Precious Metals Rebound Thursday, Nov. 4

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Precious metals snapped a string of two straight session losses on Thursday. Their increases ranged from 0.5% for palladium to 2.9% for silver.

Gold for December delivery advanced $29.60, or 1.7%, to settle at $1,793.50 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold and silver prices on Thursday recovered all of Wednesday’s sharp losses. It appears metals traders were preparing for a hawkish FOMC statement and tone from Fed Chairman Jerome Powell Wednesday afternoon, but then after the fact reckoned the Fed may not be leaning as hawkish on U.S. monetary policy as many expected," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Gold futures ranged from a low of $1,769.30 to a high of $1,800.30. They fell 1.4% on Wednesday, they shed 0.4% on Tuesday, and they rose 0.7% on Monday.

Silver for December delivery surged 68 cents to settle at $23.911 an ounce. Silver futures traded between $23.48 and $24.12. They lost 1.2% on Wednesday, they fell 2.4% on Tuesday, and they gained 0.5% on Monday.

In other precious metals futures on Thursday:

  • January platinum added $6.80, or 0.7%, to $1,029.30 an ounce, ranging from $1,025.40 to $1,050.20.

  • Palladium for December delivery added $9.20 to $1,996.40 an ounce, trading between $1,987.50 and $2,060.

US Mint Bullion Sales in 2021

Published United States Mint November bullion sales increased Thursday by a 474,500 onces in American Silver Eagles; 7,900 ounces in American Platinum Eagles; and a combined 20,000 ounces in American Gold Eagles.

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)
Thursday / This Week / Nov Last Week August September October 2021 Sales
$50 American Eagle 1 Oz Gold Coin 17,500 17,500 112,000 67,500 135,500* 966,500
$25 American Eagle 1/2 Oz Gold Coin 2,000 4,000 21,000 4,000 7,000 90,000
$10 American Eagle 1/4 Oz Gold Coin 2,000 10,000 34,000 8,000 22,000 152,000
$5 American Eagle 1/10 Oz Gold Coin 10,000 30,000 50,000 35,000 85,000 460,000
$50 American Buffalo 1 Oz Gold Coin 0 2,000 27,500 24,000 38,500 298,000
$1 American Eagle 1 Oz Silver Coin 474,500 0 3,930,000 2,735,000 1,076,000 27,226,500
$100 American Eagle 1 Oz Platinum Coin 7,900 0 0 0 0 82,900
Tuskegee Airmen 5 oz Silver Coin 0 0 0 0 0 52,900

*The U.S. Mint adjusted October bullion sales on Thursday with $50 American Gold Eagles higher by 3,500 ounces.

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Kaiser Wilhelm

Thought for the day. I used to admire Charlie Munger (Warren Buffets’ partner aka right hand man at Berkshire-Hathaway) for still hanging in there at 97 years old, but my opinion of him has taken a major nosedive of late. It appears he has begun giving away his billions to various universities in order for them to expand their dormitory systems, which sounds on the surface to be a benevolent enough enterprise. The problem arises with the fact that he insists on personally designing and controlling all of these buildings’ architectural specifications, none of them in any way negotiable, one… Read more »

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Last edited 26 days ago by Kaiser Wilhelm