on Wednesday, Nov. 28

Precious metals futures mostly gained Wednesday. Increases in gold and silver were their first in four sessions and follow their almost two-week lows. Palladium ended near a new record. Platinum was the decliner.

Gold for December delivery tacked on $10.20, or 0.8%, to settle at $1,223.60 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold should stay fairly range-bound in the short term," Reuters quoted ING analyst Warren Patterson. "I struggle to see it breaking below $1,200 and likewise on the upside, until the end of this year, I struggle to see it breaking above $1,250 as well."

Gold futures ranged from a low of $1,210.50 to a high of $1,227.70. They lost 0.7% on Tuesday — ending at their lowest price since Nov. 14, and they dipped less than 0.1% on Monday.

Elsewhere, silver for December delivery advanced 24.1 cents, or 1.7%, to settle at $14.325 an ounce. Silver futures traded between $14.07 and $14.36. They declined 0.9% on Tuesday — also ending at their lowest price since Nov. 14, and they fell 0.3% on Monday.

In PGM futures on Wednesday:

  • January platinum lost $9, or 1.1%, to $826.30 an ounce, ranging from $816.50 to $837.40.

  • Palladium for March delivery jumped $29.80, or 2.7%, to $1,151.90 an ounce — $2.70 lower than the record set on Nov. 16. Palladium prices traded between $1,125 and $1,161.10.

London Precious Metals Prices

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

  • Gold declined $7.95, or 0.7%, to 1,213.25 an ounce.
  • Silver fell 12.5 cents, or 0.9%, to $14.15 an ounce.

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

US Mint Bullion Sales in 2018

On Wednesday, the United States Mint published bullion sales gains for the first time in more than a week. The single reported 80,000-coin increase belongs to a five-ouncer.

Photo of Clad 2018-S Proof Block Island National Wildlife Refuge Quarter - Reverse

A CoinNews photo of a Block Island quarter. The U.S. Mint started accepting orders for its 5-ounce Block Island America the Beautiful Silver Bullion Coin. It shares the quarter’s designs.

Released Monday for sale to U.S. Mint bullion distributors, the new Block Island piece is the last of five 2018-dated 5-ounce America the Beautiful silver bullion coins. It depicts Block Island National Wildlife Refuge in Rhode Island — just like the companion quarter released over two weeks ago.

The 80,000 total is the most in the series since the first issues released in 2016.

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)
Wednesday / This Week Last Week October November 2018 Sales
$100 American Eagle 1 Oz Platinum Coin* 0 0 0 0 30,000
$50 American Eagle 1 Oz Gold Coin 0 0 21,000 5,000 177,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 4,000 2,000 30,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 2,000 2,000 62,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 10,000 15,000 225,000
$50 American Buffalo 1 Oz Gold Coin 0 0 6,500 3,000 117,500
$1 American Eagle 1 Oz Silver Coin 0 0 1,430,000 1,270,000 14,835,000
Pictured Rocks 5 Oz Silver Coin* 0 0 0 0 30,000
Apostle Islands 5 Oz Silver Coin* 0 0 0 0 30,000
Voyageurs 5 Oz Silver Coin* 0 0 0 0 30,000
Cumberland Island 5 Oz Silver Coin 0 0 0 0 52,500
Block Island 5 Oz Silver Coin 80,000 N/A 80,000 80,000

 

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