Precious Metals Rise Wed., Oct. 2; Palladium Logs Another Record

by CoinNews.net on October 2, 2019 · 0 comments

Layers of Gold Bullion

Gold futures rose 1.3% on Wednesday, Oct. 2

Precious metals registered increases Wednesday ranging from 0.9% for platinum to 2.2% for silver. Palladium marked another record.

Gold for December delivery gained $18.90, or 1.3%, to settle at $1,507.90 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since Sept. 26.

"There is no doubt that gold’s long-term technical outlook is positive, even after what was a relatively small retracement that began at the start of September. And we are now expecting the precious metal to potentially resume its long-term rally," MarketWatch quoted Fawad Razaqzada, technical analyst at Forex.com. "Remember, gold had risen sharply for four consecutive months prior to the hiccup in September. So the recent weakness should be put into perspective." 

Gold futures ranged from a low of $1,480.50 to a high of $1,511.40. They climbed 1.1% on Tuesday and they dropped 2.2% on Monday — ending 3.7% lower in September while surging 4.2% in the third quarter.

Silver for December delivery tacked on 38.1 cents to settle at $17.683 an ounce. Silver futures traded between $17.24 and $17.73. They rose 1.8% on Tuesday and they tumbled 3.7% on Monday — closing September with a 7.3% loss while gaining 10.8% in the third quarter.

In PGM futures on Wednesday:

  • January platinum added $8.30 to $894.40 an ounce, ranging from $875.60 to $897.90.

  • Palladium for December delivery advanced $34.80, or 2.1%, to a record settlement of $1,665.50 an ounce. Palladium traded between $1,613 and $1,672.10.

London Precious Metals Prices

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

  • Gold gained $19.15, or 1.3%, to $1,492.60 an ounce.
  • Silver rose 15 cents, or 0.9%, to $17.26 an ounce.

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

US Mint 2019 Bullion Sales

United States Mint bullion sales moved up by 22,500 ounces in San Antonio Missions America the Beautiful silver coins.

Below is a sales breakdown of U.S. Mint 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 September October 2019 Sales
$50 American Eagle 1 Oz Gold Coin 0 500 1,500 3,500 1,500 91,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 1,000 0 24,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 2,000 2,000 2,000 32,000
$5 American Eagle 1/10 Oz Gold Coin 0 5,000 5,000 10,000 5,000 175,000
$50 American Buffalo 1 Oz Gold Coin 0 0 0 1,000 0 50,500
$1 American Eagle 1 Oz Silver Coin 0 50,000 565,000 1,021,000 280,000 13,570,000
San Antonio Missions 5 Oz Silver Coin 4,500 N/A 42,200 37,700 4,500 42,200
War in the Pacific 5 Oz Silver Coin 0 0 0 2,500 0 72,000
American Memorial Park 5 Oz Silver Coin* 0 0 0 0 0 80,000
Lowell 5 Oz Silver Coin* N/A   80,000
$100 American Eagle 1 Oz Platinum Coin* N/A   40,000

 

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