Prices for precious metals increased on Wednesday, with platinum being the only exception, posting a modest loss. Silver led the way with a 1.6% gain, while gold reached another more than two-week high.
Up for a fifth straight session, gold for December delivery tacked on $13.40, or 0.7%, to end at $1,967.10 an ounce on the Comex division of the New York Mercantile Exchange. For a third day, the settlement was the best since Sept. 1.
"Gold and silver prices are higher but down from daily highs following the just-released FOMC statement that leans a bit more hawkish than most expected. Now the marketplace awaits Fed Chair Powell’s press conference, set to begin shortly," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
On the day, gold futures traded between $1,948.60 and $1,968.90, after they inched 0.02% higher on Tuesday and they climbed by 0.4% on Monday.
Higher for the third time in four sessions, silver for December delivery advanced by 38 cents to close at $23.836 an ounce. The settlement was the highest since Sept. 5. Silver futures ranged from $23.32 to $23.88. They declined by 0.2% on Tuesday and they increased by 0.5% on Monday.
In PGM futures on Wednesday:
-
October platinum shed $6.10, or 0.6%, to $942.30 an ounce, trading between $936.10 and $949.60.
- Palladium for December delivery rose by $14.80, or 1.2%, to $1,281.30 an ounce, ranging from $1,265 to $1,301.50.
US Mint Bullion Sales in 2023
U.S. Mint bullion sales have remained unchanged since last Wednesday. The table below presents a breakdown of U.S. Mint bullion products sold, with columns indicating the number of coins sold (not total ounces) during different time periods.
| US Mint Bullion Sales (# of coins) | ||||||
|---|---|---|---|---|---|---|
| Wednesday / This Week | Last Week | July | August | September | 2023 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 8,500 | 41,000 | 78,000 | 12,000 | 756,500 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 10,000 | 0 | 2,000 | 10,000 | 85,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 22,000 | 0 | 2,000 | 22,000 | 156,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 15,000 | 0 | 150,000 | 35,000 | 570,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 1,500 | 16,500 | 19,500 | 15,500 | 328,000 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 785,000 | 209,100,000 | 3,124,000 | 1,502,000 | 16,441,000 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 0 | 0 | 0 | 12,700 |
Every time I see the July report for the $1 American Eagle 1 oz silver bullion coin sales (209,100,000) excitement sets in. I wonder why silver still is under $25 an oz; then reality sets in as to the actual sales.
Good to have silver incase of a pinch. Gold even better. 2009 killed my buying as the cost went through the roof. Nevertheless, 13 years buying gold has me comfortably set.
Ditto here as well. Most of my hoard is in silver coins, which would be more fungible in case of economic collapse (I’m NOT expecting any) but I have several pounds of gold coins accumulated over the years which is enough to satisfy my gold lust. If only I could ‘see’ into the future back in the 90’s and early 2000’s, I would’ve bought a lot more. There is just something special holding a coin composed of pure gold, even better when you’ve bought them at a major discount to todays spot price!
Major and Kaiser, You guys are assuming a total breakdown in the civilisation state/world with your bartering of water, bullets and food stuffs. It’s possible this could be the result of nuclear war, or a sudden impact from a large rouge asteroid (not likely at present). If either of these scenarios plays out, I wouldn’t care about precious metals either, although I would attach one of my Gold Buffalo coins to a gold chain and wear it (that is assuming I survived those scenarios). I bought my coins because I enjoy buying/collecting them and if I ever need money, I… Read more »