Precious metals futures finished mixed on Wednesday and for the month of October. Gold ended at a three-week low but still scored a healthy monthly increase, its first in seven months.
Gold for December delivery declined $10.30, or 0.8%, to settle at $1,215 an ounce on the Comex division of the New York Mercantile Exchange. The close is the lowest since Oct. 10.
"Improving trader and investor risk appetite in the marketplace at mid-week is bearish for the safe-haven metals," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily report. "Also, a stronger U.S. dollar index that scored a new for-the-move high today is pressuring the precious metals markets this week."
Gold futures gained 1.6% in October. The yellow metal is 7.2% lower on the year so far.
Meanwhile, silver for December delivery fell 18 cents, or 1.2%, to settle at $14.282 an ounce — its worst close since Sept. 18. Silver futures dropped 2.9% in October after rising 1.1% in September. They are 16.7% lower on the year to date.
In PGM futures on Wednesday and for the month:
January platinum rose $4, or 0.5%, to $843 an ounce, registering an October increase of 2.5%.
- Palladium for December delivery advanced $13.50, or 1.3%, to $1,068.50 an ounce, but slipped 0.4% on the month. On Oct. 23, they ended at $1,122.80 an ounce to post an all-time record.
The two are divided on the year so far platinum 10.2% lower and palladium 0.7% higher.
London Precious Metals Prices
London precious metals prices ended mostly lower on Wednesday and mostly higher in October. In comparing their levels from Thursday PM to Friday PM:
- Gold declined $10.45, or 0.9%, to 1,214.95 an ounce.
- Silver fell 8.5 cents, or 0.6%, to $14.34 an ounce.
- Platinum lost $2, or 0.2%, to $834 an ounce.
- Palladium was unchanged at $1,082 an ounce.
For the month, prices for palladium declined 1.1% while those for gold, silver and platinum rose by 2.3%; 0.2% and 2.3%.
US Mint Bullion Sales in 2018
Demand for United States Mint bullion products was mixed in October from September — stronger for gold coins but weaker for silver coins (opposite of September). In headline comparisons:
American Eagle gold coins totaled 22,000 ounces in October, marking gains of 7.3% from 20,500 ounces in September and 41.9% from 15,500 ounces sold in October 2017. Year to date sales at 219,500 ounces are 11.3% lower than the 247,500 ounces sold during the same time in 2017.
American Eagle silver coins reached 1,405,000 ounces for the month, dropping 51.5% from 2,897,500 ounces in September but climbing 35.1% from 1,040,000 ounces in October of last year. 2018 Silver Eagle sales at 13,540,000 ounces are 20.1% lower than the 16,938,500 sold through the first ten months of last year.
American Buffalo gold coins totaled 6,500 ounces, logging declines of 40.9% from 11,000 ounces in September and 7.1% from 7,000 ounces in October 2017. Year to date sales at 114,500 ounces are 37.1% higher than the 83,500 ounces moved during the same months in 2017.
America the Beautiful Five Ounce Silver Bullion Coin sales surged in September by 262,500 ounces with the release of the Cumberland Island coin on Sept. 10. Sales of the coins will not advance until later in November when the final 2018-dated design launches.
American Eagle platinum coins reached 20,000 ounces in their February release month, matching annual sales in years 2016 and 2017. The U.S. Mint sold another 10,000 ounces in May for a total of 30,000 ounces. No platinum coins have sold since May as the U.S. Mint will not issue any more until 2019.
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)|
|Wednesday||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||4,000||2,500||14,500||19,500||170,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||0||2,000||2,000||26,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||2,000||4,000||2,000||60,000|
|$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||0||1,500||11,000||6,500||114,500|
|$1 American Eagle 1 Oz Silver Coin||0||200,000||75,000||2,897,500||1,405,000||13,540,000|
|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|