Gold, Silver and Other Metals Surge in October

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Gold advanced 1.5% in October. Other metals gained more.
Gold advanced 1.5% in October. Other metals gained more.

Precious metals declined on Friday, adding to their weekly losses and trimming a bit of their gains in the month of October.

Gold for December delivery dropped $18.70, or 1%, to settle at $1,783.90 an ounce on the Comex division of the New York Mercantile Exchange.

Gold futures traded 0.7% lower this week but gained 1.5% for the month. They are 5.9% lower on the year to date.

In looking ahead to next week, Kitco News offers the following forecasts via their Wall Street & Main Street surveys:

"Kitco’s gold price survey results showed that out of 13 participating analysts on the Wall Street side, 53.8% were bearish on gold’s price direction next week. Another 30.8% were neutral, and only 15.4% were bullish.

The Main Street side remained optimistic. Of the 745 participating retail investors, 60.5% were bullish on prices next week, 22.5% were bearish, and 17% neutral."

Elsewhere, silver for December delivery gave back 17.1 cents, or 0.7%, to settle at $23.949 an ounce. Silver futures traded 2.1% down on the week yet still posted an 8.6% gain for the month. They are 9.3% lower on the year.

In PGM futures on Friday, for the week and for October:

  • January platinum shed $3.20, or 0.3%, to end at $1,020.60 an ounce, registering a loss of 3% on the week but scoring a 6.1% increase for the month.

  • Palladium for December delivery declined $9.10, or 0.5%, to finish at $1,980.30 an ounce, for a 2.7% weekly loss, while advancing 4.2% in October.

Both metals are lower on the year so far with losses of 5.4% for platinum and 19.3% for palladium.

US Mint Bullion Sales in 2021

United States Mint October bullion sales divided in October compared to September with gold coins moving quicker and silver coins moving slower. Whether gold or silver, however, their year-to-date sales continued to track sharply higher than they did in 2020. In headline comparisons:

  • American Eagle gold coins increased in October by 149,500 ounces, registering gains of 99.3% from 75,000 ounces in September and 107.6% from 72,000 ounces in October 2020. For the year to date, sales of American Gold Eagles at 1,072,000 ounces are 51.1% higher than the 709,500 ounces sold during the first ten months of last year.

  • American Eagle silver coins advanced by 1,076,000 ounces, logging declines of 60.7% from 2,735,000 ounces in September and 68.3% from 3,397,000 ounces in October 2020. Sales of American Silver Eagles for the year at 26,751,500 coins are 9% higher than the 24,533,500 coins sold through the same time in 2020.

  • American Buffalo gold coins increased in October by 38,500 ounces, marking gains of 60.4% from 24,000 ounces in September and 97.4% from 19,500 ounces in October 2020. American Gold Buffalo sales for the year so far at 298,000 ounces are 43.3% higher than the 208,000 ounces delivered in the same period last year.

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)
Friday Last Week This Week August September October 2021 Sales
$50 American Eagle 1 Oz Gold Coin 0 21,000 17,500 112,000 67,500 132,000 945,500
$25 American Eagle 1/2 Oz Gold Coin 0 3,000 4,000 21,000 4,000 7,000 88,000
$10 American Eagle 1/4 Oz Gold Coin 0 8,000 10,000 34,000 8,000 22,000 150,000
$5 American Eagle 1/10 Oz Gold Coin 0 30,000 30,000 50,000 35,000 85,000 450,000
$50 American Buffalo 1 Oz Gold Coin 0 4,000 2,000 27,500 24,000 38,500 298,000
$1 American Eagle 1 Oz Silver Coin 0 576,000 0 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

 

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SENZA

Oh my now we are “Surging” I wonder if that is “Better Than Expected” anyways I was the first to comment on this one……………………….

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Kaiser Wilhelm

Similarly, Gold “Gained”, silver “Advanced”, platinum “Scored” and palladium “Finished”.

Happy Halloween!

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Last edited 2 months ago by Kaiser Wilhelm
Seth Riesling

Lol. “A dollar make me holler!” A roll in the hay (or in the pumpkin patch).

NumisdudeTX

Kaiser Wilhelm

Now that’s a house of ill repute, Seth, that’s not following the inflationary trend…at least not when it comes to prices.

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Last edited 2 months ago by Kaiser Wilhelm
Seth Riesling

Lol. I love your pumpkin patch sexy coin/medal/whorehouse token Kaiser!
Is a group of witches called a “bitch” of witches??!!

NumisdudeTX

Kaiser Wilhelm

I’m glad you like my seasonal (Halloween, duh) sex worker compensation marker, Seth. It helps that it so evocatively represents the unleashing of the spirit of the moment.

Actually, a group of witches is known as a coven; it’s a bevy of spiteful ex-wives that are called bitches. To the moon, Alice!

Kaiser Wilhelm

My lawyer told me a lot of divorced men are left with just a knife, a fork and a spoon. But not me. I ended up having to go out and buy my own.

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Last edited 2 months ago by Kaiser Wilhelm
Kaiser Wilhelm

Oh, and by the way, to put a torpedo into that absurd trope about “staying together for the sake of the children”, that’s some of the most self-serving bull crap on the planet. Every day with parents that hate each other is a day of misery for the kids.

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Last edited 2 months ago by Kaiser Wilhelm
Kaiser Wilhelm

“Wife, children, house — everything. The full catastrophe!”

  • Zorba the Greek
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