Gold Tops $1,700 and Ends Near a 5-Week High

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Precious metals scored third straight session gains on Tuesday, with increases ranging from 1.9% for palladium to 2.8% for silver. Silver ended near a 20-week high while gold closed by a 5-week high.

Gold for December gained $35.50, or 2.1%, to settle at $1,716 an ounce on the Comex division of the New York Mercantile Exchange. The finish was the highest since Oct. 6.

"The precious metals are benefitting from heavy short covering in the futures markets, perceived bargain hunting in the cash markets, and even some safe-haven demand as the crypto currency markets are selling off,” Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Gold futures traded between $1,667.10 and $1,720.40. They climbed 0.2% on Monday. As recently as Thursday, gold at $1,630.90 an ounce marked its lowest price since April 1, 2020.

Silver for December delivery jumped 58.3 cents to close at $21.502 an ounce. The settlement was silver’s best since June 21. Silver futures traded between $20.57 and $21.72. They rose 0.7% on Monday.

In other precious metals prices on Tuesday:

  • January platinum added $25.10, or 2.5%, to $1,014.50 an ounce, ranging from $979.10 to $1,015.80.

  • Palladium for December delivery added $35.10 to $1,932.60 an ounce, trading between $1,847.50 and $1,937.

US Mint Bullion Sales in 2022

Published United States Mint bullion sales have been unchanged for the month so far. 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 / 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

Silver turned out to not only be the biggest price percentage gainer of the week but on top of that it is finally approaching the $22 mark again.

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Antonio

That’s Buck with a B. As in 22 bucks.

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Kaiser Wilhelm

I’ve can understand trying to buck a trend, but really, that many times?

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