Gold and Silver Gain; Palladium Posts Third Straight Record

by CoinNews.net on October 16, 2019 · 0 comments

Gold bullion bar and US coins

Gold gained 0.7% on Wednesday, Oct. 16

Precious metals futures moved ahead Wednesday, marking gains ranging from 0.2% for platinum to 2.3% for palladium. Palladium logged another settlement record — its third in a row. Gold and silver, meanwhile, climbed from two-week lows.

Gold for December delivery increased $10.50, or 0.7%, to settle at $1,494 an ounce on the Comex division of the New York Mercantile Exchange.

"From a technical point of view, we are in a sideways phase even though the short-term trend appears negative as the highs seen in the last two months are declining ($1,550 – $1,533 – $1,520)," Carlo Alberto De Casa, chief analyst at ActivTrades, wrote in a daily research report according to MarketWatch.

"Meanwhile, buyers have managed so far to maintain the price above $1,470, holding off any sharp declines and demonstrating that there remains some appetite for the yellow metal," he wrote.

Gold futures ranged from a low of $1,480.60 to a high of $1,495.50. They lost 0.9% on Tuesday, for their lowest settlement since Sept. 30, and they moved up 0.6% on Monday.

Silver for December delivery rose 4.3 cents, or 0.3%, to close at $17.427 an ounce. Silver futures traded between $17.18 and $17.49. They dropped 1.8% on Tuesday, for their weakest close since Oct. 1, and they gained 1% on Monday.

In PGM futures Wednesday:

  • January platinum added $1.50 to $890.70 an ounce, ranging from $880.10 to $895.

  • Palladium for December delivery surged $38.40 to a record settlement of $1,735 an ounce. Palladium traded between $1,686.70 and $1,744.70.

London Precious Metals Prices

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

  • Gold declined $2.70, or 0.2%, to $1,485.10 an ounce.
  • Silver sank 41.5 cents, or 2.4%, to $17.255 an ounce.

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

US Mint 2019 Bullion Sales

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. Products with an asterisk (*) are no longer available.

US Mint Bullion Sales (# of coins)
Wednesday Last Week This Week September October 2019 Sales
$50 American Eagle 1 Oz Gold Coin 0 2,000 4,500 3,500 8,000 98,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 1,000 1,000 1,000 25,000
$10 American Eagle 1/4 Oz Gold Coin 0 2,000 0 2,000 4,000 34,000
$5 American Eagle 1/10 Oz Gold Coin 0 10,000 5,000 10,000 20,000 190,000
$50 American Buffalo 1 Oz Gold Coin 0 0 3,000 2,500 3,000 55,000
$1 American Eagle 1 Oz Silver Coin 0 255,000 389,500 1,021,000 924,500 14,214,000
San Antonio Missions 5 Oz Silver Coin 0 12,500 500 37,700 17,500 55,200
War in the Pacific 5 Oz Silver Coin 0 500 0 2,500 500 72,500
American Memorial Park 5 Oz Silver Coin* 0 0 0 0 0 80,000
Lowell 5 Oz Silver Coin* N/A   80,000
$100 American Eagle 1 Oz Platinum Coin* N/A   40,000

 

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