Gold prices jumped nearly $20 Monday, more than erasing losses from last week. Silver, platinum and palladium rallied as well.
Precious metals were lifted, opined analysts, as optimism grew for a U.S. budget deal. That limited safe-haven support for the U.S. dollar and inflated riskier investment appetites as U.S. stocks enjoyed one their best trading days in months.
Gold prices for December delivery surged $19.70, or 1.2%, to settle at $1,734.40 an ounce on the Comex in New York. Intraday trading levels were from $1,713.40 to $1,735.50. Gold prices last week fell $16.20 or 0.9%.
"People are in a ‘risk-on’ mode as they expect Washington to come up with a solution" on the so-called fiscal cliff, Adam Klopfenstein, a senior market strategist at Archer Financial Services Inc. in Chicago, said in a telephone interview that was relayed on Bloomberg. "The situation in the Middle East is also putting some bid under gold."
In other New York precious metals futures prices Monday:
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Silver for December delivery soared 81.9 cents, or 2.5%, to close at $33.189 an ounce, trading between $32.285 and $33.210.
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Platinum for January delivery closed at $1,583.80 an ounce, advancing $22.00 or 1.4%. The precious metal ranged from $1,559.60 to $1,584.70.
- Palladium for December delivery rallied $18.85, or 3.0%, to $645.30 an ounce, trading between $626.45 and $646.25.
Last week silver declined 0.7% while platinum edged up 0.2% and palladium jumped 2.5%.
London Bullion Prices
London precious metals were also higher Monday. In contrasting the latest PM fixings:
- Gold prices added $17.00, or 1.0%, to $1,730.50 an ounce,
- Silver gained 40.0 cents, or 1.2%, to $32.67 an ounce,
- Platinum climbed $18.00, or 1.2%, to $1,572.00 an ounce, and
- Palladium advanced $19.00, or 3.0%, to $642.00 an ounce
Prices were mixed last week with gains of 0.3% for silver and 1.8% for palladium and losses of 1.4% for gold and 0.3% for platinum.
US Bullion Coin Sales in November
Gains on Monday for bullion coins from the U.S. Mint were limited to American Eagles. Gold Eagles climbed 1,500 and Silver Eagles advanced 32,000. Both increases are on the modest side for a start to a new week but sales during the first half of the month have been exceptionally high.
The following table lists the newest daily, November and year-to-date bullion sales as published by the U.S. Mint.
| US Mint American Eagle and Buffalo Bullion Coin Sales | |||
|---|---|---|---|
| Daily Sales | November Sales | YTD 2012 | |
| $50 American Eagle Gold Coins | 1,500 | 53,000 | 517,500 |
| $25 American Eagle Gold Coins | 0 | 3,000 | 66,000 |
| $10 American Eagle Gold Coins | 0 | 4,000 | 70,000 |
| $5 American Eagle Gold Coins | 0 | 20,000 | 300,000 |
| $50 American Buffalo Gold Coins | 0 | 8,000 | 115,500 |
| American Silver Eagle Coin | 32,000 | 2,297,500 | 31,245,500 |
| America the Beautiful 5 Oz. Silver Bullion Coin Sales | |||
|---|---|---|---|
| Daily Sales | November Sales | All-Time Total | |
| 2012 El Yunque National Forest 5 oz. Silver Bullion Coins | 0 | 1,800 | 19,900 |
| 2012 Chaco Culture National Historical Park 5 oz. Silver Bullion Coins | 0 | 1,800 | 20,000 |
| 2012 Acadia National Park 5 oz. Silver Bullion Coins | 0 | 500 | 22,300 |
| 2012 Hawai’i Volcanoes 5 oz. Silver Bullion Coins | 0 | 5,000 | 20,000 |
| 2012 Denali National Park 5 oz. Silver Bullion Coins | 0 | 2,500 | 15,000 |
| 2011 Olympic National Park 5 oz. Silver Bullion Coins | 0 | 0 | 85,900 |
| 2011 Vicksburg National Military Park 5 oz. Silver Bullion Coins | 0 | 0 | 39,500 |
| 2011 Chickasaw Park 5 oz. Silver Bullion Coins | 0 | 0 | 29,700 |
| TOTAL | 0 | 11,600 | 252,300 |
Bullion sales above are in the number of coins sold, not the amount of ounces.
