Precious metals surged Thursday, extending sharp gains that began after the Fed’s surprising decision Wednesday to maintain its stimulus without any tapering.
Gold for December delivery rallied $61.70, or 4.7%, to finish at $1,369.30 an ounce on the Comex division of the New York Mercantile Exchange. Gold traded from a low of $1,358.50 to a high of $1,375.40.
The Federal Reserve’s decision not to taper QE3 "came as a complete surprise to many market participants and we are seeing prices move higher," David Meger, the director of metal trading at Vision Financial Markets in Chicago, said in a telephone interview according to Bloomberg News. "The trend is bullish."
Silver for December delivery soared $1.73, or 8%, to $23.29 an ounce, trading between $22.86 and $23.45.
The day’s gains in gold and silver were the biggest since March 19, 2009 when the Fed announced plans to pump more than $1 trillion into the economy as a part of QE1.
In PGM futures on Thursday:
October platinum advanced $47.80, or 3.4%, to $1,473 an ounce, ranging from $1,461.20 to $1,483.40.
- Palladium for December jumped $35.10, or 5%, to $738.20 an ounce, trading between $717.55 and $738.95.
London Fix Precious Metals
London precious fixings were sharply higher as well. In contrasting their Wednesday PM to Thursday PM London fix prices:
- Gold jumped $64.50, or 5%, to $1,365.50 an ounce,
- Silver surged $1.53, or 7.1%, to $23 an ounce,
- Platinum advanced $49, or 3.5%, to $1,469 an ounce, and
- Palladium added $25, or 3.6%, to $726 an ounce
U.S. Mint Bullion Sales in September
Sales totals for U.S. Mint bullion products were unchanged for a second day Thursday. In coin totals (not ounces) are the latest daily, September and year-to-date U.S. Mint bullion sales figures:
|American Eagle and Buffalo Bullion Sales|
|Thursday Sales||Last Week||Weekly Sales||September Sales||YTD Sales|
|$50 American Gold Eagle Bullion Coins||0||2,500||3,000||6,500||603,000|
|$25 American Gold Eagle Bullion Coins||0||0||1,000||2,000||50,000|
|$10 American Gold Eagle Bullion Coins||0||2,000||0||2,000||102,000|
|$5 American Gold Eagle Bullion Coins||0||10,000||0||10,000||465,000|
|$50 American Buffalo Gold Bullion Coins||0||4,000||1,000||5,500||195,500|
|White Mountain 5 oz. Silver Bullion Coins||0||3,800||0||3,800||35,000|
|Perry’s Victory 5 oz. Silver Bullion Coins||0||1,400||0||1,400||25,000|
|Great Basin 5 oz. Silver Bullion Coins||0||3,000||0||3,000||25,000|
|Fort McHenry 5 oz. Silver Bullion Coins||0||14,200||0||14,700||25,000|
|American Silver Eagle Bullion Coins||0||500,000||675,000||1,850,000||34,925,000|