Gold Ends Near 4-Week High on Monday, Nov. 7

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Precious metals posted second straight sessions gains on Monday, led by a 3.2% increase in palladium. Silver ended near a five-week high while gold closed by a four-week high.

Gold for December rose $3.95, or 0.2%, to settle at $1,680.50 an ounce on the Comex division of the New York Mercantile Exchange. The finish was the highest since Oct. 11.

"Some weakness in the dollar, yields are ticking down slightly and that’s what’s helping gold and the whole precious metal complex," Reuters quoted Bob Haberkorn, senior market strategist at RJO Futures.

Gold futures traded between $1,670 and $1,685.60. They gained 1.9% last week. As recently as Thursday, gold at $1,630.90 an ounce marked its lowest price since April 1, 2020.

Silver for December delivery tacked on 13.5 cents, or 0.7%, to close at $20.919 an ounce. The settlement was silver’s best since Oct. 4. Silver futures traded between $20.43 and $21.08. They soared 8.6% last week.

In other precious metals prices on Monday:

  • January platinum settled up $28.90, or 3%, to $989.40 an ounce, ranging from $953.30 to $993.40.

  • Palladium for December delivery added $58, to $1,897.50 an ounce, trading between $1,835 and $1,908.

Last week, platinum gained 1.2% and palladium dropped 3%.

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 / November June July August September October 2022 Sales
$50 American Eagle 1 Oz Gold Coin 0 31,000 59,500 47,500 47,500 59,500 840,000
$25 American Eagle 1/2 Oz Gold Coin 0 6,000 5,000 2,000 0 2,000 75,000
$10 American Eagle 1/4 Oz Gold Coin 0 18,000 2,000 4,000 4,000 2,000 140,000
$5 American Eagle 1/10 Oz Gold Coin 0 135,000 20,000 20,000 15,000 15,000 575,000
$50 American Buffalo 1 Oz Gold Coin 0 21,500 39,500 22,500 44,500 39,500 405,500
$1 American Eagle 1 Oz Silver Coin 0 925,000 850,000 850,000 833,000 1,258,000 14,497,500
$100 American Eagle 1 Oz Platinum Coin 0 23,500 15,500 1,000 0 0 80,000
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Kaiser Wilhelm

Gold rose, silver tacked on, platinum settled up, palladium added. As the saying goes…

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Antonio

Gold pressed latinum, nothing shines like it.

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Kaiser Wilhelm

The problem I have, Antonio, whenever I wish to purchase latinum is that typical Ferengi haggling, fudging, dodging and finagling crops up. Only once they realize their customer isn’t just Der Kaiser but a fellow Certified Cosmic Conman that the transaction can proceed without further ado.

Antonio

I know what you mean. I try to avoid transactions with Ferengi whenever I can. It’s the latinum I’m interested in. It’s out of this world.

Kaiser Wilhelm

I love it, Antonio, and you get a really emphatic “well done” for that one!

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