Gold and Silver Snap 3-Session Winning Streak on Wed., Nov. 9

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Precious metals declined on Wednesday after advancing for three consecutive sessions. Their losses ranged from 0.1% for gold to 3.8% for palladium.

Gold for December shed $2.30 to settle at $1,713.70 an ounce on the Comex division of the New York Mercantile Exchange.

"The bulls still have technical momentum to suggest more price upside in the near term. Some safe-haven demand has been featured in the precious metals markets the past day or so, as the crypto currency markets have become very wobbly. Gains in the metals today were limited by a higher U.S. dollar index and lower crude oil prices,” Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Gold futures traded between $1,705.10 and $1,725.80. They advanced 2.1% on Tuesday, for their highest finish since Oct. 6, and 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 gave back 17.5 cents, or 0.8%, to end at $21.327 an ounce. Silver futures traded between $21.05 and $21.70. They jumped 2.8% on Tuesday, for their best close since June 21, and they rose 0.7% on Monday.

In PGM futures on Wednesday:

  • January platinum fell $17.20, or 1.7%, to $997.30 an ounce, ranging from $990.80 to $1,024.70.

  • Palladium for December delivery tumbled $73.40 to $1,859.20 an ounce, trading between $1,830 and $1,947.

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)
Wednesday / 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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Antonio

Curse those elections! Everything is down. The only good is that gas is down as well.

Kaiser Wilhelm

Leave it to the politicians to cast a spell of upbeat visions like a bunch of Little Mary Sunshines before leaving a dark trail of sad outcomes just like the Grim Reaper.