Precious metals surged Thursday, extending sharp gains that began after the Fed’s surprising decision Wednesday to maintain its stimulus without any tapering.
Gold for December delivery rallied $61.70, or 4.7%, to finish at $1,369.30 an ounce on the Comex division of the New York Mercantile Exchange. Gold traded from a low of $1,358.50 to a high of $1,375.40.
The Federal Reserve’s decision not to taper QE3 "came as a complete surprise to many market participants and we are seeing prices move higher," David Meger, the director of metal trading at Vision Financial Markets in Chicago, said in a telephone interview according to Bloomberg News. "The trend is bullish."
Silver for December delivery soared $1.73, or 8%, to $23.29 an ounce, trading between $22.86 and $23.45.
The day’s gains in gold and silver were the biggest since March 19, 2009 when the Fed announced plans to pump more than $1 trillion into the economy as a part of QE1.
In PGM futures on Thursday:
-
October platinum advanced $47.80, or 3.4%, to $1,473 an ounce, ranging from $1,461.20 to $1,483.40.
- Palladium for December jumped $35.10, or 5%, to $738.20 an ounce, trading between $717.55 and $738.95.
London Fix Precious Metals
London precious fixings were sharply higher as well. In contrasting their Wednesday PM to Thursday PM London fix prices:
- Gold jumped $64.50, or 5%, to $1,365.50 an ounce,
- Silver surged $1.53, or 7.1%, to $23 an ounce,
- Platinum advanced $49, or 3.5%, to $1,469 an ounce, and
- Palladium added $25, or 3.6%, to $726 an ounce
U.S. Mint Bullion Sales in September
Sales totals for U.S. Mint bullion products were unchanged for a second day Thursday. In coin totals (not ounces) are the latest daily, September and year-to-date U.S. Mint bullion sales figures:
| American Eagle and Buffalo Bullion Sales | |||||
|---|---|---|---|---|---|
| Thursday Sales | Last Week | Weekly Sales | September Sales | YTD Sales | |
| $50 American Gold Eagle Bullion Coins | 0 | 2,500 | 3,000 | 6,500 | 603,000 |
| $25 American Gold Eagle Bullion Coins | 0 | 0 | 1,000 | 2,000 | 50,000 |
| $10 American Gold Eagle Bullion Coins | 0 | 2,000 | 0 | 2,000 | 102,000 |
| $5 American Gold Eagle Bullion Coins | 0 | 10,000 | 0 | 10,000 | 465,000 |
| $50 American Buffalo Gold Bullion Coins | 0 | 4,000 | 1,000 | 5,500 | 195,500 |
| White Mountain 5 oz. Silver Bullion Coins | 0 | 3,800 | 0 | 3,800 | 35,000 |
| Perry’s Victory 5 oz. Silver Bullion Coins | 0 | 1,400 | 0 | 1,400 | 25,000 |
| Great Basin 5 oz. Silver Bullion Coins | 0 | 3,000 | 0 | 3,000 | 25,000 |
| Fort McHenry 5 oz. Silver Bullion Coins | 0 | 14,200 | 0 | 14,700 | 25,000 |
| American Silver Eagle Bullion Coins | 0 | 500,000 | 675,000 | 1,850,000 | 34,925,000 |
