Gold Snaps 4-Session Losing Streak, US Mint Bullion Coins Gain

9999 Gold Bars and 22-karat American Gold Eagle Bullion Coins
Gold and silver advanced Monday, as did U.S. Mint bullion coins

Snapping a four-session losing streak, gold prices firmed in starting the new trading week Monday.

Gold for December delivery advanced $9.20, or 0.7%, to finish at $1,317.80 an ounce on the Comex division of the New York Mercantile Exchange. Prices ranged from an intraday low of $1,307.20 to a high of $1,336.00.

"Many markets posted relief rallies Monday on the surprise weekend news that former U.S. Treasury secretary Larry Summers withdrew his name for consideration for chairman of the U.S. Federal Reserve," noted Jim Wyckoff, a senior analyst at Kitco Inc.

"Many markets were cheered on the news on ideas Summers would have been a bit more hawkish on U.S. monetary policy… Gold and silver markets also popped up on the Summers news."

Last week gold prices dropped 5.6% and settled at their lowest level since August 7.

Higher for the first time in three sessions, silver for December delivery gained 28.9 cents, or 1.3%, to end at $22.01 an ounce. The white metal ranged from a low of $21.69 to a high of $22.49. Silver plunged last week by 9.1% and closed at its lowest price since August 13.

In PGM futures on Monday:

  • October platinum shed $3.30, or 0.2%, to settle at $1,441.20 an ounce, trading between $1,435.80 and $1,462.90.

  • Palladium advanced for a third straight session with palladium for December delivery up $6.95, or 1%, to $706.05 an ounce. The precious metal ranged from $700.50 to $715.05.

PGMs split last week with platinum off 3.4% and palladium gaining 0.3%.

London Fix Precious Metals

London precious fixings notched gains ranging from 0.1% to 0.7%. In contrasting their Friday PM to Monday PM London fix prices:

  • Gold rose $5.50, or 0.4%, to $1,324 an ounce,
  • Silver added 16 cents, or 0.7%, to $21.88 an ounce,
  • Platinum edged up $1, or 0.1%, to $1,442 an ounce, and
  • Palladium climbed $4, or 0.6%, to $704 an ounce

Last week, palladium inched 0.1% higher while the other metals logged losses of 4.9% for gold, 5.8% for silver and 3.8% for platinum.

U.S. Mint Bullion Sales in September

Sales climbed Monday among popular United States Mint bullion products. Strongest were sales of Silver Eagles, up 675,000 for a 175,000 increase over last week’s total. The Mint also sold gold coins with splits of 1,500 ounces in American Gold Eagles and 500 ounces in American Buffalo gold cons.

In coin totals (not ounces) are the latest daily, September and year-to-date U.S. Mint bullion sales:

American Eagle and Buffalo Bullion Sales
  Monday / Week-To-Date Sales Last Week September Sales YTD Sales
$50 American Gold Eagle Bullion Coins 1,000 2,500 4,500 601,000
$25 American Gold Eagle Bullion Coins 1,000 0 2,000 50,000
$10 American Gold Eagle Bullion Coins 0 2,000 2,000 102,000
$5 American Gold Eagle Bullion Coins 0 10,000 10,000 465,000
$50 American Buffalo Gold Bullion Coins 500 4,000 5,000 195,000
White Mountain 5 oz. Silver Bullion Coins 0 3,800 3,800 35,000
Perry’s Victory 5 oz. Silver Bullion Coins 0 1,400 1,400 25,000
Great Basin 5 oz. Silver Bullion Coins 0 3,000 3,000 25,000
Fort McHenry 5 oz. Silver Bullion Coins 0 14,200 14,700 25,000
American Silver Eagle Bullion Coins 675,000 500,000 1,850,000 34,925,000


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