Gold, Silver and Other Metals Jump Wed., Sept. 28

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Precious metals advanced Wednesday, posting robust gains that ranged from 2.1% for gold to 3.8% for palladium. Increases in gold and palladium were their second in a row while those for silver and platinum were their first in several sessions.

Gold for December delivery tacked on $33.80 to settle at $1,670 an ounce on the Comex division of the New York Mercantile Exchange.

Gold and silver gained "on safe-haven demand amid a nervous marketplace as the calendar is set to turn to what can be a tumultuous month of October for stock and financial markets. The U.S. dollar index is trading solidly lower at midday, bond yields have also dropped during today’s session, and crude oil prices are solidly higher — all bullish daily outside market elements for the metals markets," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Gold futures traded between $1,622.20 and $1,671.60. They rose 0.2% on Tuesday and they gave back 1.3% on Monday, marking their lowest settlement since April 1, 2020.

Rising for the first time in four sessions, silver for December delivery jumped 54.3 cents, or 3%, to settle at $18.88 an ounce. Silver futures ranged from $17.89 to $18.96. They slipped 0.8% on Tuesday, for their weakest close since Sept. 7, and they fell 2.3% on Monday.

In PGM futures on Wednesday:

  • Ahead for the first time in six sessions, January platinum added $21.10, or 2.5%, to $860.80 an ounce, trading between $827.30 and $865.

  • Palladium for December delivery surged $78.70 to $2,169.10 an ounce, ranging from $2,042.50 to $2,173.

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)
Tuesday / This Week Last Week May June July August September 2022 Sales
$50 American Eagle 1 Oz Gold Coin 0 27,500 164,500 31,000 59,500 47,500 47,500 780,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 7,000 6,000 5,000 2,000 0 73,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 8,000 18,000 2,000 4,000 4,000 138,000
$5 American Eagle 1/10 Oz Gold Coin 0 10,000 50,000 135,000 20,000 20,000 15,000 560,000
$50 American Buffalo 1 Oz Gold Coin 0 27,000 56,000 21,500 39,500 22,500 38,500 360,000
$1 American Eagle 1 Oz Silver Coin 0 408,000 1,350,000 925,000 850,000 850,000 833,000 13,239,500
$100 American Eagle 1 Oz Platinum Coin 0 0 0 23,500 15,500 1,000 0 80,000

 

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Antonio

What I said, what goes down, goes up, and down again, and up again.

Rich

What a relief (rally)!

Kaiser Wilhelm

As Matthew McConaughey is given to saying, “Alright, alright, alright.”

Kaiser Wilhelm

Depicted left to right at the introduction of the new Treasurer of the United States:
Bureau of Engraving and Printing Director Len Olijor
Treasurer of the United States Lynn Roberge Malerba, Chief of the Mohegan Tribe
Treasury Secretary Janet Yellen

bep-olijar-malerba-yellen.jpg