Gold, Silver and Other Metals Advance after Senate Deal

Three gold bars, five $1s and graphs
Precious metals and U.S. Mint gold bullion coins advanced Wednesday

Gold, silver and other precious metals settled higher Wednesday after news broke of a U.S. Senate deal to end the government shutdown and avoid defaulting on the nation’s debt.

Gold for December delivery gained $9.10, or 0.7%, to settle at $1,282.30 an ounce on the Comex division of the New York Mercantile Exchange. Prices ranged from a low of $1,268.60 to a high of $1,289.20. On Tuesday, the precious metal dipped $3.40, or 0.3%.

"The rally in gold after the budget/debt deal became apparent is a classic ‘sell the rumor, buy the fact’ scenario that many times plays out in markets," Jim Wyckoff, a senior analyst at Kitco Inc., said in a daily note.

"Markets many times factor into their prices expected fundamental news events well before they ever occur. Then markets can see corrective price reversals when the event actually does occur. It’s another example of how markets can and do frustrate large numbers of traders."

In other New York precious metals futures on Wednesday:

  • Silver for December delivery added 17.4 cents, or 0.8%, to $21.37 an ounce, trading between $21.20 and $21.45. Silver shed 16.3 cents, or 0.8%, in the prior session.

  • January platinum rose $14.80, or 1.1%, to $1,398.20 an ounce, ranging from $1,378.70 to $1,402.00. On Tuesday, platinum lost a dime.

  • Rising for the fourth time in five sessions, palladium for December climbed $7.25, or 1%, to $713.55 an ounce. It traded between $704.15 and $719.75. Palladium declined $8.95, or 1.3%, in the prior session.

London Fix Precious Metals

London precious metals were higher as well. In contrasting their Tuesday PM to Wednesday PM London fix prices:

  • Gold inched up $3, or 0.2%, to $1,273.50 an ounce,
  • Silver surged 83 cents, or 4.1%, to $21.32 an ounce,
  • Platinum advanced $20, or 1.5%, to $1,392 an ounce, and
  • Palladium added $1, or 0.1%, to $708 an ounce

U.S. Mint Bullion Sales in October

Sales totals for United States Mint bullion coins picked up for a second day, though modestly compared to the soaring advances notched on Tuesday.

U.S. Mint bullion sales breakdowns follow for the day, in October so far and for the year-to-date.

American Eagle and Buffalo Bullion Sales
  Wednesday Sales Last Week Week-To-Date Sales October Sales YTD Sales
$50 American Eagle Gold Coins 1,000 8,000 10,500 20,500 625,500
$25 American Eagle Gold Coins 0 0 0 1,000 54,000
$10 American Eagle Gold Coins 0 0 0 2,000 106,000
$5 American Eagle Gold Coins 0 5,000 5,000 15,000 480,000
$50 American Buffalo Gold Bullion Coins 1,000 1,500 4,000 11,000 211,000
White Mountain 5 oz. Silver Bullion Coins Sold Out 35,000
Perry’s Victory 5 oz. Silver Bullion Coins 0 0 0 1,200 26,200
Great Basin 5 oz. Silver Bullion Coins 0 0 0 2,200 27,200
Fort McHenry 5 oz. Silver Bullion Coins 0 600 0 2,600 27,600
American Silver Eagle Bullion Coins 0 700,000 749,500 1,636,500 37,724,500


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