Gold and Silver End at Two-Week Highs Ahead of Thanksgiving

by CoinNews.net on November 21, 2018 · 0 comments

Large silver bullion bar, smaller gold bar and nugget

Precious metals futures rose with gains ranging from 0.4% for platinum to 1.6% for silver

Precious metals futures advanced in pre-holiday trading Wednesday. Markets in the U.S. are closed Thursday for the Thanksgiving holiday and re-open to an abbreviated trading schedule on Friday.

Gains in gold and silver were their fifth in six sessions. Both closed at two-week highs.

Gold for December delivery rose $6.80, or 0.6%, to settle at $1,228 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the strongest since Nov. 7 when prices ended 70 cents higher.

"The on-going trade tensions between the U.S. and China are driving global equities lower and continue to underpin interest across the precious complex, while uncertainty over Brexit is also adding fuel to the fire," Reuters quoted traders at MKS PAMP.

Gold futures ranged from a low of $1,220.10 to a high of $1,230.90. They slipped 0.3% on Tuesday and rose 0.2% on Monday.

Silver for December delivery advanced 23.3 cents, or 1.6%, to settle at $14.502 an ounce. Like for gold, the close was the highest since Nov. 7. Silver futures traded between $14.26 and $14.54. They declined 0.9% on Tuesday and edged up 0.2% on Monday.

In PGM futures on Wednesday:

  • January platinum rose $3.60, or 0.4%, to $850.60 an ounce, ranging from $842.30 to $853.30.

  • Palladium for December delivery added $7.10, or 0.6%, to $1,133.20 an ounce, trading between $1,123.30 and $1,139.60. On Friday, the precious metal ended at a record of $1,154.60 an ounce.

London Precious Metals Prices

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

  • Gold rose $3.10, or 0.3%, to 1,226.10 an ounce.
  • Silver dipped 2 cents, or 0.1%, to $14.42 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)
Wednesday / This Week Last Week October November 2018 Sales
$100 American Eagle 1 Oz Platinum Coin* 0 0 0 0 30,000
$50 American Eagle 1 Oz Gold Coin 0 1,000 21,000 5,000 177,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 4,000 2,000 30,000
$10 American Eagle 1/4 Oz Gold Coin 0 2,000 2,000 2,000 62,000
$5 American Eagle 1/10 Oz Gold Coin 0 5,000 10,000 15,000 225,000
$50 American Buffalo 1 Oz Gold Coin 0 1,000 6,500 3,000 117,500
$1 American Eagle 1 Oz Silver Coin 0 865,000 1,430,000 1,270,000 14,835,000
Pictured Rocks 5 Oz Silver Coin* 0 0 0 0 30,000
Apostle Islands 5 Oz Silver Coin* 0 0 0 0 30,000
Voyageurs 5 Oz Silver Coin* 0 0 0 0 30,000
Cumberland Island 5 Oz Silver Coin 0 0 0 0 52,500

 

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