Gold and Silver Prices Log Best Close in Over Week

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Precious metals advanced on Wednesday with gold, silver and platinum ending the day at just over one-week highs.

Gold for December delivery rose $14.90, or 0.9%, to settle at $1,727.80 an ounce on the Comex division of the New York Mercantile Exchange. The finish was the best since Aug. 30.

"Gold recently has acted as a risk asset than a safe-haven. The question is when will we see gold take on more of a safe-haven role as we begin to see economies slow due to these rising rate hike policies," Reuters quoted David Meger, director of metals trading at High Ridge Futures.

Gold futures traded between $1,701.70 and $1,730.70. They shed 0.6% in their start to the trading week on Tuesday.

Up for a third straight session, silver for December delivery tacked on 35.2 cents, or 2%, to end at $18.26 an ounce. The settlement as well was the highest since Aug. 30. Silver futures ranged from $17.74 to $18.40. They edged 0.2% higher on Tuesday.

In PGM futures on Wednesday:

  • Also climbing for a third session in a row, October platinum added $13.30, or 1.6%, to $847.20 an ounce, ranging from $826.20 to $855. The close was the strongest since Aug. 29.

  • Palladium for December delivery surged $49.60, or 2.5%, to $2,022.80 an ounce, trading between $1,963 and $2,045.

US Mint Bullion Sales in 2022

Published United States Mint bullion sales were unchanged on Wednesday. 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 May June July August September 2022 Sales
$50 American Eagle 1 Oz Gold Coin 0 164,500 31,000 59,500 43,500 0 729,000
$25 American Eagle 1/2 Oz Gold Coin 0 7,000 6,000 5,000 1,000 0 72,000
$10 American Eagle 1/4 Oz Gold Coin 0 8,000 18,000 2,000 2,000 0 132,000
$5 American Eagle 1/10 Oz Gold Coin 0 50,000 135,000 20,000 15,000 0 540,000
$50 American Buffalo 1 Oz Gold Coin 0 56,000 21,500 39,500 22,500* 11,500 333,000
$1 American Eagle 1 Oz Silver Coin 0 1,350,000 925,000 850,000 850,000 0 12,406,500
$100 American Eagle 1 Oz Platinum Coin 0 0 23,500 15,500 1,000 0 80,000

*On Tuesday, the U.S. Mint adjusted August sales with an increase for American Gold Buffalos to 22,500 ounces from 17,500 ounces.

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Kaiser Wilhelm

All the precious metals are up; silver has made it over the $18 an ounce level again.

Rich

Another day in the Saga of the Battle of $1,700 Gold and $18 Silver.

Last edited 22 days ago by Rich
Antonio

There’s a ballad there, the Saga of the Battle of $1,700 Gold and $18 Silver.

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Kaiser Wilhelm

Antonio and Good Sir Rich,

The “battle” of Gold vs. Silver is akin to the USA vs. Grand Duchy of Fenwick.

Last edited 21 days ago by Kaiser Wilhelm