Precious metals futures rebounded Wednesday, with palladium ending at its best level in 16 years and gold closing at an about three-week high.
Gold for December delivery climbed $7.90, or 0.6%, to settle at $1,283.70 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the highest since Oct. 19.
"The gold market saw a bullish upside ‘breakout’ from a sideways trading range on the daily bar chart, which prompted technically oriented traders to step in on the buy side," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "Buy stop orders were also triggered in the gold futures market on today’s advance."
Gold futures traded from a low of $1,276.10 to a high of $1,288.10. They declined 0.5% in the previous session and advanced 1% in their start to the week on Monday.
Meanwhile, silver for December delivery moved up 19.8 cents, or 1.2%, to finish at $17.138 an ounce. The close was the highest since Nov. 2. Silver futures ranged from $16.95 to $17.27. They dropped 1.7% on Tuesday and jumped 2.4% on Monday.
In PGM futures on Wednesday:
-
January platinum gained $12.60, or 1.4%, to $937.90 an ounce, trading between $925.20 and $939.30.
- Palladium for December delivery surged $21.70, or 2.2%, to $1,015.80 an ounce — the highest close since early February 2001, ranging from $992.10 to $1,017.35.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Tuesday PM to Wednesday PM:
- Gold gained $8.40, or 0.7%, to 1,284 an ounce.
- Silver slipped a penny to $16.995 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. 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 | Last Week | This Week | October | November | YTD | |
$100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 0 | 0 | 0 | 20,000 |
$25 American Eagle 1 Oz Palladium Coin* | 0 | 0 | 0 | 0 | 0 | 15,000 |
$50 American Eagle 1 Oz Gold Coin | 0 | 2,000 | 1,500 | 11,000 | 2,500 | 183,500 |
$25 American Eagle 1/2 Oz Gold Coin | 0 | 0 | 0 | 2,000 | 0 | 32,000 |
$10 American Eagle 1/4 Oz Gold Coin | 0 | 0 | 0 | 2,000 | 0 | 58,000 |
$5 American Eagle 1/10 Oz Gold Coin | 0 | 5,000 | 0 | 30,000 | 0 | 360,000 |
$50 American Buffalo 1 Oz Gold Coin | 0 | 1,500 | 500 | 7,000 | 500 | 84,000 |
$1 American Eagle 1 Oz Silver Coin | 0 | 40,000 | 90,000 | 1,040,000 | 90,000 | 17,028,500 |
2017 Effigy Mounds 5 Oz Silver Coin | 0 | 0 | 0 | 0 | 0 | 35,000 |
2017 Frederick Douglass 5 Oz Silver Coin | 0 | 0 | 0 | 0 | 0 | 20,000 |
2017 Ozark Riverways 5 Oz Silver Coin | 0 | 0 | 0 | 0 | 0 | 20,000 |
2017 Ellis Island 5 Oz Silver Coin* | 0 | 0 | 0 | 0 | 0 | 40,000 |