Gold Hits 4-Week High, Silver Soars in Post-Holiday Trading

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Coins and trending graph Nov 24, 2023
Weekly gains in precious metals ranged from almost 1% for gold to nearly 4% for platinum

Prices of precious metals advanced during post-holiday trading on Friday, solidifying their second consecutive week of weekly gains. U.S. markets were closed on Thursday in observance of the Thanksgiving holiday and also ended early on Black Friday.

In milestone settlements, gold reached its highest price in nearly four weeks, while silver achieved its best price in about twelve weeks.

On Friday, gold for December delivery rose by $10.20, or 0.5%, to close at $2,003 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since Oct. 30 when the yellow metal finished at $2,005.60 an ounce.

Gold prices posted a 0.9% weekly increase, after climbing by 2.4% last week. Year-to-date, the yellow metal is 9.7% higher. Looking to the week ahead, Kitco News offers the following forecasts via their Wall Street vs. Main Street surveys:

"This week, 13 Wall Street analysts participated in the Kitco News Gold Survey. Seven experts, or 54%, expected to see higher gold prices next week, while only two analysts, representing 15%, predicted a drop in price. Four experts, or 31%, were neutral on gold for the coming week.

Meanwhile, 672 votes were cast in Kitco’s online polls, and market participants were just as optimistic as they were in last week’s survey. 431 retail investors, or 64%, looked for gold to rise next week. Another 156, or 23%, expected it would be lower, while 85 respondents, or 13%, were neutral on the near-term prospects for the precious metal."

Elsewhere, silver for December tacked on 65.3 cents, or 2.8%, ending at $24.341 an ounce. The settlement was the highest for silver since Sept. 1 when it closed at $24.562 an ounce. Silver prices recorded a 2.1% weekly gain, following their impressive 7.1% surge last week. They are up 1.3% year-to-date.

In other precious metals, both on Friday and for the week:

  • January platinum added $6.20, or 0.7%, to finish at $936.90 an ounce, padding its weekly increase to 3.9%.

  • Palladium for December rose by $18.60, or 1.8%, to end at $1,075.20 an ounce, resulting in a 1.5% weekly gain.

When assessing their performance from the beginning of the year to the current date, platinum has shown a decline of 13.5%, whereas palladium has incurred a more significant loss of 40.2%.

US Mint Bullion Sales in 2023

U.S. Mint bullion sales last changed on Thursday, Nov. 16, a week ago, and those gains were the second for this month. Advances included 18,500 ounces in American Gold Eagles, 1.083 million ounces in American Silver Eagles, and 6,500 ounces in American Gold Buffalos.

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)
Friday / This Week Last Week August September October November 2023 Sales
$50 American Eagle 1 Oz Gold Coin 0 15,500 78,000 27,500 97,000 22,500 891,500
$25 American Eagle 1/2 Oz Gold Coin 0 3,000 2,000 13,000 7,000 4,000 99,000
$10 American Eagle 1/4 Oz Gold Coin 0 6,000 2,000 30,000 18,000 10,000 192,000
$5 American Eagle 1/10 Oz Gold Coin 0 45,000 150,000 40,000 30,000 45,000 650,000
$50 American Buffalo 1 Oz Gold Coin 0 6,500 19,500 18,500 36,500 10,000 377,500
$1 American Eagle 1 Oz Silver Coin 0 1,083,000 3,124,000 2,970,000 3,938,000 1,439,000 23,286,000
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 0 0 12,700

 

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Antonio

Bicentennial quarters without a mint mark are being advertised on ebay for $2,000. Those are Philadelphia coins. Only worth 25 cents. It’s a huge scam.

Craig

Oh joy, the Mint is giving us another chance to buy offerings that we passed on earlier. They’re having a ‘vault sale’ tomorrow at noon on cyber Monday. These are apparently the ‘returned’ coins that they need to get rid of. If I gambled, I’d bet these are all 70’s!

Antonio

Too funny. I may bite if there’s a Type 1 2021 W proof ASE offered. Doesn’t have to be a PF70, PF68 will do for me. Just want one to patch up a hole in my collection. Then again, I can live if I don’t get one. One day I may manage to get one, or not.

Seth Riesling

Craig,

You are spot on in your description! I used to think that only the tv shopping coin shows & ads/infomercials were a rip off, but now even the U.S. Mint is getting in on the scam action, rip off, sale of returned coins/medals with problems (“used” IMHO) & not even at a sale price! This new Mint Director Madame Ventris C. Gibson is trying to hoodwink us & get rid of mostly unwanted coin/medal inventory from as far back as 2017. Shameful crap for sure & an embarrassment for the largest Mint in the world!

NumisdudeTX

Zman

Estimated wait time, 23 minutes but took about 15. When I finally got in, the vault sale had zero items in it.

Antonio

The U.S. Mint is conducting a survey for potential commemorative coin designs for 2026. I pitched in and will be interested to see what the final decisions are. I’m looking forwarded to the flowing hair dollar silver medal. If they’re not too expensive, I may get one to add to my unofficial, non U.S. Mint one. Can’t have too much silver and gold, right? 😉

Last edited 6 months ago by Antonio
Craig

I agree about not having too much silver and gold…always reminds me of ole Burl Ives! I’m not into the medals or commemoratives, but would like the flowing hair in either a silver or gold coin, assuming they don’t want an arm and leg for them!