Precious Metals Rally in October Start; Silver Soars 8.1%

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Precious metals rallied in their start to the new trading week, month and quarter. Silver led gains, soaring 8.1% and ending at a more than seven-week high. Gold rose the least, up 1.8%, but closed near a three-week high.

Gold for December delivery moved up $30 to settle at $1,702 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since Sept. 14.

"The two precious metals [gold and silver] are catching a solid safe-haven bid as the global stock and financial markets remain jittery, as media outlets are focusing on a desperate Russian president that may resort to using nuclear weapons in his war with Ukraine, and amid bullish outside markets that see higher crude oil prices and a weaker U.S. dollar index on this day,” Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Gold futures traded between $1,666.50 and $1,709.40. They fell 1% last week and posted their sixth monthly loss in a row. Last Monday at $1,633.40 an ounce, gold logged its lowest settlement since April 1, 2020.

Silver for December delivery jumped $1.55 to settle at $20.589 an ounce. The close was silver’s best since Aug. 12. Silver futures ranged from $18.98 to $20.78. On Friday, they marked a 6.5% monthly increase.

In other precious metals futures prices on Monday:

  • January platinum added $41, or 4.8%, to $900.10 an ounce, ranging from $856.20 to $903.80.

  • Palladium for December delivery gained $50, or 2.3%, to $2,232.20 an ounce, trading between $2,167.50 and $2,264.50.

US Mint Bullion Sales in 2022

Published United States Mint bullion sales were unchanged on Monday. 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)
Monday Last Week May June July August September 2022 Sales
$50 American Eagle 1 Oz Gold Coin 0 0 164,500 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 0 50,000 135,000 20,000 20,000 15,000 560,000
$50 American Buffalo 1 Oz Gold Coin 0 0 56,000 21,500 39,500 22,500 38,500 360,000
$1 American Eagle 1 Oz Silver Coin 0 0 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

Lookin’ good.

Kaiser Wilhelm

Silver led, rose, surged, rallied, soared, gained, jumped and increased all at once. Wow!

Antonio

And gold is above $1700 again.

Kaiser Wilhelm

Silver is my friend; gold is just an acquaintance. 😉

Antonio

Looking forward to adding to our silver reserves next year.

Kaiser Wilhelm

For yours truly at least the likelihood of adding to my coin collection is becoming more of an iffy proposition from year to year. The effects of an already limited fixed income that finds itself constantly diminished by steadily increasing condo fees, ever higher property and automobile taxes and rapidly escalating food and fuel costs doesn’t allow for much in the way of discretionary spending. Even now I view my ability to continue purchasing coins for my collection to be skating on very thin ice.

FViia

Not sure where you reside KW, but I do hope you are in a low tax state somewhere, where as you know is gaining popularity with people moving away from cities and states that can not control themselves for spending, or who have let the criminals run amok. I am sure you will find this statement to be apolitical given your list above for not being in a position for discretionary income. It is ok to ask yourself why this has happened, and to make a change.

Kaiser Wilhelm

Always interested to hear from you, FViia, and thanks for bringing something to my attention due to your comment giving me a reason to review my previous remarks. I caught an error which had eluded me previously where I noted that automobile taxes in my state are too high. In fact, those are negligible; instead of the taxes it is the insurance that keeps rising.

Kaiser Wilhelm

Just as an afterthought, FViia, it’s good to bear in mind that States with low or no taxes instead line up at the national trough to receive Federal tax funds to keep themselves solvent. States that pride themselves on low taxation rates are the very ones who are known for paying far less in Federal Taxes than they receive in Federal Assistance. Socialism at its finest.

Antonio

Speaking of socialism, I got a free slice of cake from someone today. Silver is above $21.

Kaiser Wilhelm

World famous Karl Marx Komplimentary Karrot Kake; my favorite.

P.S. – Three cheers for the rebirth of Silver!

Antonio

A 1kg silver for $2,960.23. Only 500 available and I believe they’ve sold out.

silver_ounce_rev.jpg
Antonio

You may also buy a 1kg gold for $95,174.76. Only 30 available.

ounce_gold-rev.jpg
Kaiser Wilhelm

Those above will of course go like hotcakes!

Whether it comes to coins, cars or cruises, the same pattern will almost certainly hold true; the most expensive and the very cheapest are sure to be the ones that sell out first.

The-Most-Expensive-Coins-in-the-World.jpg
Last edited 2 months ago by Kaiser Wilhelm