Gold Dips from 3-Week High, Silver Eases from 1-Month High

by on October 16, 2017 · 4 comments

Bullion Bar and Gold Bullion Coins

Precious metals settled lower Monday, Oct. 16

Precious metals futures ended lower in their start to the new trading week on Monday. Losses in gold, silver, and platinum were especially modest.

Gold for December delivery shed $1.60, or 0.1%, to settle at $1,303 an ounce on the Comex division of the New York Mercantile Exchange.

"You’re seeing a little bit of profit-taking," Reuters quoted Bob Haberkorn, senior market strategist for RJO Futures in Chicago. "There’s a reluctance to take too much off the table because of some of the geopolitical risks that are out there."

Gold futures traded from a low of $1,301.10 to a high of $1,308.40. They traded 2.3% higher last week, ending at their strongest level since Sept. 25.

Meanwhile, silver for December delivery lost 4.2 cents, or 0.2%, to end at $17.369 an ounce. Silver futures ranged from $17.33 to $17.50. They jumped 3.7% last week, closing at their highest price since Sept. 15.

In other precious metals future:

  • January platinum declined $5.80, or 0.6%, to $942.10 an ounce, trading between $930.60 and $950.90.

  • Palladium for December delivery fell $9.20, or 0.9%, to $976.30 an ounce, ranging from $966.75 to $1,005.

Last week, platinum gained 3.4% and palladium surged 7.2%.

London Precious Metals Prices

In comparing earlier fixed London gold and silver prices from Friday PM to Monday PM:

  • Gold added $3.70, or 0.3%, to 1,303.30 an ounce.
  • Silver gained 21 cents, or 1.2%, to $17.41 an ounce.

LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.

Last week, London bullion prices advanced by 3% for gold, 3.5% for silver, 3.3% for platinum and 5.6% for palladium.

US Mint Bullion Sales in 2017

United States Mint bullion sales climbed by a combined 4,500 ounces in American Eagle and Buffalo gold coins and by 450,000 ounces in American Silver Eagles.

Below is a sales breakdown of U.S. bullion products with columns listing the number of coins sold during varying periods. Products with an asterisk (*) are no longer available.

US Mint Bullion Sales (# of coins)
Monday Last Week September October YTD
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 20,000
$25 American Eagle 1 Oz Palladium Coin* 0 0 15,000 0 15,000
$50 American Eagle 1 Oz Gold Coin 1,000 3,000 8,000 6,500 176,500
$25 American Eagle 1/2 Oz Gold Coin 0 1,000 1,000 2,000 32,000
$10 American Eagle 1/4 Oz Gold Coin 2,000 0 2,000 2,000 58,000
$5 American Eagle 1/10 Oz Gold Coin 15,000 0 25,000 20,000 350,000
$50 American Buffalo 1 Oz Gold Coin 1,500 1,000 1,500 3,500 80,000
$1 American Eagle 1 Oz Silver Coin 450,000 150,000 320,000 750,000 16,648,500
2017 Effigy Mounds 5 Oz Silver Coin 0 0 0 0 35,000
2017 Frederick Douglass 5 Oz Silver Coin 0 0 0 0 20,000
2017 Ozark Riverways 5 Oz Silver Coin 0 0 0 0 20,000
2017 Ellis Island 5 Oz Silver Coin* 0 0 0 0 40,000


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Joe Brown
Joe Brown

Palladium high $1008.00, there you have it.

Seth Riesling
Seth Riesling

Palladium is $44 above platinum this morning (Tuesday, October 17). Amazing!


NW Robert
NW Robert

The more I read about Palladium, it should cost more than AU and Pl. From the Provident Metals website;” Palladium is one of the rarest metals on earth and even more scarce than platinum – 15 times more rare to be precise. If all the platinum in the world fits in your house, then every ounce of palladium can easily squeeze inside your living room.” It looks like Russia and South Africa are the two largest holders of Pd.

Seth Riesling
Seth Riesling

NW Robert – Palladium was unknown till about 1800. Both platinum & palladium are catalysts & every vehicle made with a catalytic converter has some in it. Until this year palladium has almost always been priced below platinum. Both are very rare for sure, but only a few countries have ever made palladium coins. The high price for palladium was around $1075 in 2001, while platinum reached a high of about $1920 because it is used in more coins. Investors have manipulated the palladium market this year causing the price to rise & will probably fall just as fast, but still retain a good value as the Mint makes more of these new coins next year in both bullion version & Proof version. Provident Metals got 500 of the 15,000 mintage from a U.S. Mint bullion coin Authorized Purchaser, so of course they are playing up the relative rarity of… Read more »