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

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Gold bar on top of silver bar
Gold, silver and platinum logged gains in July

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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