Gold Ends November at 5-Month Low

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Gold prices fell more than 5% in November

Most precious metals lost ground on Monday and in November. Gold was one of the biggest losers, ending the day at its worst level in five months.

Gold for February delivery declined $7.20, or 0.4%, to settle at $1,780.90 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the weakest since gold ended at $1,779.90 an ounce on July 1.

"Traders and investors are exhibiting little risk aversion at present as seen by recent rallies in global stock markets. However, both metals [gold and silver] did regain a bit of ground as the U.S. stock market at midday has lost its early gains and is trading lower," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily research note. "Still, amid no geopolitical hotspots at present, Covid-19 vaccine hopes and an apparent smoother transition of U.S. presidential duties seen, that’s all bearish for the safe-haven metals."

Gold traded 5.3% lower on the month yet is 16.9% higher on the year to date.

Silver for March delivery slipped 4.6 cents, or 0.2%, to finish at $22.593. The settlement was the lowest since silver ended at $21.557 an ounce on July 21. Gold’s sister metal declined 4.5% in November but is 26.1% higher on the year.

In other precious metals futures prices on Monday and for the month:

  • January platinum rose $1.10, or 0.1%, to $965.90 an ounce, scoring a 13.9% increase in November.

  • Palladium for March delivery dropped $33.80, or 1.4%, to $2,405.90 an ounce, but still logged a 8.5% monthly increase.

The two are divided on the year so far with platinum 1.2% lower and palladium 26% higher.

London Precious Metals Prices (LBMA)

London precious metals prices ended divided on Monday and for the month. In comparing their levels from Thursday PM to Friday PM:

  • Gold declined $16.75, or 0.9%, to $1,762.55 an ounce.
  • Silver fell 98.5 cents, or 4.3%, to $22.15 an ounce.
  • Platinum added $30, or 3.2%, to $979 an ounce.
  • Palladium climbed $38, or 1.6%, to $2,400 an ounce.

In LBMA results for November, prices declined 6.3% for gold, they fell 6.2% for silver, they jumped 14.9% for platinum and they rose 7.7% for palladium.

US Mint Bullion Sales in 2020

United States Mint American Eagle and Buffalo sales rose sharply in November from October and total significantly higher than a year earlier. In headline comparisons:

  • American Eagle gold coins increased by 85,000 ounces in November, logging gains of 18.1% from the 72,000 ounces sold in October and 972.7% from the 11,000 ounces sold in November 2019. Year to date American Gold Eagle sales at 794,500 ounces are 429.7% above the 150,000 ounces sold during the same period last year.

  • American Eagle silver coins rose by 4,805,000 ounces in November, marking advances of 41.5% from October sales of 3,397,000 ounces and 937.8% from the 463,000 ounces sold in November 2019. American Silver Eagle sales for the year so far at 29,338,500 coins are 97.4% higher than the 14,863,500 coins sold through the same time last year.

  • American Buffalo gold coins increased by 23,500 ounces in November compared to 19,500 ounces in October, bringing their year-to-date total to 231,500 ounces. In 2019, November sales of the coins reached 5,000 ounces and their total through the first eleven months of last year totaled 60,000 ounces.

  • American Platinum Eagles last registered gains in April and have year-to-date sales of 56,500 ounces. Last year’s issue finished with sales of 40,000 ounces, and also only had sales through the first four months of 2019.

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)
Monday Last Week September October November 2020 Sales
$50 American Eagle 1 Oz Gold Coin 6,000 18,500 18,500 64,500 77,000 699,000
$25 American Eagle 1/2 Oz Gold Coin 0 1,000 3,000 6,000 4,000 68,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 4,000 8,000 10,000 106,000
$5 American Eagle 1/10 Oz Gold Coin 5,000 0 10,000 25,000 35,000 350,000
$50 American Buffalo 1 Oz Gold Coin 3,000 5,500 4,500 19,500 23,500 231,500
$1 American Eagle 1 Oz Silver Coin 524,000 825,000 2,958,500 3,397,000 4,805,000 29,338,500
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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