Gold and silver futures closed higher Monday for the first time since Wednesday. Their gains were attributed to stronger safe-haven demand as the U.S. government shutdown continued and as concerns grew over the debt ceiling gridlock.
Gold for December delivery finished up $15.20, or 1.2%, to $1,325.10 an ounce on the Comex division of the New York Mercantile Exchange. Trading action occurred between intraday levels of $1,307.90 and $1,329.50.
"Gold is getting some bids because of the uncertainty," Frank McGhee, the head dealer at Integrated Brokerage Services LLC in Chicago, said in a telephone interview according to Bloomberg News. "It will be a very big deal if the U.S. defaults."
Gold prices last week settled down 2.2%.
Silver was the best percentage performer among precious metals. Silver for December delivery surged 63.4 cents, or 2.9%, to close at $22.39 an ounce. The white metal traded between $21.65 and $22.50. Silver prices dipped 0.4% last week.
PGM futures advanced for a second straight session Monday. In their daily breakdowns:
-
January platinum added $13.90, or 1%, to $1,401.90 an ounce, ranging from $1,384.20 to $1,404.60.
- Palladium for December delivery added $3.40, or 0.5%, to $705.35 an ounce, trading between $695.60 and $706.
Last week, the two metals plunged with losses of 2.2% for platinum and 4.1% for palladium.
London Fix Precious Metals
Excluding palladium, London precious metals also started the week higher. In contrasting their Friday PM to Monday PM London fix prices:
- Gold gained $13.76, or 1%, to $1,323.50 an ounce,
- Silver added 12 cents, or 0.6%, to $21.77 an ounce,
- Platinum was flat at $1,386 an ounce, and
- Palladium fell $9, or 1.3%, to $697 an ounce
Last week, silver climbed 0.2% but other London bullion fixings declined with losses of 2.3% for gold, 2.1% for platinum and 2.6% for palladium.
U.S. Mint Bullion Sales in October
United States Mint distributors ordered a total of 3,000 ounces in gold coins and 485,000 ounces in silver coins. Splits are found below, as well as month-to-date and year-to-date figures.
| American Eagle and Buffalo Bullion Sales | ||||
|---|---|---|---|---|
| Monday / Week-To-Date Sales | Last Week | October Sales | YTD Sales | |
| $50 American Gold Eagle Bullion Coins | 2,000 | 2,000 | 4,000 | 609,000 |
| $25 American Gold Eagle Bullion Coins | 0 | 1,000 | 1,000 | 54,000 |
| $10 American Gold Eagle Bullion Coins | 0 | 2,000 | 2,000 | 106,000 |
| $5 American Gold Eagle Bullion Coins | 0 | 5,000 | 5,000 | 470,000 |
| $50 American Buffalo Gold Bullion Coins | 1,000 | 4,500 | 5,500 | 205,500 |
| White Mountain 5 oz. Silver Bullion Coins | Sold Out | 35,000 | ||
| Perry’s Victory 5 oz. Silver Bullion Coins | 0 | 1,200 | 1,200 | 26,200 |
| Great Basin 5 oz. Silver Bullion Coins | 0 | 2,200 | 2,200 | 27,200 |
| Fort McHenry 5 oz. Silver Bullion Coins | 0 | 2,000 | 2,000 | 27,000 |
| American Silver Eagle Bullion Coins | 485,000 | 675,000 | 672,000 | 36,760,000 |
