Precious metals futures rallied Thursday, posting gains that ranged from 2.7% for gold to 5.4% for silver. Gold ended at a seven-week high while silver finished at a bit more than two-week high.
Gold for December delivery jumped $50.60 to settle at $1,946.80 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the strongest since Sept. 18.
"The market is telling us that a large part of the gold price correction was due to the uncertainty relating to the upcoming election," Brien Lundin, editor of Gold Newsletter, told MarketWatch. "While there’s still plenty of uncertainty remaining," the rally shows that "gold bulls are at least somewhat reassured and expecting significant stimulus regardless of the eventual outcome."
Gold futures ranged from a low of $1,902.20 to a high of $1,954.30. They lost 0.7% on Wednesday, they rose 1% on Tuesday for their best finish since Oct. 27, and they gained 0.7% on Monday.
Silver for December delivery soared $1.30 to settle at $25.191. Silver futures traded between $2395 and $25.27. The finish was silver’s highest since Oct. 21. Silver futures gave back 1.8% on Wednesday, they added 1.3% on Tuesday, and they advanced 1.6% on Monday.
In other precious metals prices Thursday:
January platinum gained $29.80, or 3.4%, to $899.90 an ounce, ranging from $870.20 to $910.50.
- Palladium for December delivery tacked on $76, or 3.3%, to $2,383.60 an ounce, trading between $2,282.50 and $2,437.10.
London Precious Metals Prices (LBMA)
In comparing earlier fixed London gold and silver prices from Wednesday PM to Thursday PM:
- Gold added $38.30, or 2%, to $1,938.45 an ounce.
- Silver added 59.5 cents, or 2.5%, to $24.57 an ounce.
US Mint Bullion Sales in 2020
United States Mint bullion sales increased Wednesday by 2,500 ounces in American Gold Eagles and 1,500 ounces in American Gold Buffalos.
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)|
|Thursday||Last Week||Week / Nov||September||October||2020 Sales|
|$50 American Eagle 1 Oz Gold Coin||2,500||18,000||17,000||18,500||64,500||639,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||1,000||1,000||3,000||6,000||65,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||4,000||4,000||4,000||8,000||100,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||15,000||10,000||10,000||25,000||325,000|
|$50 American Buffalo 1 Oz Gold Coin||1,500||5,000||7,500||4,500||19,500||215,500|
|$1 American Eagle 1 Oz Silver Coin||0||937,000||1,653,000||2,958,500||3,397,000||26,186,500|
|America Samoa 5 oz Silver Coin*||0||0||0||0||0||45,000|
|Weir Farm 5 oz Silver Coin*||0||0||0||0||0||45,000|
|Salt River Bay 5 oz Silver Coin*||0||0||0||0||0||45,000|
|Marsh Billings 5 oz Silver Coin*||0||0||0||0||0||45,000|
|Tallgrass Prairie 5 oz Silver Coin*||0||0||0||45,000||0||45,000|
|$1 American Eagle 1 Oz Platinum Coin*||0||0||0||0||0||56,500|