Palladium fell on Wednesday while gold, silver and platinum extended their winning streaks to two straight sessions. Gold ended near a one-week high while silver notched an almost seven-week high.
Gold for December delivery advanced $14.40, or 0.8%, to settle at $1,784.90 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the best since Oct. 14.
"There is a global concern on what is going on with supply crunches and the lack of action from the Federal Reserve. It seems like the Fed is behind the ball on inflation," Reuters quoted Bob Haberkorn, senior market strategist at RJO Futures.
"With supply chain and inflation issues, how will stocks continue to make new highs?" Haberkorn said, adding that "there is a flight to safety into gold that will go on for the next couple of months."
Gold futures ranged from a low of $1,767.10 to a high of $1,789.60. They rose 0.3% on Tuesday and they shed 0.2% on Monday.
Silver for December delivery rallied 56.2 cents, or 2.4%, to close at $24.445 an ounce. The settlement was the highest since Sept. 3. Silver futures traded between $23.61 and $24.50. They surged 2.7% on Tuesday and they lost 0.4% on Monday.
In PGM futures prices on Wednesday:
January platinum rose $5.20, or 0.5%, to $1,052.30 an ounce, ranging from $1,036.70 to $1,058.
- Palladium for December delivery declined $18.50, or 0.9%, to $2,082.40 an ounce, trading between $2,029 and $2,122.50.
US Mint Bullion Sales in 2021
Published United States Mint bullion sales were unchanged Wednesday. 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||Last Week||This Week||August||September||October||2021 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||12,000||21,000||112,000||67,500||114,500||928,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||3,000||21,000||4,000||3,000||84,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||8,000||34,000||8,000||12,000||140,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||5,000||30,000||50,000||35,000||55,000||420,000|
|$50 American Buffalo 1 Oz Gold Coin||0||20,000||4,000||27,500||24,000||36,500||296,000|
|$1 American Eagle 1 Oz Silver Coin||0||0||576,000||3,930,000||2,735,000||1,076,000||26,751,500|
|$100 American Eagle 1 Oz Platinum Coin||0||0||0||0||0||0||75,000|
|Tuskegee Airmen 5 oz Silver Coin||0||0||0||0||0||0||52,900|
Since gold has a density of 19.32 g/cm3 whereas silver has a density of only 10.49 g/cm3 Gold is much heavier than silver but a ton of each is still a ton of each
My brain hurts now
Gold is Heavier Than Thou