Gold Tops $1,800; Silver Marks Over 7-Week High

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Precious metals rose for a second straight session on Monday. Gains on the day included 1.1% for platinum and matching increases of 0.6% for gold, silver and palladium.

Gold for December delivery settled up $10.50 to $1,806.80 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the best since Sept. 14.

"The metals markets are boosted by increasing worries about rising price inflation. More and more economists and veteran market watchers are predicting the bout of rising global inflation is something more than just a transitory event," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Gold futures ranged from a low $1,793 to a high of $1,811.50. They advanced 1.6% last week.

Silver for December delivery gained 14.3 cents to finish at $24.592 an ounce. The settlement was the best since Sept. 3. Silver futures traded between $24.36 and $24.70. They surged 4.7% last week.

In other precious metals futures prices on Monday:

  • January platinum rose $11.70 to $1,063.80 an ounce, ranging from $1,040.40 to $1,066.60.

  • Palladium for December delivery added $12.60 to $2,048.20 an ounce, trading between $2,023 and $2,078.

Last week platinum shed 0.6% and palladium fell 2%.

US Mint Bullion Sales in 2021

Published United States Mint bullion sales were unchanged on Monday. 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)
Monday Last Week August September October 2021 Sales
$50 American Eagle 1 Oz Gold Coin 0 21,000 112,000 67,500 114,500 928,000
$25 American Eagle 1/2 Oz Gold Coin 0 3,000 21,000 4,000 3,000 84,000
$10 American Eagle 1/4 Oz Gold Coin 0 8,000 34,000 8,000 12,000 140,000
$5 American Eagle 1/10 Oz Gold Coin 0 30,000 50,000 35,000 55,000 420,000
$50 American Buffalo 1 Oz Gold Coin 0 4,000 27,500 24,000 36,500 296,000
$1 American Eagle 1 Oz Silver Coin 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 75,000
Tuskegee Airmen 5 oz Silver Coin 0 0 0 0 0 52,900

 

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Kaiser Wilhelm

Precious metals are forever precariously ensconced in the Contradictory Zone. When they go up in value however much you possess of them follows suit. If they drop in price any further acquisition you make of them will be that much less expensive. What you cannot ever have, however, is a collection that is rising in value and for which there is simultaneously a more affordable means of adding to it.

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RogerF

I generally hope for lower gold and silver prices so I can lower the cost of adding to my collection and will let my heirs concern themselves with value and selling prices.

On another note my 2021 CC and O Morgans were delivered yesterday and the P Morgan and Peace are now in shipping status. S and D still processing.

Kaiser Wilhelm

Roger,

I think that’s a very wise position to take. If you’re not planning to sell your collection anyway, what would be the point of having it be worth more now if that means that as a result adding to it just becomes a more expensive proposition.

Congrats on receiving your Privy Morgans and on having the others be just about on their way to you. It was a longer than usual interval from start to finish but the marathon is almost completed.

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