Gold Dips in November; US Mint Bullion Sales Mixed

5
Gold slipped 0.4% in November
Gold slipped 0.4% in November

Precious metals fell on Tuesday, adding to their losses for November. Those losses were modest for gold but sharp for silver, platinum, and palladium.

Gold for February delivery declined $8.70, 0.5%, to settle at $1,776.50 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since Nov. 3 when gold ended at $1,763.90 an ounce.

"The primary drivers for gold will be the simple fact that the Fed can’t get very far down the path toward policy normalization without either collapsing financial markets or running into the brick wall of debt service costs," MarketWatch quoted Brien Lundin, editor of Gold Newsletter. "Once investors realize this, likely when the Fed either has to turn back from tapering or institutes the first rate hike, gold will take off."

Gold futures edged 0.4% lower in November, and they are down 6.3% on the year to date.

Silver for March delivery slipped 3.7 cents, or 0.2%, to settle at $22.815 an ounce. The settlement was the weakest since Oct. 12 when silver closed at $22.514 an ounce. Silver futures dropped 4.7% for the month and they are now 13.6% lower on the year.

In other precious metals futures prices on Tuesday and for the month:

  • January platinum lost $37.20, or 3.9%, to end at $927.30 an ounce, for a 9.2% loss in November.

  • Palladium for March delivery fell $83.70, or 4.7%, to finish at $1,705.50 an ounce, for a 13.9% monthly loss.

Both are also down on the year so far with losses of 14.1% for platinum and 30.5% for palladium.

US Mint Bullion Sales in 2021

United States Mint bullion sales divided in November compared to October with overall gold coins moving slower and silver coins moving quicker. In headline comparisons:

  • American Eagle gold coins increased in November by 126,000 ounces, sliding 17.7% from 153,000 ounces in October while rising 48.2% from 85,000 ounces in November 2020. For the year to date, sales of American Gold Eagles at 1,201,500 ounces are 51.2% higher than the 794,500 ounces sold during the first eleven months of last year.

  • American Eagle silver coins advanced by 1,447,000 ounces, rising 34.5% from 1,076,000 ounces in October while falling 69.9% from 4,805,000 ounces in November 2020. Sales of American Silver Eagles for the year at 28,198,500 coins are 3.9% lower than the 29,338,000 coins sold through the same time in 2020.

  • American Buffalo gold coins increased in November by 39,000 ounces, marking gains of 4.9% from 41,000 ounces in October and 66% from 23,500 ounces in November 2020. American Gold Buffalo sales for the year so far at 339,500 ounces are 46.7% higher than the 231,500 ounces delivered in the same period last year.

  • 2021-dated American Eagle palladium coins were introduced in November with 8,700 sold. No bullion edition was issued 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)
Tuesday Last Week This Week September October November 2021 Sales
$50 American Eagle 1 Oz Gold Coin 0 24,000 19,500 67,500 135,500 116,500 1,065,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 4,000 7,000 6,000 94,000
$10 American Eagle 1/4 Oz Gold Coin 0 2,000 2,000 8,000 22,000 10,000 160,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 5,000 35,000 85,000 40,000 490,000
$50 American Buffalo 1 Oz Gold Coin 0 8,500 4,000 24,000 41,000 39,000 339,500
$1 American Eagle 1 Oz Silver Coin 0 0 448,000 2,735,000 1,076,000 1,447,000 28,198,500
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 0 0 75,000
$25 American Eagle 1 Oz Palladium Coin 0 0 0 0 0 8,700 8,700
Tuskegee Airmen 5 oz Silver Coin 0 0 0 0 0 0 52,900

 

Subscribe
Notify of
guest
5 Comments
Inline Feedbacks
View all comments
Kaiser Wilhelm

I wonder what determines the nominal face value of the three varieties of one ounce precious metal coins: $25 for palladium, $50 for gold and $100 for platinum coins.

52863df49a9eced01b1817f64a23ffeb.jpg
Last edited 1 month ago by Kaiser Wilhelm
Rich

Sir Kaiser, here is my best guess based upon The Department of the US Treasury official price for gold (the book value of gold is currently $42.2222 per troy ounce): The Department of the US Treasury records official US gold reserve at the values stated in 31 USC § 5116-5117 (statutory rate) which gets held to this day at $42.2222 USD per Fine Troy Ounce of gold (U.S. Treasury, June 11, 2021). This value/price for gold has remained the same since August, 1971 when Tricky Dick ended dollar convertibility to gold (closing the gold window), bringing an end to the… Read more »

nixon.jpg
chuck

Rich,
Agree with your historical facts. Good summary from the old days.

Kaiser Wilhelm

Double ditto, chuck. I too believe in always giving credit where credit is due.

nobodys-perfect-so-give-yourself-credit-for-everything-youre-doing-17169039.jpg
Kaiser Wilhelm

Thank you so much, Rich; now this issue is no longer a head scratcher for me. I also appreciate the fact that going quite a ways beyond the basic answer to my question you were also kind enough to lay out the economic history and the political circumstances that ended up working together, so to speak, to allow the government to end up with these particular price points, i.e. face values.

nixon-closes-the-gold-window-l.jpg