Gold, Silver Gain on Safe-Haven Demand; US Bullion Sales Up


Gold bar on top of silver bar

Gold and silver futures closed higher Monday for the first time since Wednesday. Their gains were attributed to stronger safe-haven demand as the U.S. government shutdown continued and as concerns grew over the debt ceiling gridlock.

Gold for December delivery finished up $15.20, or 1.2%, to $1,325.10 an ounce on the Comex division of the New York Mercantile Exchange. Trading action occurred between intraday levels of $1,307.90 and $1,329.50.

"Gold is getting some bids because of the uncertainty," Frank McGhee, the head dealer at Integrated Brokerage Services LLC in Chicago, said in a telephone interview according to Bloomberg News. "It will be a very big deal if the U.S. defaults."

Gold prices last week settled down 2.2%.

Silver was the best percentage performer among precious metals. Silver for December delivery surged 63.4 cents, or 2.9%, to close at $22.39 an ounce. The white metal traded between $21.65 and $22.50. Silver prices dipped 0.4% last week.

PGM futures advanced for a second straight session Monday. In their daily breakdowns:

  • January platinum added $13.90, or 1%, to $1,401.90 an ounce, ranging from $1,384.20 to $1,404.60.

  • Palladium for December delivery added $3.40, or 0.5%, to $705.35 an ounce, trading between $695.60 and $706.

Last week, the two metals plunged with losses of 2.2% for platinum and 4.1% for palladium.

London Fix Precious Metals

Excluding palladium, London precious metals also started the week higher. In contrasting their Friday PM to Monday PM London fix prices:

  • Gold gained $13.76, or 1%, to $1,323.50 an ounce,
  • Silver added 12 cents, or 0.6%, to $21.77 an ounce,
  • Platinum was flat at $1,386 an ounce, and
  • Palladium fell $9, or 1.3%, to $697 an ounce

Last week, silver climbed 0.2% but other London bullion fixings declined with losses of 2.3% for gold, 2.1% for platinum and 2.6% for palladium.

U.S. Mint Bullion Sales in October

United States Mint distributors ordered a total of 3,000 ounces in gold coins and 485,000 ounces in silver coins. Splits are found below, as well as month-to-date and year-to-date figures.

American Eagle and Buffalo Bullion Sales
  Monday / Week-To-Date Sales Last Week October Sales YTD Sales
$50 American Gold Eagle Bullion Coins 2,000 2,000 4,000 609,000
$25 American Gold Eagle Bullion Coins 0 1,000 1,000 54,000
$10 American Gold Eagle Bullion Coins 0 2,000 2,000 106,000
$5 American Gold Eagle Bullion Coins 0 5,000 5,000 470,000
$50 American Buffalo Gold Bullion Coins 1,000 4,500 5,500 205,500
White Mountain 5 oz. Silver Bullion Coins Sold Out 35,000
Perry’s Victory 5 oz. Silver Bullion Coins 0 1,200 1,200 26,200
Great Basin 5 oz. Silver Bullion Coins 0 2,200 2,200 27,200
Fort McHenry 5 oz. Silver Bullion Coins 0 2,000 2,000 27,000
American Silver Eagle Bullion Coins 485,000 675,000 672,000 36,760,000


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