Gold futures rallied again Tuesday, extending a streak of gains to four straight days in which the yellow metal has surged by a combined total of $110.60, or 6.9 percent. The tense situation over Europe’s debit crisis has elicited safe-haven buying, opined analysts.
"There is no quick fix to European debt issues, so gold’s crisis-hedge status is driving the metal higher," Scott Gardner, the chief investment officer at Verdmont Capital SA in Panama, said in an e-mail that was cited on Bloomberg.
Gold prices advanced $23.10, or 1.4 percent, to $1,723.50 an ounce in the December futures contract on the Comex in New York. Gold ranged between an intraday low of $1,696.50 and a high of $1,728.00 — its highest price since September 23.
"With Europe teetering on a knife edge, gold has once again resumed its role as the custodian of safe, and perhaps sane, wealth," MarketWatch quoted Ross Norman, chief executive at London-based bullion broker Sharps Pixley, in a note Wednesday.
Silver prices for December delivery settled higher by 25.8 cents, or 0.8 percent, to $33.310 an ounce. Prices moved from a low of $32.905 to a high at $33.950. Silver is riding its own wave of four straight daily wins, advancing $3.03, or 10.0 percent, since Thursday.
"Yesterday, gold and silver surged to one-month highs amid explanations that their safe-haven status was reasserting itself; this, despite the fact that gold at least has basically been functioning as anything but a safe-haven of late and that it is acting more like a gauge of the shifting sentiment as regards global liquidity," wrote Jon Nadler, Senior Analyst at Kitco Metals Inc.
Performing the best of the major metals in dollar and percentage terms, platinum prices for January delivery advanced $28.40, or 1.8 percent, to $1,597.20 an ounce. Prices traded between $1,564.10 and $1,599.90.
The only precious metal to falter on the day, palladium prices for December delivery declined $6.05, or 0.9 percent, to $646.05 an ounce. Palladium ranged from $643.45 to $659.50.
London Precious Metals
London precious metals climbed, marking a fourth straight day of across-the-board gains. In comparing London Fix prices on Wednesday (PM) from those on Tuesday (PM), gold advanced $59.00 to $1,715.00 an ounce, silver stepped up $1.30 to $33.30 an ounce, platinum added $37.00 to $1,580.00 an ounce and palladium gained $12.50 to $649.50 an ounce.
U.S. Mint Bullion Coin Sales
On Wednesday, the U.S. Mint published gains for each of its major American Eagle coins. The one-ounce American Gold Eagle added 1,500 and the one-ounce American Silver Eagle added 40,000. The latest daily and year-to-date sales figures follow:
|Sales of U.S. Mint American Eagle and Buffalo Bullion Coins|
|Daily Gains||October Gains||YTD 2011|
|Gold Eagle Coin (1 oz.)||1,500||42,500||802,500|
|Gold Eagle Coin (1/2 oz.)||0||3,000||65,000|
|Gold Eagle Coin (1/4 oz.)||0||6,000||78,000|
|Gold Eagle Coin (1/10 oz.)||0||10,000||355,000|
|Gold Buffalo Coin (1 oz.)||0||12,500||145,000|
|American Silver Eagle (1 oz.)||40,000||2,964,000||36,375,500|
|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||31,500|
|Chickasaw Park 5 oz. Silver Coin||21,600|
*The as of date for sales of U.S. Mint America the Beautiful Five Ounce Silver Bullion Coins is Monday, October 24, 2011. The Mint does not publish daily sales for its 5-ounce coins.