Gold Prices End at Three-Week High

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Precious metals rallied together for a second straight session on Tuesday, led by a 4.4% increase in palladium. Silver marked a more than fourteen-week high and gold finished at an over three-week high.

Gold for December delivery rose $28.50, or 1.7%, to settle at $1,730.50 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since Sept. 12.

"Trading so far this week sees a sharply lower U.S. dollar index, rallying crude oil prices, falling U.S. Treasury yields and safe-haven demand—a fully fundamental bullish cocktail for the two precious metals. The near-term chart postures have also markedly improved for gold and silver,” Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Gold futures traded between $1,704 and $1,738.70. They moved up 1.8% on Monday.

Silver for December delivery surged 51 cents, or 2.5%, to settle at $21.099 an ounce. The close was silver’s best since June 27. Silver futures ranged from $20.68 to $21.31. They soared 8.1% on Monday.

In other precious metals futures prices Tuesday:

  • January platinum soared $33.60, or 3.7%, to $933.70 an ounce, ranging from $899.60 to $941.20.

  • Palladium for December delivery jumped $98 to $2,330.20 an ounce, trading between $2,227 and $2,360.

US Mint Bullion Sales in 2022

Published United States Mint bullion sales were unchanged on Tuesday. 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 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

As I wrote previously, the price will go back up. I have my turban on. 🙂

Rich

Everything is popping with the Dollar dropping.

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Antonio

You’re wearing the turban! You read my mind!

Kaiser Wilhelm

Okay, Antonio and Good Sir Rich, I’ve been unsure about this for quite a while so now I finally have to ask. When you are talking about the values of the various precious metals are you referring to the daily Spot Price or the Futures Price a month or so down the road? Just curious.

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Antonio

To sate your curiosity, spot price. I don’t trust futures. Where do you see yourself in five years?

Rich

Me too, I usually quote Spot.

Kaiser Wilhelm

Good Sir Rich and Antonio,

Thanks to you both for your very helpful clarification!

By the way, Antonio’s question “Where do see yourself in five years?” is unbelievably easy to answer.

Still above ground, if I’m exceedingly fortunate.