Gold, Silver and Other Precious Metals Start October Higher

Gold Bars
Gold settled $9.40 higher to start October

Gold returned to a seven-month high in starting October and the new trading week after dovish monetary remarks from Chicago Federal Reserve president Charles Evans.

Gold prices for December delivery closed up $9.40, or 0.5%, to $1,783.30 an ounce on the Comex in New York. The settlement price was the highest since February 28. Gold moved between intraday trading levels of $1,765.70 and $1,794.40.

"I feel very good that our most recent statement and policy is focusing strongly on the labor market," Federal Reserve Bank of Chicago President Charles Evans said in an interview on CNBC. But "we can do a little better in being explicit about the forward guidance."

Evans’ comments were bullishly received by investors, fueling expectations of higher US inflation.

"People are hurrying up and buying gold as today’s comments tell us that the Fed will continue with the stimulus policies until its sees some improvement in economic conditions," Frank McGhee, the head dealer at Integrated Brokerage Services LLC in Chicago, said in a telephone interview that was recounted on Bloomberg. "The inflation worries are back."

Gold dipped 0.2% last week, but surged 5.1% for September and 10.3% for the quarter.

Silver for December delivery closed at $34.952 an ounce, advancing 37.5 cents or 1.1%. Prices ranged between $34.210 and $35.445.

Platinum for January delivery ended up $16.50, or 1.0%, to $1,685.80 an ounce, trading from $1,649.00 to $1,691.50.

Palladium for December delivery rose $4.80, or 0.7%, to $645.60 an ounce, ranging between $625.80 and $659.80.

Last week, bullion prices were mixed. Platinum gained 1.9% while other precious metals registered losses — 0.2% for gold and silver and 4.6% for palladium.

London Precious Metals Prices

Precious metals in London were mixed Monday. In contrasting London PM Fix prices:

  • Gold gained $11.00, or 0.6%, to $1,787.00 an ounce,
  • Silver declined 0.30 cents, or 0.9%, to $34.35 an ounce,
  • Platinum added $10.00, or 0.6%, to $1,678.00 an ounce, and
  • Palladium tacked on $8.00, or 1.2%, to $650.00 an ounce

Last week, London precious metals were also mixed in direction. Platinum gained 1.6%. The losses were 0.5% for gold, 0.1% for silver and 4.5% for palladium.

U.S. Mint Bullion Coins

Sales levels for U.S. Mint bullion coins were unchanged Monday as of 4:04 p.m. ET. In September, American Eagle gold and silver coins hit their second highest monthly totals this year.

The following grid offers the latest bullion sales as published by the U.S. Mint.

Sales of US Mint American Eagle and Buffalo Bullion Coins
  Daily/October Sales YTD 2012
$50 American Gold Eagle Bullion Coins 0 410,500
$25 American Gold Eagle Bullion Coins 0 61,000
$10 American Gold Eagle Bullion Coins 0 62,000
$5 American Gold Eagle Bullion Coins 0 250,000
$50 American Gold Buffalo Bullion Coins 0 96,500
American Silver Eagle Bullion Coins 0 25,795,000


Sales of America the Beautiful 5 Oz. Silver Bullion Coins
  Daily/October Sales All-Time Total
2012 El Yunque National Forest 5 oz. Silver Bullion Coins 0 17,900
2012 Chaco Culture National Historical Park 5 oz. Silver Bullion Coins 0 17,200
2012 Acadia National Park 5 oz. Silver Bullion Coins 0 18,000
2012 Hawai’i Volcanoes 5 oz. Silver Bullion Coins 0 10,400
2011 Olympic National Park 5 oz. Silver Bullion Coins 0 85,900
2011 Vicksburg National Military Park 5 oz. Silver Bullion Coins 0 39,500
2011 Chickasaw Park 5 oz. Silver Bullion Coins 0 29,700
TOTAL 0 218,600


Sales figures above are in the number of coins sold, not in the amount of ounces sold.

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