Gold Marks New 4-Month Low; Silver Ends at 2-Month Low

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Gold Bullion and Coins
Gold futures shed 1.8% on Tuesday, Nov. 24

Platinum registered its eighth gain in nine sessions Tuesday. Other precious metals declined. Silver finished at a two-month low while gold logged a fresh, just over four-month low.

Gold for December delivery fell $33.20, or 1.8%, to settle at $1,804.60 an ounce on the Comex division of the New York Mercantile Exchange. The close was the lowest since gold ended at $1,800.30 an ounce on July 16.

"More optimism in regard to the economy, based on the vaccines has taken some of the safe haven status away from the gold market," Reuters quoted David Meger, director of metals trading at High Ridge Futures.

"Less political concern moving forward" has also reduced the need for safe havens, Meger added.

Gold futures ranged from a low of $1,797.10 to a high of $1,836.90. They fell 1.9% on Monday.

Silver for December delivery settled down 33.3 cents, or 1.4%, to $23.30. The finish was the lowest since silver ended at $23.093 an ounce on Sept. 25. Silver futures traded between $22.93 and $23.65. They lost 3% on Monday.

In other precious metals futures Tuesday:

  • January platinum gained $26.60, or 2.9%, to $958.30 an ounce, ranging from $925.70 to $967.70.

  • Palladium for December delivery dipped $1.60, or 0.07%, to $2,352.20 an ounce, trading between $2,320.80 and $2,359.50.

London Precious Metals Prices (LBMA)

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

  • Gold declined $40.60, or 2.2%, to $1,799.60 an ounce.
  • Silver dropped 75 cents, or 3.1%, to $23.155 an ounce.

US Mint Bullion Sales in 2020

United States Mint bullion sales increased Tuesday by 625,000 ounces in silver coins and 11,500 ounces in gold coins.

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)
Tuesday / This Week Last Week September October November 2020 Sales
$50 American Eagle 1 Oz Gold Coin 7,000 23,500 18,500 64,500 59,500 681,500
$25 American Eagle 1/2 Oz Gold Coin 1,000 1,000 3,000 6,000 4,000 68,000
$10 American Eagle 1/4 Oz Gold Coin 0 2,000 4,000 8,000 10,000 106,000
$5 American Eagle 1/10 Oz Gold Coin 0 5,000 10,000 25,000 30,000 345,000
$50 American Buffalo 1 Oz Gold Coin 4,000 6,000 4,500 19,500 19,000 227,000
$1 American Eagle 1 Oz Silver Coin 625,000 754,500 2,958,500 3,397,000 4,081,000 28,614,500
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 45,000 0 0 45,000
$1 American Eagle 1 Oz Platinum Coin* 0 0 0 0 0 56,500

 

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