Gold Closes Near 3-Week High, Silver Jumps 3.2%


Fine Gold BarsGold futures rallied near a three-week high Monday as the U.S. dollar weakened and investors were bullish toward commodities and stocks.

Gold prices advanced $35.00, or 2.1 percent, to close at $1,670.80 an ounce in the December futures contract on the Comex in New York. It was the highest settlement price since September 22 when gold closed at $1,741.70 an ounce — one day before it plunged by nearly $102. Prices on Monday traded between an intraday low of $1,639.90 and a high of $1,676.70.

"Gold is rallying as a commodity instead of a flight-to-quality asset. Until that trend changes, you can get your head ripped off trying to play the other side of it," Reuters quoted Adam Klopfenstein, senior market strategist at futures broker MF Global. "Right now, the theme for gold is its positive correlation with equities and the commodity spectrum," he said.

Silver prices for December delivery rose 98.7 cents, or 3.2 percent, to settle at $31.98 an ounce. Prices ranged from $31.215 to $32.360. Jim Wyckoff of Kitco Metals Inc. writes in the Monday Kitco Roundup about silver’s near-term technicals:

"December silver futures prices closed nearer the session high Monday. Silver bulls’ next upside price objective is producing a close above strong technical resistance at $33.585 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at last week’s low of $28.435. First resistance is seen at Monday’s high of $32.36 and then at last week’s high of $32.85. Next support is seen at $31.50 and then at Monday’s low of $31.215. Wyckoff’s Market Rating: 5.0."

Platinum prices for January delivery advanced $31.80, or 2.1 percent, to close at $1,525.10 an ounce. Platinum hit a low at $1,490.00 and a high at $1,531.60.

Palladium prices for December delivery surged $28.45, or 4.9 percent, to settle at $614.30 an ounce, trading between $581.50 and $620.00.

London Precious Metals Fixings

London precious metals were mixed when comparing PM fixings on Monday to those on Friday. The gold fix advanced $9.00 to $1,661.00 an ounce, silver gained 25.0 cents to $32.23 an ounce and palladium added $3.00 to $612.00 an ounce. The platinum fixing fell $16.00 to $1,513.00 an ounce.

U.S. Mint Bullion Coin Sales

U.S. Mint bullion coin sales totals were unchanged from Friday as of 4:32 p.m. ET. The latest daily, monthly and year-to-date bullion coin sales figures follow:

Sales of U.S. Mint American Eagle and Buffalo Bullion Coins
Gold Eagle Coin (1 oz.) 0 21,500 781,500
Gold Eagle Coin (1/2 oz.) 0 2,000 64,000
Gold Eagle Coin (1/4 oz.) 0 4,000 76,000
Gold Eagle Coin (1/10 oz.) 0 0 345,000
Gold Buffalo Coin (1 oz.) 0 5,000 132,500
Silver Eagles (1 oz.) 0 1,662,000 35,073,500


Sales of America the Beautiful 5 Oz. Silver Bullion Coins*
Gettysburg National Military Park 5 oz. Silver Coin 126,700
Glacier National Park 5 oz. Silver Coin 126,700
Olympic National Park 5 oz. Silver Coin 82,200
Vicksburg National Military Park 5 oz. Silver Coin 30,500
Chickasaw Park 5 oz. Silver Coin 20,500
TOTAL 386,600


*The as of date for U.S. Mint sales of its America the Beautiful 5-ounce Silver Bullion Coins is Monday, October 3, 2011, as the Mint does not publish daily sales levels for its 5-ounce coins.

Notify of

Inline Feedbacks
View all comments