Gold Logs Another 11-Week High, Silver Dips

by CoinNews.net on October 16, 2018 · 0 comments

Gold bullion, Three Bars

Precious metals moved little Tuesday, Oct. 16

Precious metals futures failed to make waves Tuesday, logging little changes. Gold’s gain, while modest, marked another eleven-week high.

Gold for December delivery edged up 70 cents, or less than 0.1%, to settle at $1,231 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the highest since gold ended at $1,233.60 an ounce on July 31.

"The near-term technical posture for gold has dramatically improved the past few sessions, which continues to invite the chart-based buyers," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily note. "Also, the recent volatility in world stock markets and some heightened geopolitical tensions are continuing to provide some demand for safe-haven gold."

Gold futures ranged from a low of $1,228.40 to a high of $1,235.90. They moved up 0.7% on Monday.

Silver for December shed 2.6 cents, or 0.2%, to end at $14.701 an ounce. Silver futures traded between $14.64 and $14.88. They rose 0.6% on Monday, posting their best settlement since Aug. 28.

In rounding out precious metals futures prices Tuesday:

  • January platinum inched up 40 cents, or less than 0.1%, to $846.70 an ounce, ranging from $842.80 to $850.20.

  • Palladium for December delivery declined $4.30, or 0.4% to $1,073.90 an ounce, trading between $1,068.90 to $1,082.90.

London Precious Metals Prices

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

  • Gold added 75 cents, or less than 0.1%, to 1,230.70 an ounce.
  • Silver added 1.5 cents, or 0.1%, to $14.755 an ounce.

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

US Mint Bullion Sales in 2018

United States Mint bullion sales were unchanged. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold during varying periods.

US Mint Bullion Sales (# of coins)
Tuesday Last Week This Week September October 2018 Sales
$100 American Eagle 1 Oz Platinum Coin* 0 0 0 0 0 30,000
$50 American Eagle 1 Oz Gold Coin 0 6,000 2,000 14,500 12,500 163,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 2,000 1,000 25,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 4,000 0 58,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 0 40,000 10,000 210,000
$50 American Buffalo 1 Oz Gold Coin 0 1,000 1,000 11,000 3,500 111,500
$1 American Eagle 1 Oz Silver Coin 0 260,000 200,000 2,897,500 1,130,000 13,265,000
Pictured Rocks 5 Oz Silver Coin* 0 0 0 0 0 30,000
Apostle Islands 5 Oz Silver Coin* 0 0 0 0 0 30,000
Voyageurs 5 Oz Silver Coin* 0 0 0 0 0 30,000
Cumberland Island 5 Oz Silver Coin 0 0 0 52,500 0 52,500

 

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