Gold Scores First Monthly Gain in Eight Months

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Most precious metals climbed on final trading day of November, and they all logged sharp gains for the month. Gold’s monthly increase was its first in eight months.

Slipping from a near two-week high, gold for February delivery dipped $3.80, or 0.2%. to settle at $1,759.90 an ounce on the Comex division of the New York Mercantile Exchange.

"Technically, February gold futures bulls have the overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at the November high of $1,806.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,700.00," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Gold soared 7.3% in November following seven straight monthly declines that had cut its prices by a combined $313.30, or 16%. Still, gold prices are 3.8% lower on the year. On Tuesday, gold marked its highest settlement since Nov. 16.

Silver for March delivery tacked on 34.5 cents, or 1.6%, to close at $21.781 an ounce. Silver prices rallied 13.9% in November following gains of 0.4% in October and 6.5% in September. They are 6.7% lower on the year.

In PGM futures on Wednesday and for the month:

  • January platinum added $30.70, or 3%, to end at $1,039.30 an ounce, for a monthly increase of 11.7%.

  • Palladium for March delivery added $32.10, or 1.8%, to end at $1,866 an ounce, for a more modest gain of 1.9% in November.

The two are divided on the year so far with platinum 7.6% higher and palladium 2.4% lower.

US Mint Bullion Sales in 2022

Published United States Mint bullion sales only changed once this month, rising on Nov. 21 with advances of 6,000 ounces in American Gold Eagles; 1,407,000 ounces in American Silver Eagles; and 4,500 ounces in American Gold Buffalos.

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 / This Week July August September October November / Last Week 2022 Sales
$50 American Eagle 1 Oz Gold Coin 0 59,500 47,500 47,500 59,500 6,000 846,000
$25 American Eagle 1/2 Oz Gold Coin 0 5,000 2,000 0 2,000 0 75,000
$10 American Eagle 1/4 Oz Gold Coin 0 2,000 4,000 4,000 2,000 0 140,000
$5 American Eagle 1/10 Oz Gold Coin 0 20,000 20,000 15,000 15,000 0 575,000
$50 American Buffalo 1 Oz Gold Coin 0 39,500 22,500 44,500 39,500 4,500 410,000
$1 American Eagle 1 Oz Silver Coin 0 850,000 850,000 833,000 1,258,000 1,407,000 15,904,500
$100 American Eagle 1 Oz Platinum Coin 0 15,500 1,000 0 0 0 80,000
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Antonio

Gold and silver are up. The happy days have returned.

Kaiser Wilhelm

Happy days are here again, da da da da da da da (that’s all the words I remember).

And for anyone so inclined, today’s the day to start opening your Advent Calendar.

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Rich

Sir Kaiser, the American Eagle Silver One Ounce Proof Coin Subscription- San Francisco (S) is back available for ordering (Add to Bag) as of 4pm ET today (12/1/22). You mentioned that you were interested in getting an subscription enrollment order in for this coin. Good luck!

Kaiser Wilhelm

Thank you so much for not only remembering that I had mentioned that particular issue, Good Sir Rich, but also for the kindness of taking the time and effort to notify me of that temporarily elusive coin’s reappearance in the realm of availability, so to speak. I am in fact now the proud possessor of one lucky subscription for the 2023-S ASE. Hooray!

Last edited 1 month ago by Kaiser Wilhelm