Gold Rises 0.5%, Silver Marks 2-Week High

by on November 1, 2017 · 5 comments

2 Silver Bullion Bars

Silver futures rallied 2.9% Wednesday, ending at their strongest price since Oct. 19

Precious metals advanced in their start to the new trading month on Wednesday, posting gains ranging from 0.5% for gold to 2.9% for silver.

Gold for December delivery added $6.80 to settle at $1,277.30 an ounce on the Comex division of the New York Mercantile Exchange.

"Short covering in the futures market and bargain hunting in the cash market were featured in both metals [gold and silver]," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily note.

Gold futures traded from a low of $1,268.50 to a high of $1,281.90. They dipped 0.6% on Tuesday — ending the month of October 1.1% lower, and rose 0.5% on Monday.

Silver for December delivery surged 48.3 cents to settle at $17.176 an ounce. The settlement is the highest since Oct. 19. Silver futures ranged between $16.67 and $17.21. They declined 0.9% in the previous session, closing at their worst level since Oct. 5 but still logging a 0.1% gain in October. The precious metal climbed 0.6% on Monday.

In PGM futures on Wednesday:

  • January platinum advanced $17.10, or 1.9%, to $936.70 an ounce, trading between $919.90 and $939.40.

  • Palladium for December delivery settled up $19, or 1.9%, to $998.15 an ounce, ranging from $977.85 to $1,000.

London Precious Metals Prices

In comparing earlier fixed London gold and silver prices from Tuesday PM to Wednesday PM:

  • Gold rose $6.90, or 0.5%, to 1,277.05 an ounce.
  • Silver added 12 cents, or 0.7%, to $16.94 an ounce.

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

US Mint Bullion Sales in 2017

United States Mint bullion sales were unchanged as of 3:27 p.m. ET. 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)
Wednesday / November Last Week This Week October YTD
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 20,000
$25 American Eagle 1 Oz Palladium Coin* 0 0 0 0 15,000
$50 American Eagle 1 Oz Gold Coin 0 2,000 1,000 11,000 181,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 2,000 32,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 2,000 58,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 5,000 30,000 360,000
$50 American Buffalo 1 Oz Gold Coin 0 1,000 1,500 7,000 83,500
$1 American Eagle 1 Oz Silver Coin 0 250,000 40,000 1,040,000 16,938,500
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

well will ya look at that* what a difference a day makes.

Seth Riesling
Seth Riesling

Palladium is $66 above platinum right now (Wednesday night). Amazing!


Joe Brown
Joe Brown

one day in December of 2008 the spot price for palladium $164.00, well reap in your fall harvest, that,s a very nice score$$$$$ or is their more to score$$$$$$$. i gutter find my crystal ball, i want to know more about the volatile state of silver, some* say 90% of all* the silver mined has been consumed & sometime around 2020 it will be extinct. How on earth would they know, did someone cover every inch of *gods* earth with a supper duepper supper sonic silver detector to the tops of all the mountains to the bottom of all the ;’,./hold your breath/.,’; 7* seas, or did someone take a dumb soil sample & say silver wont grow here, well its beyond my 14 years of public grade school & 3 summer,s that includes K*G, i really gutter find that snow globe, oops, i mean crystal ball things have come… Read more »

Joe Brown
Joe Brown

their is a *silver* lining* i do know that much, knock on wood* i can wait all in good time, always works out*+*.

Joe Brown
Joe Brown

forgot 1, just paint a peaceful smile on my face if i don,t pass with one. if we all could just live by the 12 steps of life one day at a time, i will not go down in defeat*+* CHARGE FORWARD>>>.