Gold and Silver Rise Wednesday, Oct. 27

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Precious metals split in the mid-week trading session Wednesday with gold and silver rising and platinum and palladium falling.

Gold for December delivery added $5.40, or 0.3%, to settle at $1,798.80 an ounce on the Comex division of the New York Mercantile Exchange.

"We are in a consolidation period for gold, but I think that eventually the policy tightening and inflation concerns should be positive for the metal," Reuters quoted Edward Moya, senior market analyst at brokerage OANDA.

Gold futures ranged from a low $1,784.30 to a high of $1,801. They lost 0.7% on Tuesday and they climbed 0.6% on Monday for their highest settlement since Sept. 14.

Silver for December delivery rose 10.3 cents, or 0.4%, to close at $24.191 an ounce. Silver futures traded between $23.90 and $24.33. They fell 2.1% on Tuesday and they rose 0.6% on Monday for their best finish since Sept. 3.

In PGM futures on Wednesday:

  • January platinum declined $13.60, or 1.3%, to $1,019.30 an ounce, ranging from $1,010.60 to $1,033.80.

  • Palladium for December delivery fell $30.50, or 1.5%, to $1,974.30 an ounce, trading between $1,931 and $2,019.

US Mint Bullion Sales in 2021

The United States Mint published bullion sales gains for the first time this week. Increases included a combined 27,000 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.

US Mint Bullion Sales (# of coins)
Wednesday / This Week Last Week August September October 2021 Sales
$50 American Eagle 1 Oz Gold Coin 17,500 21,000 112,000 67,500 132,000 945,500
$25 American Eagle 1/2 Oz Gold Coin 4,000 3,000 21,000 4,000 7,000 88,000
$10 American Eagle 1/4 Oz Gold Coin 10,000 8,000 34,000 8,000 22,000 150,000
$5 American Eagle 1/10 Oz Gold Coin 30,000 30,000 50,000 35,000 85,000 450,000
$50 American Buffalo 1 Oz Gold Coin 2,000 4,000 27,500 24,000 38,500 298,000
$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

Silver can’t seem to get any nearer to breaking the $25/oz barrier. Gold, on the other hand, keeps edging closer to Palladium with only a $124/oz separation between the two now. One plot thins, the other thickens, one might say if one were so inclined, n’est pas?

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Last edited 1 month ago by Kaiser Wilhelm